FY2024 EPS Forecast for Beam Therapeutics Lowered by Analyst

Beam Therapeutics Inc. (NASDAQ:BEAM) – Wedbush cut their FY2024 earnings estimates for shares of Beam Therapeutics in a research report issued on Tuesday, November 5th. Wedbush analyst D. Nierengarten now expects that the company will earn ($4.69) per share for the year, down from their prior forecast of ($4.62). Wedbush has a “Outperform” rating and a $57.00 price target 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.

Other research analysts also recently issued research reports about the company. Royal Bank of Canada lowered their price objective on Beam Therapeutics from $27.00 to $24.00 and set a “sector perform” rating for the company in a research note on Wednesday. Barclays dropped their price target on shares of Beam Therapeutics from $33.00 to $31.00 and set an “equal weight” rating for the company in a research note on Wednesday, August 7th. JPMorgan Chase & Co. boosted their price objective on shares of Beam Therapeutics from $45.00 to $48.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 7th. HC Wainwright reaffirmed a “buy” rating and set a $80.00 target price on shares of Beam Therapeutics in a research report on Thursday, August 22nd. Finally, Leerink Partners raised Beam Therapeutics from a “market perform” rating to an “outperform” rating and lifted their target price for the stock from $27.00 to $39.00 in a report on Wednesday. Four 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 company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $44.91.

Beam Therapeutics Trading Up 11.2 %

Beam Therapeutics stock opened at $26.62 on Thursday. The stock has a 50-day moving average price of $24.24 and a two-hundred day moving average price of $24.64. Beam Therapeutics has a 12 month low of $18.85 and a 12 month high of $49.50. The company has a market capitalization of $2.19 billion, a PE ratio of -14.71 and a beta of 1.86.

Beam Therapeutics (NASDAQ:BEAM) last announced its quarterly earnings results on Tuesday, November 5th. The company reported ($1.17) EPS for the quarter, missing analysts’ consensus estimates 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 firm had revenue of $14.30 million during the quarter, compared to the consensus estimate of $14.52 million. During the same quarter in the previous year, the company posted ($1.22) earnings per share. The firm’s revenue was down 16.9% on a year-over-year basis.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Fairfield Financial Advisors LTD bought a new stake in shares of Beam Therapeutics during the second quarter valued at approximately $26,000. Blue Trust Inc. grew its position in Beam Therapeutics by 2,648.4% in the 2nd quarter. Blue Trust Inc. now owns 1,704 shares of the company’s stock valued at $40,000 after purchasing an additional 1,642 shares during the period. National Bank of Canada FI grew its position in Beam Therapeutics by 200.0% in the 2nd quarter. National Bank of Canada FI now owns 3,000 shares of the company’s stock valued at $69,000 after purchasing an additional 2,000 shares during the period. Mirae Asset Global Investments Co. Ltd. increased its stake in Beam Therapeutics by 21.3% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,981 shares of the company’s stock valued at $75,000 after purchasing an additional 524 shares in the last quarter. Finally, Quarry LP raised its holdings in Beam Therapeutics by 350.0% during the second quarter. Quarry LP now owns 3,600 shares of the company’s stock worth $84,000 after buying an additional 2,800 shares during the last quarter. Institutional investors own 99.68% of the company’s stock.

Insider Activity at Beam Therapeutics

In other Beam Therapeutics news, CEO John M. Evans sold 60,000 shares of Beam Therapeutics stock in a transaction that occurred on Monday, September 30th. The stock was sold at an average price of $24.60, for a total value of $1,476,000.00. Following the completion of the sale, the chief executive officer now directly owns 938,659 shares in the company, valued at approximately $23,091,011.40. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other Beam Therapeutics news, CEO John M. Evans sold 60,000 shares of the firm’s stock in a transaction 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 completion of the sale, the chief executive officer now directly owns 938,659 shares in the company, valued at approximately $23,091,011.40. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, President Giuseppe Ciaramella sold 51,110 shares of Beam Therapeutics stock in a transaction on Monday, October 14th. The shares were sold at an average price of $26.27, for a total transaction of $1,342,659.70. Following the completion of the sale, the president now directly owns 160,260 shares of the company’s stock, valued at approximately $4,210,030.20. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 111,784 shares of company stock worth $2,834,485 in the last 90 days. 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.