Leerink Partnrs Issues Optimistic Forecast for BEAM Earnings

Beam Therapeutics Inc. (NASDAQ:BEAM) – Investment analysts at Leerink Partnrs increased their FY2024 earnings per share (EPS) estimates for Beam Therapeutics in a note issued to investors on Wednesday, January 22nd. Leerink Partnrs analyst M. Foroohar now expects that the company will post earnings per share of ($4.59) for the year, up from their prior estimate of ($4.80). Leerink Partnrs currently has a “Strong-Buy” rating on the stock. The consensus estimate for Beam Therapeutics’ current full-year earnings is ($4.64) per share. Leerink Partnrs also issued estimates for Beam Therapeutics’ Q4 2024 earnings at ($1.10) EPS and FY2025 earnings at ($4.78) 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.

A number of other equities research analysts have also commented on the company. Wedbush reiterated an “outperform” rating and issued a $57.00 price target on shares of Beam Therapeutics in a research report on Monday, January 13th. Leerink Partners raised shares of Beam Therapeutics from a “market perform” rating to an “outperform” rating and increased their target price for the company from $27.00 to $39.00 in a research report on Wednesday, November 6th. Cantor Fitzgerald upgraded shares of Beam Therapeutics to a “hold” rating in a report on Tuesday, December 10th. HC Wainwright reaffirmed a “buy” rating and issued a $80.00 price objective on shares of Beam Therapeutics in a research note on Monday, December 9th. Finally, Scotiabank began coverage on shares of 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. Three research analysts have rated the stock with a hold rating, seven have given a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, Beam Therapeutics has a consensus rating of “Moderate Buy” and a consensus target price of $47.67.

Beam Therapeutics Stock Down 1.2 %

NASDAQ BEAM opened at $25.98 on Friday. The company has a market capitalization of $2.15 billion, a price-to-earnings ratio of -14.76 and a beta of 1.92. Beam Therapeutics has a twelve month low of $20.84 and a twelve month high of $49.50. The stock has a fifty day simple moving average of $26.34 and a 200 day simple moving average of $25.75.

Insider Activity

In other Beam Therapeutics news, insider Christine Bellon sold 1,241 shares of the stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $24.68, for a total value of $30,627.88. Following the completion of the sale, the insider now owns 102,968 shares in the company, valued at approximately $2,541,250.24. This trade represents a 1.19 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, President Giuseppe Ciaramella sold 51,110 shares of Beam Therapeutics stock in a transaction that occurred on 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 transaction, 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 position. The disclosure for this sale can be found here. Corporate insiders own 4.20% of the company’s stock.

Institutional Trading of Beam Therapeutics

A number of institutional investors and hedge funds have recently modified their holdings of the business. China Universal Asset Management Co. Ltd. boosted its position in Beam Therapeutics by 10.6% in the fourth quarter. China Universal Asset Management Co. Ltd. now owns 17,794 shares of the company’s stock worth $441,000 after purchasing an additional 1,707 shares during the last quarter. KBC Group NV raised its stake in shares of Beam Therapeutics by 103.2% during the 4th quarter. KBC Group NV now owns 4,143 shares of the company’s stock worth $103,000 after purchasing an additional 2,104 shares during the period. Blue Trust Inc. boosted its holdings in shares of Beam Therapeutics by 36.3% in the 4th quarter. Blue Trust Inc. now owns 4,274 shares of the company’s stock worth $105,000 after buying an additional 1,139 shares during the last quarter. SG Americas Securities LLC grew its position in Beam Therapeutics by 19.4% during the fourth quarter. SG Americas Securities LLC now owns 12,118 shares of the company’s stock valued at $301,000 after buying an additional 1,971 shares during the period. Finally, Avanza Fonder AB purchased a new stake in Beam Therapeutics during the fourth quarter worth about $1,247,000. 99.68% of the stock is owned by hedge funds and other institutional investors.

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.