Equities Analysts Set Expectations for BEAM FY2024 Earnings

Beam Therapeutics Inc. (NASDAQ:BEAM) – Investment analysts at Cantor Fitzgerald issued their FY2024 earnings estimates for shares of Beam Therapeutics in a report released on Tuesday, December 10th. Cantor Fitzgerald analyst R. Bienkowski expects that the company will post earnings of ($4.97) per share for the year. Cantor Fitzgerald has a “Hold” rating on the stock. The consensus estimate for Beam Therapeutics’ current full-year earnings is ($4.66) per share.

Beam Therapeutics (NASDAQ:BEAM) last released its quarterly 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 during the quarter, compared to analyst estimates of $14.52 million. Beam Therapeutics had a negative net margin of 41.07% and a negative return on equity of 16.22%. The firm’s quarterly revenue was down 16.9% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($1.22) earnings per share.

A number of other research firms also recently commented on BEAM. HC Wainwright reaffirmed a “buy” rating and issued a $80.00 price target on shares of Beam Therapeutics in a research note on Monday, December 9th. Wedbush reaffirmed an “outperform” rating and set a $57.00 price target on shares of Beam Therapeutics in a report on Monday, December 9th. Leerink Partnrs raised shares of Beam Therapeutics from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, November 6th. Scotiabank assumed coverage on Beam Therapeutics in a research note on Wednesday, October 16th. They set a “sector outperform” rating and a $24.00 target price for the company. Finally, Royal Bank of Canada decreased their price target on Beam Therapeutics from $27.00 to $24.00 and set a “sector perform” rating on the stock in a research note on Wednesday, November 6th. Four research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $46.40.

Beam Therapeutics Price Performance

Shares of NASDAQ BEAM opened at $27.93 on Thursday. The business has a fifty day moving average price of $25.20 and a two-hundred day moving average price of $25.26. The stock has a market capitalization of $2.31 billion, a PE ratio of -15.87 and a beta of 1.90. Beam Therapeutics has a fifty-two week low of $20.84 and a fifty-two week high of $49.50.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. ARCH Venture Management LLC acquired a new position in shares of Beam Therapeutics during the 2nd quarter valued at $127,530,000. Farallon Capital Management LLC boosted its position in shares of Beam Therapeutics by 75.4% during the 2nd quarter. Farallon Capital Management LLC now owns 7,913,123 shares of the company’s stock worth $185,404,000 after purchasing an additional 3,401,370 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. boosted its position in shares of Beam Therapeutics by 59.7% during the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 3,552,829 shares of the company’s stock worth $87,044,000 after purchasing an additional 1,328,414 shares in the last quarter. State Street Corp increased its position in Beam Therapeutics by 12.5% in the 3rd quarter. State Street Corp now owns 3,929,557 shares of the company’s stock valued at $96,274,000 after buying an additional 437,402 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its position in Beam Therapeutics by 63.5% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,049,360 shares of the company’s stock valued at $24,589,000 after buying an additional 407,499 shares in the last quarter. 99.68% of the stock is owned by institutional investors.

Insider Activity at Beam Therapeutics

In other news, CEO John M. Evans sold 60,000 shares of the business’s stock in a transaction that occurred on Monday, September 30th. The shares were 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. The trade was a 6.01 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, President Giuseppe Ciaramella sold 51,110 shares of the company’s stock in a transaction on Wednesday, November 6th. The shares were 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 directly owns 109,150 shares in the company, valued at approximately $2,877,194. This represents a 31.89 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 162,894 shares of company stock worth $4,181,745 over the last three months. Company 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.