Beam Therapeutics Inc. (NASDAQ:BEAM) Expected to Earn Q3 2024 Earnings of ($1.21) Per Share

Beam Therapeutics Inc. (NASDAQ:BEAM) – Analysts at Leerink Partnrs lifted their Q3 2024 earnings estimates for shares of Beam Therapeutics in a note issued to investors on Tuesday, August 6th. Leerink Partnrs analyst M. Foroohar now anticipates that the company will post earnings per share of ($1.21) for the quarter, up from their previous forecast of ($1.23). The consensus estimate for Beam Therapeutics’ current full-year earnings is ($4.68) per share. Leerink Partnrs also issued estimates for Beam Therapeutics’ Q4 2024 earnings at ($1.22) EPS, FY2024 earnings at ($4.75) EPS and FY2025 earnings at ($5.06) EPS.

Beam Therapeutics (NASDAQ:BEAM) last released its quarterly earnings data on Tuesday, August 6th. The company reported ($1.11) EPS for the quarter, beating the consensus estimate of ($1.13) by $0.02. Beam Therapeutics had a negative return on equity of 15.46% and a negative net margin of 37.33%. The company had revenue of $11.80 million during the quarter, compared to the consensus estimate of $14.18 million. During the same quarter in the prior year, the firm posted ($1.08) EPS. The firm’s revenue for the quarter was down 41.3% compared to the same quarter last year.

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

Beam Therapeutics Price Performance

Shares of Beam Therapeutics stock opened at $24.46 on Friday. The business has a fifty day simple moving average of $25.71 and a two-hundred day simple moving average of $27.79. Beam Therapeutics has a 1 year low of $16.95 and a 1 year high of $49.50. The company has a market capitalization of $2.01 billion, a price-to-earnings ratio of -13.74 and a beta of 1.87.

Insider Buying and Selling at Beam Therapeutics

In other Beam Therapeutics news, CEO John M. Evans sold 60,000 shares of Beam Therapeutics stock in a transaction dated Thursday, June 27th. The stock was sold at an average price of $24.50, for a total value of $1,470,000.00. Following the transaction, the chief executive officer now owns 998,343 shares in the company, valued at $24,459,403.50. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 4.20% of the company’s stock.

Institutional Trading of Beam Therapeutics

A number of hedge funds have recently made changes to their positions in the company. Arizona State Retirement System boosted its stake in shares of Beam Therapeutics by 2.1% during the second quarter. Arizona State Retirement System now owns 19,431 shares of the company’s stock valued at $455,000 after purchasing an additional 392 shares in the last quarter. First Horizon Advisors Inc. boosted its stake in shares of Beam Therapeutics by 125.9% during the fourth quarter. First Horizon Advisors Inc. now owns 994 shares of the company’s stock valued at $27,000 after purchasing an additional 554 shares in the last quarter. E Fund Management Co. Ltd. boosted its stake in shares of Beam Therapeutics by 4.0% during the fourth quarter. E Fund Management Co. Ltd. now owns 18,174 shares of the company’s stock valued at $495,000 after purchasing an additional 704 shares in the last quarter. American International Group Inc. boosted its stake in shares of Beam Therapeutics by 2.0% during the first quarter. American International Group Inc. now owns 36,760 shares of the company’s stock valued at $1,215,000 after purchasing an additional 732 shares in the last quarter. Finally, Principal Financial Group Inc. boosted its stake in shares of Beam Therapeutics by 4.5% during the first quarter. Principal Financial Group Inc. now owns 18,418 shares of the company’s stock valued at $609,000 after purchasing an additional 789 shares in the last quarter. 99.68% of the stock is owned by institutional investors and hedge funds.

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.