Leerink Partnrs Comments on Beam Therapeutics Inc.'s Q1 2024 Earnings (NASDAQ:BEAM)

Beam Therapeutics Inc. (NASDAQ:BEAM - Free Report) - Stock analysts at Leerink Partnrs dropped their Q1 2024 EPS estimates for Beam Therapeutics in a note issued to investors on Tuesday, April 2nd. Leerink Partnrs analyst M. Foroohar now forecasts that the company will post earnings per share of ($1.31) for the quarter, down from their previous estimate of ($1.25). The consensus estimate for Beam Therapeutics' current full-year earnings is ($5.50) per share. Leerink Partnrs also issued estimates for Beam Therapeutics' Q2 2024 earnings at ($1.24) EPS, Q3 2024 earnings at ($1.24) EPS, Q4 2024 earnings at ($1.17) EPS, FY2024 earnings at ($4.96) EPS and FY2025 earnings at ($5.27) EPS.

BEAM has been the topic of a number of other reports. TheStreet upgraded shares of Beam Therapeutics from a "d" rating to a "c-" rating in a research report on Monday, March 11th. Bank of America lowered shares of Beam Therapeutics from a "buy" rating to a "neutral" rating and set a $35.00 price target on the stock. in a research report on Friday, December 15th. Jefferies Financial Group reiterated a "hold" rating and issued a $30.00 target price (down from $75.00) on shares of Beam Therapeutics in a report on Friday, December 8th. JPMorgan Chase & Co. upgraded shares of Beam Therapeutics from a "neutral" rating to an "overweight" rating and boosted their target price for the company from $38.00 to $40.00 in a report on Monday, January 29th. Finally, BMO Capital Markets reiterated an "outperform" rating and issued a $57.00 target price on shares of Beam Therapeutics in a report on Wednesday, March 27th. Eight equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $41.00.

Beam Therapeutics Price Performance

BEAM traded down $0.83 on Friday, reaching $28.20. 1,505,899 shares of the company's stock were exchanged, compared to its average volume of 1,374,386. The stock has a market cap of $2.30 billion, a PE ratio of -14.84 and a beta of 1.77. Beam Therapeutics has a twelve month low of $16.95 and a twelve month high of $49.50. The stock's fifty day moving average price is $33.13 and its 200-day moving average price is $27.85.

Beam Therapeutics (NASDAQ:BEAM - Get Free Report) last released its earnings results on Tuesday, February 27th. The company reported $1.73 EPS for the quarter, topping analysts' consensus estimates of ($0.69) by $2.42. The business had revenue of $316.20 million during the quarter, compared to analysts' expectations of $34.16 million. Beam Therapeutics had a negative net margin of 35.09% and a negative return on equity of 15.90%. The company's quarterly revenue was up 1481.0% on a year-over-year basis. During the same quarter in the previous year, the company earned ($0.54) earnings per share.

Institutional Investors Weigh In On Beam Therapeutics

Hedge funds have recently modified their holdings of the company. Comerica Bank boosted its position in shares of Beam Therapeutics by 80.9% in the fourth quarter. Comerica Bank now owns 973 shares of the company's stock worth $26,000 after acquiring an additional 435 shares during the last quarter. Allworth Financial LP lifted its position in Beam Therapeutics by 163.7% during the third quarter. Allworth Financial LP now owns 1,105 shares of the company's stock valued at $27,000 after buying an additional 686 shares in the last quarter. First Horizon Advisors Inc. lifted its position in Beam Therapeutics by 125.9% during the fourth quarter. First Horizon Advisors Inc. now owns 994 shares of the company's stock valued at $27,000 after buying an additional 554 shares in the last quarter. Point72 Middle East FZE acquired a new position in Beam Therapeutics during the fourth quarter valued at approximately $35,000. Finally, National Bank of Canada FI lifted its position in Beam Therapeutics by 200.0% during the fourth 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 in the last quarter. 99.68% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, CEO John M. Evans sold 60,000 shares of the stock in a transaction on Wednesday, January 31st. The shares were sold at an average price of $25.33, for a total transaction of $1,519,800.00. Following the completion of the sale, the chief executive officer now owns 1,058,262 shares in the company, valued at approximately $26,805,776.46. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 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 shares were sold at an average price of $32.13, for a total transaction of $229,954.41. Following the sale, 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 filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO John M. Evans sold 60,000 shares of the firm's stock in a transaction dated Wednesday, January 31st. The stock was sold at an average price of $25.33, for a total transaction of $1,519,800.00. Following the sale, the chief executive officer now directly owns 1,058,262 shares in the company, valued at $26,805,776.46. The disclosure for this sale can be found here. In the last quarter, insiders sold 156,804 shares of company stock worth $4,731,669. Corporate insiders own 4.40% of the company's stock.

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.