FY2024 EPS Forecast for Beam Therapeutics Lowered by Analyst

Beam Therapeutics Inc. (NASDAQ:BEAM) – Research analysts at Wedbush lowered their FY2024 earnings per share estimates for Beam Therapeutics in a note issued to investors on Tuesday, November 5th. Wedbush analyst D. Nierengarten now forecasts that the company will post earnings of ($4.69) per share for the year, down from their previous estimate of ($4.62). Wedbush currently has a “Outperform” rating and a $57.00 target price on the stock. The consensus estimate for Beam Therapeutics’ current full-year earnings is ($4.60) per share. Wedbush also issued estimates for Beam Therapeutics’ Q4 2024 earnings at ($1.21) EPS, Q1 2025 earnings at ($1.16) EPS, Q2 2025 earnings at ($1.19) EPS, Q3 2025 earnings at ($1.09) EPS, Q4 2025 earnings at ($1.07) EPS, FY2025 earnings at ($4.50) EPS, FY2026 earnings at ($4.73) EPS, FY2027 earnings at ($4.24) EPS and FY2028 earnings at ($1.93) EPS.

Beam Therapeutics (NASDAQ:BEAM) last announced its quarterly earnings results on Tuesday, November 5th. The company reported ($1.17) earnings per share for the quarter, missing the consensus estimate of ($1.16) by ($0.01). Beam Therapeutics had a negative net margin of 40.56% and a negative return on equity of 16.22%. The company had revenue of $14.30 million for the quarter, compared to the consensus estimate of $14.52 million. During the same quarter in the prior year, the company earned ($1.22) earnings per share. The company’s quarterly revenue was down 16.9% on a year-over-year basis.

Several other research analysts have also recently weighed in on BEAM. Leerink Partnrs raised shares of Beam Therapeutics from a “hold” rating to a “strong-buy” rating in a report on Wednesday. Scotiabank began coverage on shares of Beam Therapeutics in a report on Wednesday, October 16th. They set a “sector outperform” rating and a $24.00 target price on the stock. HC Wainwright reaffirmed a “buy” rating and issued a $80.00 price target on shares of Beam Therapeutics in a research note on Thursday. Barclays lowered their price target on Beam Therapeutics from $33.00 to $31.00 and set an “equal weight” rating for the company in a research report on Wednesday, August 7th. Finally, Stifel Nicolaus boosted their price objective on shares of Beam Therapeutics from $66.00 to $69.00 and gave the company a “buy” rating in a research report on Wednesday, September 11th. Four research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $44.91.

Beam Therapeutics Trading Down 2.0 %

Beam Therapeutics stock opened at $26.10 on Thursday. Beam Therapeutics has a 1-year low of $18.85 and a 1-year high of $49.50. The firm has a market capitalization of $2.15 billion, a PE ratio of -14.42 and a beta of 1.86. The firm’s 50 day simple moving average is $24.22 and its 200 day simple moving average is $24.65.

Hedge Funds Weigh In On Beam Therapeutics

Hedge funds have recently added to or reduced their stakes in the stock. Farallon Capital Management LLC grew its stake in 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 buying an additional 3,401,370 shares during the last quarter. Vanguard Group Inc. raised its stake in shares of Beam Therapeutics by 5.8% during the 1st quarter. Vanguard Group Inc. now owns 7,578,768 shares of the company’s stock worth $250,402,000 after buying an additional 413,892 shares in the last quarter. ARCH Venture Management LLC acquired a new stake in Beam Therapeutics in the second quarter valued at $127,530,000. 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. Finally, Darwin Global Management Ltd. acquired a new position in shares of Beam Therapeutics during the 1st quarter worth $70,032,000. 99.68% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, President Giuseppe Ciaramella sold 51,110 shares of the business’s stock in a transaction that occurred on Monday, October 14th. The stock was sold at an average price of $26.27, for a total transaction of $1,342,659.70. Following the transaction, the president now directly owns 160,260 shares in the company, valued at $4,210,030.20. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 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 shares were 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 of the company’s stock, valued at approximately $23,091,011.40. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, President Giuseppe Ciaramella sold 51,110 shares of the firm’s stock in a transaction on Monday, October 14th. The shares were sold at an average price of $26.27, for a total value of $1,342,659.70. Following the completion of the sale, the president now owns 160,260 shares in the company, valued at approximately $4,210,030.20. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 111,784 shares of company stock worth $2,834,485 in the last 90 days. 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.