Q3 2024 EPS Estimates for Beam Therapeutics Inc. (NASDAQ:BEAM) Raised by Analyst

Beam Therapeutics Inc. (NASDAQ:BEAM - Free Report) - Stock analysts at Leerink Partnrs upped their Q3 2024 earnings per share (EPS) estimates for Beam Therapeutics in a research report issued on Tuesday, May 7th. Leerink Partnrs analyst M. Foroohar now forecasts that the company will earn ($1.23) per share for the quarter, up from their previous forecast of ($1.24). The consensus estimate for Beam Therapeutics' current full-year earnings is ($5.53) per share. Leerink Partnrs also issued estimates for Beam Therapeutics' Q4 2024 earnings at ($1.26) EPS, FY2024 earnings at ($4.94) EPS and FY2025 earnings at ($5.25) EPS.

Several other brokerages have also issued reports on BEAM. JPMorgan Chase & Co. raised Beam Therapeutics from a "neutral" rating to an "overweight" rating and raised their target price for the stock from $38.00 to $40.00 in a research report 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 set a $57.00 price target on shares of Beam Therapeutics in a report on Wednesday, March 27th. Barclays decreased their price target on Beam Therapeutics from $42.00 to $33.00 and set an "equal weight" rating for the company in a report on Wednesday. Finally, Royal Bank of Canada raised their target price on Beam Therapeutics from $27.00 to $35.00 and gave the company 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. According to MarketBeat.com, Beam Therapeutics currently has a consensus rating of "Hold" and a consensus price target of $40.18.

Beam Therapeutics Trading Up 1.3 %

NASDAQ:BEAM traded up $0.30 during trading hours on Thursday, hitting $22.54. 1,185,439 shares of the company were exchanged, compared to its average volume of 1,421,672. The stock has a market capitalization of $1.86 billion, a price-to-earnings ratio of -11.80 and a beta of 1.88. Beam Therapeutics has a one year low of $16.95 and a one year high of $49.50. The company has a fifty day simple moving average of $29.84 and a 200 day simple moving average of $28.16.

Beam Therapeutics (NASDAQ:BEAM - Get Free Report) last announced its quarterly earnings results on Tuesday, May 7th. The company reported ($1.21) EPS for the quarter, beating analysts' consensus estimates 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 company had revenue of $7.40 million during the quarter, compared to analysts' expectations of $17.09 million. During the same period in the prior year, the company earned ($1.33) EPS. Beam Therapeutics's revenue was down 69.4% compared to the same quarter last year.

Hedge Funds Weigh In On Beam Therapeutics

Several hedge funds and other institutional investors have recently modified their holdings of BEAM. SG Americas Securities LLC purchased a new stake in Beam Therapeutics in the third quarter worth about $363,000. Commonwealth Equity Services LLC lifted its position in Beam Therapeutics by 11.7% during the third quarter. Commonwealth Equity Services LLC now owns 9,812 shares of the company's stock valued at $236,000 after purchasing an additional 1,030 shares during the period. Bank of New York Mellon Corp raised its position in Beam Therapeutics by 2.5% in the third quarter. Bank of New York Mellon Corp now owns 493,916 shares of the company's stock worth $11,879,000 after acquiring an additional 12,060 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank raised its position in Beam Therapeutics by 15.0% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 11,907 shares of the company's stock worth $286,000 after acquiring an additional 1,549 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. raised its position in Beam Therapeutics by 10.5% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 325,682 shares of the company's stock worth $7,833,000 after acquiring an additional 30,909 shares during the period. 99.68% of the stock is owned by institutional investors.

Insider Activity

In related news, insider Amy Simon sold 7,157 shares of the company's stock in a transaction on Monday, April 1st. The shares were sold at an average price of $32.13, for a total value of $229,954.41. Following the completion of the transaction, the insider now directly owns 86,590 shares in the company, valued at $2,782,136.70. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, President Giuseppe Ciaramella sold 4,534 shares of the company's stock in a transaction dated 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 transaction, the president now directly owns 169,616 shares of the company's stock, valued at $5,448,065.92. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Amy Simon sold 7,157 shares of the company'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 transaction, the insider now directly owns 86,590 shares of the company's stock, valued at $2,782,136.70. The disclosure for this sale can be found here. Insiders sold 96,804 shares of company stock worth $3,211,869 in the last three months. Corporate insiders own 4.20% 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.