Cantor Fitzgerald Analysts Boost Earnings Estimates for BEAM

Beam Therapeutics Inc. (NASDAQ:BEAM) – Research analysts at Cantor Fitzgerald lifted their FY2024 earnings estimates for Beam Therapeutics in a note issued to investors on Wednesday, January 29th. Cantor Fitzgerald analyst R. Bienkowski now expects that the company will post earnings per share of ($4.68) for the year, up from their previous estimate of ($4.97). Cantor Fitzgerald has a “Overweight” rating on the stock. The consensus estimate for Beam Therapeutics’ current full-year earnings is ($4.61) per share. Cantor Fitzgerald also issued estimates for Beam Therapeutics’ FY2025 earnings at ($3.34) EPS.

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

Several other research analysts have also commented on BEAM. Scotiabank initiated coverage on Beam Therapeutics in a research report on Wednesday, October 16th. They issued a “sector outperform” rating and a $24.00 price target for the company. Leerink Partners upgraded shares of Beam Therapeutics from a “market perform” rating to an “outperform” rating and boosted their price objective for the company from $27.00 to $39.00 in a research report on Wednesday, November 6th. Wedbush restated an “outperform” rating and issued a $57.00 target price on shares of Beam Therapeutics in a report on Monday, January 13th. Leerink Partnrs upgraded shares of Beam Therapeutics from a “hold” rating to a “strong-buy” rating in a report on Wednesday, November 6th. Finally, Sanford C. Bernstein raised shares of Beam Therapeutics from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, January 7th. Two equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, Beam Therapeutics presently has an average rating of “Buy” and a consensus price target of $47.67.

Beam Therapeutics Stock Down 5.0 %

Beam Therapeutics stock opened at $25.92 on Friday. The firm’s fifty day moving average is $26.50 and its 200 day moving average is $25.77. The company has a market cap of $2.15 billion, a price-to-earnings ratio of -14.73 and a beta of 1.92. Beam Therapeutics has a 52-week low of $20.84 and a 52-week high of $49.50.

Hedge Funds Weigh In On Beam Therapeutics

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Sumitomo Mitsui Trust Group Inc. raised its position in shares of Beam Therapeutics by 59.7% in the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 3,552,829 shares of the company’s stock worth $87,044,000 after acquiring an additional 1,328,414 shares in the last quarter. State Street Corp grew 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 valued at $96,274,000 after purchasing an additional 437,402 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in Beam Therapeutics by 63.5% in the second quarter. Dimensional Fund Advisors LP now owns 1,049,360 shares of the company’s stock worth $24,589,000 after purchasing an additional 407,499 shares in the last quarter. Peregrine Investment Management Inc. purchased a new stake in shares of Beam Therapeutics during the fourth quarter valued at about $3,932,000. Finally, Bank of Montreal Can bought a new stake in shares of Beam Therapeutics in the 2nd quarter valued at about $3,683,000. 99.68% of the stock is currently owned by institutional investors.

Insider Transactions at Beam Therapeutics

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