Beam Therapeutics Inc. (NASDAQ:BEAM) Forecasted to Earn FY2024 Earnings of ($4.97) Per Share

Beam Therapeutics Inc. (NASDAQ:BEAM) – Equities researchers at Cantor Fitzgerald decreased their FY2024 earnings estimates for shares of Beam Therapeutics in a research report issued to clients and investors on Wednesday, August 7th. Cantor Fitzgerald analyst R. Bienkowski now forecasts that the company will post earnings per share of ($4.97) for the year, down from their prior forecast of ($4.90). The consensus estimate for Beam Therapeutics’ current full-year earnings is ($4.68) per share.

Beam Therapeutics (NASDAQ:BEAM) last issued its quarterly earnings data on Tuesday, August 6th. The company reported ($1.11) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.13) by $0.02. The business had revenue of $11.80 million during the quarter, compared to analyst estimates of $14.18 million. Beam Therapeutics had a negative net margin of 37.33% and a negative return on equity of 15.46%. The firm’s quarterly revenue was down 41.3% on a year-over-year basis. During the same quarter last year, the business earned ($1.08) EPS.

BEAM has been the subject of a number of other research reports. Barclays dropped their price objective on shares of Beam Therapeutics from $33.00 to $31.00 and set an “equal weight” rating for the company in a report on Wednesday. JPMorgan Chase & Co. raised their price target on shares of Beam Therapeutics from $45.00 to $48.00 and gave the stock an “overweight” rating in a report on Wednesday. Wedbush restated an “outperform” rating and set a $57.00 price target on shares of Beam Therapeutics in a report on Tuesday, August 6th. Royal Bank of Canada restated a “sector perform” rating and set a $27.00 price target on shares of Beam Therapeutics in a report on Wednesday. Finally, HC Wainwright started coverage on shares of Beam Therapeutics in a report on Tuesday, July 23rd. They set a “buy” rating and a $80.00 price target for the company. Seven equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $41.70.

Beam Therapeutics Price Performance

Shares of NASDAQ BEAM opened at $24.46 on Friday. The company has a 50 day simple moving average of $25.71 and a 200 day simple moving average of $27.79. The firm has a market cap of $2.01 billion, a PE ratio of -13.74 and a beta of 1.87. Beam Therapeutics has a 1 year low of $16.95 and a 1 year high of $49.50.

Insider Transactions at Beam Therapeutics

In other news, CEO John M. Evans sold 60,000 shares of the firm’s stock in a transaction that occurred on Thursday, June 27th. The shares were sold at an average price of $24.50, for a total transaction of $1,470,000.00. Following the completion of the sale, the chief executive officer now owns 998,343 shares of the company’s stock, valued at approximately $24,459,403.50. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 4.20% of the company’s stock.

Institutional Trading of Beam Therapeutics

Several hedge funds have recently bought and sold shares of the business. Dimensional Fund Advisors LP grew its position in Beam Therapeutics by 63.5% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,049,360 shares of the company’s stock valued at $24,589,000 after purchasing an additional 407,499 shares during the period. Massachusetts Financial Services Co. MA purchased a new position in Beam Therapeutics during the 2nd quarter worth $1,385,000. Fairfield Financial Advisors LTD purchased a new position in Beam Therapeutics during the 2nd quarter worth $26,000. Federated Hermes Inc. purchased a new position in Beam Therapeutics during the 2nd quarter worth $488,000. Finally, American Century Companies Inc. raised its stake in shares of Beam Therapeutics by 33.2% during the 2nd quarter. American Century Companies Inc. now owns 95,578 shares of the company’s stock worth $2,239,000 after purchasing an additional 23,837 shares during the period. Institutional investors and hedge funds own 99.68% of the company’s stock.

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.