FY2024 Earnings Forecast for BEAM Issued By Leerink Partnrs

Beam Therapeutics Inc. (NASDAQ:BEAM) – Equities researchers at Leerink Partnrs boosted their FY2024 earnings per share estimates for Beam Therapeutics in a research note issued on Wednesday, January 22nd. Leerink Partnrs analyst M. Foroohar now forecasts that the company will post earnings of ($4.59) per share for the year, up from their prior forecast of ($4.80). Leerink Partnrs currently 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.

Several other equities analysts have also recently weighed in on the stock. HC Wainwright reiterated a “buy” rating and set a $80.00 price objective on shares of Beam Therapeutics in a research report on Monday, December 9th. Wedbush reissued an “outperform” rating and issued a $57.00 price objective on shares of Beam Therapeutics in a research note on Monday, January 13th. Leerink Partners raised Beam Therapeutics from a “market perform” rating to an “outperform” rating and lifted their target price for the company from $27.00 to $39.00 in a research note on Wednesday, November 6th. Sanford C. Bernstein upgraded Beam Therapeutics from a “hold” rating to a “strong-buy” rating in a report on Tuesday, January 7th. Finally, Royal Bank of Canada decreased their price target on shares of Beam Therapeutics from $27.00 to $24.00 and set a “sector perform” rating for the company in a report on Wednesday, November 6th. Three equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $47.67.

Beam Therapeutics Price Performance

BEAM stock opened at $26.29 on Friday. 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 has a 52-week low of $20.84 and a 52-week high of $49.50. The company’s 50 day simple moving average is $26.31 and its 200-day simple moving average is $25.73.

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

Insider Activity

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

Institutional Trading of Beam Therapeutics

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Charles Schwab Investment Management Inc. grew its holdings in shares of Beam Therapeutics by 6.1% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 629,492 shares of the company’s stock worth $15,423,000 after purchasing an additional 36,226 shares in the last quarter. Bank of Montreal Can acquired a new stake in Beam Therapeutics during the second quarter worth $3,683,000. Bellevue Group AG increased its holdings in Beam Therapeutics by 7.1% in the 3rd quarter. Bellevue Group AG now owns 1,518,121 shares of the company’s stock valued at $37,194,000 after buying an additional 100,000 shares during the period. Geode Capital Management LLC raised its stake in shares of Beam Therapeutics by 4.5% in the 3rd quarter. Geode Capital Management LLC now owns 1,807,683 shares of the company’s stock valued at $44,297,000 after buying an additional 78,102 shares in the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. lifted its holdings in shares of Beam Therapeutics by 59.7% during the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 3,552,829 shares of the company’s stock worth $87,044,000 after acquiring an additional 1,328,414 shares during the period. 99.68% of the stock is currently 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.