FY2024 Earnings Forecast for BEAM Issued By Leerink Partnrs

Beam Therapeutics Inc. (NASDAQ:BEAM) – Investment analysts at Leerink Partnrs upped their FY2024 earnings per share estimates for shares of Beam Therapeutics in a research note issued to investors on Wednesday, January 22nd. Leerink Partnrs analyst M. Foroohar now anticipates that the company will earn ($4.59) per share for the year, up from their previous estimate of ($4.80). Leerink Partnrs 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.

Other equities research analysts have also issued reports about the stock. Scotiabank initiated coverage on shares of Beam Therapeutics in a report on Wednesday, October 16th. They set a “sector outperform” rating and a $24.00 price target for the company. Cantor Fitzgerald upgraded Beam Therapeutics to a “hold” rating in a research note on Tuesday, December 10th. Sanford C. Bernstein upgraded Beam Therapeutics from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 7th. Leerink Partners raised Beam Therapeutics from a “market perform” rating to an “outperform” rating and increased their price target for the company from $27.00 to $39.00 in a report on Wednesday, November 6th. Finally, Royal Bank of Canada dropped their price objective on Beam Therapeutics from $27.00 to $24.00 and set a “sector perform” rating on the stock in a report on Wednesday, November 6th. Three 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’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $47.67.

Beam Therapeutics Stock Down 0.4 %

BEAM opened at $26.29 on Friday. The firm’s 50 day moving average is $26.31 and its 200-day moving average is $25.73. Beam Therapeutics has a 52-week low of $20.84 and a 52-week high of $49.50. The firm has a market capitalization of $2.18 billion, a P/E ratio of -14.94 and a beta of 1.92.

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

Insider Buying and Selling at Beam Therapeutics

In other news, insider Christine Bellon sold 1,241 shares of the business’s stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $24.68, for a total transaction of $30,627.88. Following the completion of the transaction, the insider now directly owns 102,968 shares in the company, valued at approximately $2,541,250.24. The trade was a 1.19 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, President Giuseppe Ciaramella sold 51,110 shares of the business’s stock in a transaction 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 transaction, the president now owns 109,150 shares of the company’s stock, valued at $2,877,194. This trade represents a 31.89 % decrease in their position. The disclosure for this sale can be found here. 4.20% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. American Century Companies Inc. boosted its stake in Beam Therapeutics by 33.2% during the 2nd quarter. American Century Companies Inc. now owns 95,578 shares of the company’s stock valued at $2,239,000 after purchasing an additional 23,837 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of Beam Therapeutics by 63.5% in the second 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 during the period. Hsbc Holdings PLC bought a new position in Beam Therapeutics during the second quarter valued at about $332,000. Bank of Montreal Can acquired a new position in Beam Therapeutics during the second quarter worth about $3,683,000. Finally, AQR Capital Management LLC raised its position in Beam Therapeutics by 38.1% in the second quarter. AQR Capital Management LLC now owns 9,011 shares of the company’s stock worth $211,000 after acquiring an additional 2,487 shares in the last quarter. 99.68% of the stock is currently owned by 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.