FY2024 EPS Forecast for Beam Therapeutics Lowered by Analyst

Beam Therapeutics Inc. (NASDAQ:BEAM) – Research analysts at HC Wainwright dropped their FY2024 earnings per share estimates for Beam Therapeutics in a research report issued on Wednesday, November 6th. HC Wainwright analyst P. Trucchio now anticipates that the company will post earnings of ($4.43) per share for the year, down from their previous estimate of ($4.24). HC Wainwright currently has a “Buy” rating and a $80.00 target price on the stock. The consensus estimate for Beam Therapeutics’ current full-year earnings is ($4.66) per share. HC Wainwright also issued estimates for Beam Therapeutics’ FY2025 earnings at ($3.56) EPS.

Beam Therapeutics (NASDAQ:BEAM) last posted its earnings results on Tuesday, November 5th. The company reported ($1.17) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.16) by ($0.01). The business had revenue of $14.30 million for the quarter, compared to the consensus estimate of $14.52 million. Beam Therapeutics had a negative return on equity of 16.22% and a negative net margin of 41.07%. The company’s revenue was down 16.9% compared to the same quarter last year. During the same period in the previous year, the firm earned ($1.22) earnings per share.

Several other research analysts also recently commented on BEAM. Royal Bank of Canada cut their target price on Beam Therapeutics from $27.00 to $24.00 and set a “sector perform” rating on the stock in a report on Wednesday, November 6th. Leerink Partners upgraded Beam Therapeutics from a “market perform” rating to an “outperform” rating and upped their target price for the company from $27.00 to $39.00 in a report on Wednesday, November 6th. Scotiabank assumed coverage on shares of Beam Therapeutics in a report on Wednesday, October 16th. They set a “sector outperform” rating and a $24.00 price target for the company. Leerink Partnrs raised shares of Beam Therapeutics from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, November 6th. Finally, Barclays lowered their target price on shares of Beam Therapeutics from $33.00 to $31.00 and set an “equal weight” rating for the company in a research note on Wednesday, August 7th. Four analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $44.91.

Beam Therapeutics Stock Down 7.9 %

Shares of Beam Therapeutics stock opened at $27.94 on Monday. The stock has a market cap of $2.31 billion, a price-to-earnings ratio of -15.88 and a beta of 1.86. Beam Therapeutics has a twelve month low of $18.85 and a twelve month high of $49.50. The company’s fifty day moving average is $24.30 and its 200 day moving average is $24.75.

Institutional Investors Weigh In On Beam Therapeutics

Institutional investors and hedge funds have recently bought and sold shares of the stock. Fairfield Financial Advisors LTD bought a new position in shares of Beam Therapeutics during the second quarter valued at about $26,000. Blue Trust Inc. boosted its position in Beam Therapeutics by 2,648.4% in the second quarter. Blue Trust Inc. now owns 1,704 shares of the company’s stock worth $40,000 after purchasing an additional 1,642 shares during the last quarter. National Bank of Canada FI grew its stake in Beam Therapeutics by 200.0% in the 2nd quarter. National Bank of Canada FI now owns 3,000 shares of the company’s stock valued at $69,000 after purchasing an additional 2,000 shares during the period. Mirae Asset Global Investments Co. Ltd. increased its position in shares of Beam Therapeutics by 21.3% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,981 shares of the company’s stock valued at $75,000 after purchasing an additional 524 shares during the last quarter. Finally, Quarry LP raised its stake in shares of Beam Therapeutics by 350.0% during the 2nd quarter. Quarry LP now owns 3,600 shares of the company’s stock worth $84,000 after purchasing an additional 2,800 shares during the period. 99.68% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Beam Therapeutics

In other Beam Therapeutics news, CEO John M. Evans sold 60,000 shares of the stock in a transaction that occurred on Monday, September 30th. The stock was sold at an average price of $24.60, for a total value of $1,476,000.00. Following the transaction, the chief executive officer now owns 938,659 shares in the company, valued at approximately $23,091,011.40. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, CEO John M. Evans sold 60,000 shares of the business’s stock in a transaction dated Monday, September 30th. The shares were sold at an average price of $24.60, for a total transaction of $1,476,000.00. Following the completion of the sale, the chief executive officer now directly owns 938,659 shares of the company’s stock, valued at $23,091,011.40. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, President Giuseppe Ciaramella sold 51,110 shares of the company’s stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $26.36, for a total transaction of $1,347,259.60. Following the completion of the sale, the president now owns 109,150 shares in the company, valued at $2,877,194. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 162,894 shares of company stock valued at $4,181,745 in the last three months. Corporate insiders own 4.20% of the company’s stock.

Beam Therapeutics Company Profile

Beam Therapeutics Inc, a biotechnology company, engages in the development of precision genetic medicines for patients suffering from serious diseases in the United States. It develops BEAM-101 for the treatment of sickle cell disease or beta-thalassemia; and BEAM-302, a liver-targeting LNP formulation to treat severe alpha-1 antitrypsin deficiency; BEAM-201, an anti-CD7 CAR-T product candidate, which is in Phase 1/2 clinical trials for the treatment of refractory T-cell acute lymphoblastic leukemia/T cell lymphoblastic lymphoma; and BEAM-301, a liver-targeting LNP formulation for the treatment of glycogen storage disease 1a.