Research Analysts Issue Forecasts for BEAM FY2024 Earnings

Beam Therapeutics Inc. (NASDAQ:BEAM) – Equities researchers at Cantor Fitzgerald issued their FY2024 EPS estimates for Beam Therapeutics in a research report issued to clients and investors on Tuesday, December 10th. Cantor Fitzgerald analyst R. Bienkowski anticipates that the company will post earnings per share of ($4.97) for the year. Cantor Fitzgerald currently has a “Hold” rating on the stock. The consensus estimate for Beam Therapeutics’ current full-year earnings is ($4.62) per share.

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

A number of other equities research analysts also recently weighed in on the stock. Leerink Partners raised shares of Beam Therapeutics from a “market perform” rating to an “outperform” rating and raised their target price for the company from $27.00 to $39.00 in a research note on Wednesday, November 6th. Wedbush reissued an “outperform” rating and set a $57.00 price target on shares of Beam Therapeutics in a research note on Monday. Royal Bank of Canada decreased their price target on shares of 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. HC Wainwright reissued a “buy” rating and set a $80.00 price target on shares of Beam Therapeutics in a research note on Monday. Finally, Leerink Partnrs upgraded shares of Beam Therapeutics from a “hold” rating to a “strong-buy” rating in a report on Wednesday, November 6th. Four investment analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $46.40.

Beam Therapeutics Price Performance

Shares of BEAM opened at $28.06 on Thursday. The firm’s 50 day simple moving average is $25.20 and its 200 day simple moving average is $25.26. The company has a market capitalization of $2.32 billion, a P/E ratio of -15.94 and a beta of 1.90. Beam Therapeutics has a 1-year low of $20.84 and a 1-year high of $49.50.

Insiders Place Their Bets

In other Beam Therapeutics news, President Giuseppe Ciaramella sold 51,110 shares of the company’s stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $26.36, for a total value of $1,347,259.60. Following the completion of the transaction, the president now directly owns 109,150 shares in the company, valued at $2,877,194. This represents a 31.89 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO John M. Evans sold 60,000 shares of the company’s 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 sale, the chief executive officer now directly owns 938,659 shares in the company, valued at $23,091,011.40. This trade represents a 6.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 162,894 shares of company stock valued at $4,181,745. 4.20% of the stock is owned by insiders.

Institutional Trading of Beam Therapeutics

Several hedge funds have recently modified their holdings of the company. Franklin Resources Inc. purchased a new stake in Beam Therapeutics during the 3rd quarter valued at $400,000. Geode Capital Management LLC increased its stake in Beam Therapeutics by 4.5% in the third quarter. Geode Capital Management LLC now owns 1,807,683 shares of the company’s stock worth $44,297,000 after purchasing an additional 78,102 shares during the period. XTX Topco Ltd increased its stake in Beam Therapeutics by 16.3% in the third quarter. XTX Topco Ltd now owns 37,001 shares of the company’s stock worth $907,000 after purchasing an additional 5,191 shares during the period. State Street Corp increased its stake in Beam Therapeutics by 12.5% in the third quarter. State Street Corp now owns 3,929,557 shares of the company’s stock worth $96,274,000 after purchasing an additional 437,402 shares during the period. Finally, Stifel Financial Corp purchased a new stake in Beam Therapeutics in the third quarter worth $262,000. 99.68% of the stock is owned by hedge funds and other institutional investors.

About Beam Therapeutics

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.