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

Beam Therapeutics Inc. (NASDAQ:BEAM) – Equities researchers at William Blair boosted their Q2 2024 EPS estimates for shares of Beam Therapeutics in a report released on Tuesday, May 7th. William Blair analyst S. Corwin now forecasts 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 posted its quarterly earnings data on Tuesday, May 7th. The company reported ($1.21) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.42) by $0.21. Beam Therapeutics had a negative return on equity of 15.90% and a negative net margin of 35.09%. The firm had revenue of $7.40 million for the quarter, compared to the consensus estimate of $17.09 million. During the same quarter in the previous year, the business earned ($1.33) EPS. The company’s quarterly revenue was down 69.4% compared to the same quarter last year.

Several other equities research analysts also recently weighed in on BEAM. Barclays cut their target price on shares of Beam Therapeutics from $42.00 to $33.00 and set an “equal weight” rating on the stock in a research note on Wednesday. JPMorgan Chase & Co. raised Beam Therapeutics from a “neutral” rating to an “overweight” rating and boosted their target price for the stock from $38.00 to $40.00 in a research note on Monday, January 29th. TheStreet upgraded Beam Therapeutics from a “d” rating to a “c-” rating in a report on Monday, March 11th. BMO Capital Markets reiterated an “outperform” rating and issued a $57.00 price objective on shares of Beam Therapeutics in a research note on Wednesday, March 27th. Finally, Royal Bank of Canada upped their target price on shares of Beam Therapeutics from $27.00 to $35.00 and gave the stock a “sector perform” rating in a research note on Wednesday, February 28th. Eight 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 company presently has a consensus rating of “Hold” and a consensus price target of $40.18.

Beam Therapeutics Price Performance

Shares of NASDAQ:BEAM opened at $22.54 on Thursday. The firm’s 50-day moving average is $29.50 and its two-hundred day moving average is $28.12. Beam Therapeutics has a 1 year low of $16.95 and a 1 year high of $49.50. The firm has a market capitalization of $1.86 billion, a PE ratio of -12.66 and a beta of 1.88.

Insider Activity at Beam Therapeutics

In other Beam Therapeutics news, insider Amy Simon sold 7,157 shares of the firm’s stock in a transaction dated Monday, April 1st. The stock was sold at an average price of $32.13, for a total transaction of $229,954.41. Following the transaction, the insider now owns 86,590 shares of the company’s stock, valued at $2,782,136.70. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, President Giuseppe Ciaramella sold 4,534 shares of the stock in a transaction on Monday, April 1st. The shares were sold at an average price of $32.12, for a total transaction of $145,632.08. Following the completion of the sale, the president now owns 169,616 shares in the company, valued at approximately $5,448,065.92. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Amy Simon sold 7,157 shares of the firm’s stock in a transaction on Monday, April 1st. The stock was sold at an average price of $32.13, for a total transaction of $229,954.41. Following the transaction, 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. Insiders sold a total of 96,804 shares of company stock valued at $3,211,869 over the last ninety days. Insiders own 4.20% of the company’s stock.

Hedge Funds Weigh In On Beam Therapeutics

A number of hedge funds and other institutional investors have recently made changes to their positions in BEAM. ProShare Advisors LLC raised its stake in Beam Therapeutics by 10.6% during the 1st quarter. ProShare Advisors LLC now owns 19,511 shares of the company’s stock valued at $645,000 after acquiring an additional 1,873 shares during the last quarter. Russell Investments Group Ltd. lifted its position in Beam Therapeutics by 4.4% in the first quarter. Russell Investments Group Ltd. now owns 143,828 shares of the company’s stock valued at $4,752,000 after purchasing an additional 6,102 shares during the period. QRG Capital Management Inc. lifted its position in Beam Therapeutics by 45.2% in the first quarter. QRG Capital Management Inc. now owns 23,036 shares of the company’s stock valued at $761,000 after purchasing an additional 7,176 shares during the period. Reynders McVeigh Capital Management LLC purchased a new stake in Beam Therapeutics in the 1st quarter valued at approximately $201,000. Finally, Swiss National Bank increased its position in Beam Therapeutics by 3.1% during the 1st quarter. Swiss National Bank now owns 136,700 shares of the company’s stock worth $4,517,000 after purchasing an additional 4,100 shares during the period. Hedge funds and other institutional investors own 99.68% of the company’s stock.

About Beam Therapeutics

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.