Research Analysts Offer Predictions for Beam Therapeutics Inc.’s Q2 2024 Earnings (NASDAQ:BEAM)

Beam Therapeutics Inc. (NASDAQ:BEAM) – Equities researchers at William Blair increased their Q2 2024 EPS estimates for shares of Beam Therapeutics in a research report issued on Tuesday, May 7th. William Blair analyst S. Corwin now expects that the company will post earnings of ($0.91) per share for the quarter, up from their previous forecast of ($1.36). The consensus estimate for Beam Therapeutics’ current full-year earnings is ($5.53) per share. William Blair also issued estimates for Beam Therapeutics’ Q3 2024 earnings at ($0.88) EPS, Q4 2024 earnings at ($0.88) EPS, FY2024 earnings at ($3.87) EPS, Q1 2025 earnings at ($0.90) EPS, Q2 2025 earnings at ($84.00) EPS, Q3 2025 earnings at ($0.78) EPS, Q4 2025 earnings at ($0.78) EPS and FY2025 earnings at ($3.30) EPS.

Beam Therapeutics (NASDAQ:BEAM) last posted its quarterly earnings data on Tuesday, May 7th. The company reported ($1.21) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.42) by $0.21. The business had revenue of $7.40 million during the quarter, compared to the consensus estimate of $17.09 million. Beam Therapeutics had a negative return on equity of 15.90% and a negative net margin of 35.09%. Beam Therapeutics’s quarterly revenue was down 69.4% on a year-over-year basis. During the same period last year, the company earned ($1.33) earnings per share.

BEAM has been the subject of a number of other reports. Wedbush restated an “outperform” rating and issued a $57.00 price target on shares of Beam Therapeutics in a research note on Tuesday. TheStreet upgraded Beam Therapeutics from a “d” rating to a “c-” rating in a research note on Monday, March 11th. Barclays dropped their price target on Beam Therapeutics from $42.00 to $33.00 and set an “equal weight” rating for the company in a report on Wednesday. Royal Bank of Canada lifted their price target on Beam Therapeutics from $27.00 to $35.00 and gave the stock a “sector perform” rating in a report on Wednesday, February 28th. Finally, JPMorgan Chase & Co. raised Beam Therapeutics from a “neutral” rating to an “overweight” rating and lifted their price objective for the company from $38.00 to $40.00 in a report on Monday, January 29th. Eight analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $40.18.

Beam Therapeutics Stock Performance

NASDAQ:BEAM opened at $22.24 on Thursday. The stock has a 50-day simple moving average of $29.84 and a 200 day simple moving average of $28.16. The company has a market cap of $1.83 billion, a PE ratio of -11.71 and a beta of 1.88. Beam Therapeutics has a 52-week low of $16.95 and a 52-week high of $49.50.

Insider Transactions at Beam Therapeutics

In other news, insider Fmr Llc sold 1,565 shares of the company’s stock in a transaction that occurred on Tuesday, February 13th. The stock was sold at an average price of $30.76, for a total value of $48,139.40. Following the completion of the transaction, the insider now directly owns 2,771,913 shares of the company’s stock, valued at $85,264,043.88. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other Beam Therapeutics news, CEO John M. Evans sold 60,000 shares of the firm’s stock in a transaction dated Thursday, March 28th. The stock was sold at an average price of $33.86, for a total transaction of $2,031,600.00. Following the sale, the chief executive officer now owns 998,262 shares in the company, valued at $33,801,151.32. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Fmr Llc sold 1,565 shares of the firm’s stock in a transaction dated Tuesday, February 13th. The shares were sold at an average price of $30.76, for a total value of $48,139.40. Following the transaction, the insider now directly owns 2,771,913 shares in the company, valued at $85,264,043.88. The disclosure for this sale can be found here. Insiders sold a total of 96,804 shares of company stock valued at $3,211,869 over the last ninety days. 4.20% of the stock is currently owned by insiders.

Institutional Trading of Beam Therapeutics

Large investors have recently modified their holdings of the business. Riverview Trust Co bought a new stake in Beam Therapeutics during the 1st quarter valued at approximately $26,000. First Horizon Advisors Inc. raised its holdings in Beam Therapeutics by 125.9% in the 4th quarter. First Horizon Advisors Inc. now owns 994 shares of the company’s stock worth $27,000 after acquiring an additional 554 shares during the last quarter. Allworth Financial LP raised its holdings in Beam Therapeutics by 163.7% in the 3rd quarter. Allworth Financial LP now owns 1,105 shares of the company’s stock worth $27,000 after acquiring an additional 686 shares during the last quarter. National Bank of Canada FI raised its holdings in Beam Therapeutics by 200.0% in the 4th quarter. National Bank of Canada FI now owns 1,500 shares of the company’s stock worth $41,000 after acquiring an additional 1,000 shares during the last quarter. Finally, PNC Financial Services Group Inc. raised its holdings in Beam Therapeutics by 144.0% in the 4th quarter. PNC Financial Services Group Inc. now owns 1,564 shares of the company’s stock worth $43,000 after acquiring an additional 923 shares during the last quarter. 99.68% of the stock is owned by institutional investors.

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.