Q2 2024 Earnings Estimate for Beam Therapeutics Inc. Issued By William Blair (NASDAQ:BEAM)

Beam Therapeutics Inc. (NASDAQ:BEAM) – Stock analysts at William Blair boosted their Q2 2024 earnings estimates for Beam Therapeutics in a research note issued on Tuesday, May 7th. William Blair analyst S. Corwin now expects that the company will post earnings per share of ($0.91) for the quarter, up from their previous estimate 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 issued its earnings results on Tuesday, May 7th. The company reported ($1.21) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.42) by $0.21. Beam Therapeutics had a negative net margin of 35.09% and a negative return on equity of 15.90%. The firm had revenue of $7.40 million for the quarter, compared to analysts’ expectations of $17.09 million. During the same quarter last year, the business earned ($1.33) earnings per share. The business’s revenue was down 69.4% on a year-over-year basis.

Several other brokerages have also commented on BEAM. Wedbush reissued an “outperform” rating and set a $57.00 price objective on shares of Beam Therapeutics in a research report on Tuesday. JPMorgan Chase & Co. raised Beam Therapeutics from a “neutral” rating to an “overweight” rating and raised their price objective for the company from $38.00 to $40.00 in a research report on Monday, January 29th. Barclays lowered their price objective on Beam Therapeutics from $42.00 to $33.00 and set an “equal weight” rating for the company in a research 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 research report on Wednesday, February 28th. Finally, TheStreet raised Beam Therapeutics from a “d” rating to a “c-” rating in a research report on Monday, March 11th. Eight investment analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average price target of $40.18.

Beam Therapeutics Stock Down 1.3 %

NASDAQ:BEAM opened at $22.24 on Thursday. The stock has a market cap of $1.83 billion, a P/E ratio of -11.71 and a beta of 1.88. The firm’s fifty day simple moving average is $29.84 and its 200 day simple moving average is $28.16. Beam Therapeutics has a twelve month low of $16.95 and a twelve month high of $49.50.

Insider Buying and Selling

In related news, insider Amy Simon sold 7,157 shares of the business’s stock in a transaction that occurred on Monday, April 1st. The stock was sold at an average price of $32.13, for a total value of $229,954.41. Following the transaction, the insider now directly owns 86,590 shares of the company’s stock, valued at approximately $2,782,136.70. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, CEO John M. Evans sold 60,000 shares of the company’s stock in a transaction that occurred on 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 directly owns 998,262 shares of the company’s stock, valued at approximately $33,801,151.32. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Amy Simon sold 7,157 shares of the company’s stock in a transaction that occurred on Monday, April 1st. The stock was sold at an average price of $32.13, for a total value of $229,954.41. Following the sale, the insider now directly owns 86,590 shares in the company, valued at $2,782,136.70. The disclosure for this sale can be found here. In the last three months, insiders have sold 96,804 shares of company stock valued at $3,211,869. Corporate insiders own 4.20% of the company’s stock.

Institutional Trading of Beam Therapeutics

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