Beam Therapeutics Inc. (NASDAQ:BEAM) Forecasted to Post FY2023 Earnings of ($5.09) Per Share

Beam Therapeutics Inc. (NASDAQ:BEAM – Get Rating) – Research analysts at Cantor Fitzgerald cut their FY2023 EPS estimates for shares of Beam Therapeutics in a note issued to investors on Wednesday, March 1st. Cantor Fitzgerald analyst R. Bienkowski now anticipates that the company will post earnings of ($5.09) per share for the year, down from their prior forecast of ($4.66). Cantor Fitzgerald has a “Overweight” rating and a $62.00 price objective on the stock. The consensus estimate for Beam Therapeutics’ current full-year earnings is ($5.54) per share.

Other analysts also recently issued research reports about the stock. Guggenheim cut their price target on shares of Beam Therapeutics to $102.00 in a report on Tuesday, November 15th. Citigroup started coverage on shares of Beam Therapeutics in a report on Tuesday, December 13th. They set a “buy” rating and a $62.00 price target for the company. Credit Suisse Group cut their price target on shares of Beam Therapeutics from $65.00 to $53.00 and set a “neutral” rating for the company in a report on Tuesday, November 8th. SVB Leerink cut their price target on shares of Beam Therapeutics from $81.00 to $77.00 and set an “outperform” rating for the company in a report on Monday, January 23rd. Finally, BMO Capital Markets upgraded shares of Beam Therapeutics from a “market perform” rating to an “outperform” rating and upped their price objective for the stock from $61.00 to $66.00 in a research report on Tuesday, December 20th. Two research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat, Beam Therapeutics presently has an average rating of “Moderate Buy” and a consensus target price of $76.33.

Beam Therapeutics Stock Up 0.7 %

NASDAQ BEAM opened at $39.10 on Friday. The firm has a 50-day moving average price of $42.10 and a two-hundred day moving average price of $46.29. Beam Therapeutics has a 12-month low of $27.77 and a 12-month high of $73.27. The company has a market capitalization of $2.83 billion, a P/E ratio of -9.47 and a beta of 1.70.

Beam Therapeutics (NASDAQ:BEAM – Get Rating) last posted its quarterly earnings data on Tuesday, February 28th. The company reported ($0.54) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.34) by $0.80. The firm had revenue of $20.04 million during the quarter, compared to the consensus estimate of $12.73 million. Beam Therapeutics had a negative net margin of 474.54% and a negative return on equity of 37.58%. The business’s revenue for the quarter was down 60.8% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.95) EPS.

Insider Buying and Selling at Beam Therapeutics

In other Beam Therapeutics news, insider Giuseppe Ciaramella sold 51,015 shares of the company’s stock in a transaction that occurred on Monday, December 12th. The shares were sold at an average price of $42.70, for a total value of $2,178,340.50. Following the completion of the transaction, the insider now directly owns 91,462 shares in the company, valued at approximately $3,905,427.40. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In other news, insider Giuseppe Ciaramella sold 51,015 shares of the stock in a transaction on Monday, December 12th. The shares were sold at an average price of $42.70, for a total transaction of $2,178,340.50. Following the completion of the sale, the insider now directly owns 91,462 shares in the company, valued at $3,905,427.40. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CFO Terry-Ann Burrell sold 47,195 shares of the stock in a transaction on Wednesday, January 18th. The stock was sold at an average price of $45.14, for a total transaction of $2,130,382.30. Following the sale, the chief financial officer now owns 31,277 shares of the company’s stock, valued at $1,411,843.78. The disclosure for this sale can be found here. In the last ninety days, insiders sold 114,122 shares of company stock worth $5,025,087. 4.00% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Beam Therapeutics

Large investors have recently modified their holdings of the company. Nisa Investment Advisors LLC boosted its stake in Beam Therapeutics by 19.7% during the fourth quarter. Nisa Investment Advisors LLC now owns 1,741 shares of the company’s stock worth $68,000 after acquiring an additional 287 shares in the last quarter. D.A. Davidson & CO. boosted its stake in Beam Therapeutics by 2.4% during the third quarter. D.A. Davidson & CO. now owns 12,380 shares of the company’s stock worth $590,000 after acquiring an additional 295 shares in the last quarter. Alliancebernstein L.P. boosted its stake in Beam Therapeutics by 0.4% during the third quarter. Alliancebernstein L.P. now owns 70,100 shares of the company’s stock worth $3,340,000 after acquiring an additional 300 shares in the last quarter. Vident Investment Advisory LLC lifted its stake in shares of Beam Therapeutics by 4.2% in the fourth quarter. Vident Investment Advisory LLC now owns 8,520 shares of the company’s stock valued at $333,000 after buying an additional 343 shares in the last quarter. Finally, The Manufacturers Life Insurance Company lifted its stake in shares of Beam Therapeutics by 1.4% in the fourth quarter. The Manufacturers Life Insurance Company now owns 25,580 shares of the company’s stock valued at $1,000,000 after buying an additional 343 shares in the last quarter. 76.70% of the stock is currently owned by institutional investors and hedge funds.

About Beam Therapeutics

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Beam Therapeutics Inc, a biotechnology company, develops precision genetic medicines for patients suffering from serious diseases in the United States. The company is developing BEAM-101 for the treatment of sickle cell disease and beta thalassemia; BEAM-102 for the treatment of sickle cell disease; and BEAM-201, an allogeneic chimeric antigen receptor T cell for the treatment of relapsed/refractory T-cell acute lymphoblastic leukemia; and BEAM-301, a liver-targeted development candidate for the treatment of patients with Glycogen Storage Disease Type Ia.