Leerink Partnrs Comments on Beam Therapeutics Inc.’s Q3 2024 Earnings (NASDAQ:BEAM)

Beam Therapeutics Inc. (NASDAQ:BEAM) – Stock analysts at Leerink Partnrs upped their Q3 2024 earnings estimates for shares of Beam Therapeutics in a research note issued to investors on Tuesday, May 7th. Leerink Partnrs analyst M. Foroohar now expects that the company will post earnings per share of ($1.23) for the quarter, up from their prior estimate 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.

Beam Therapeutics (NASDAQ:BEAM) last issued its quarterly earnings data on Tuesday, May 7th. The company reported ($1.21) earnings per share 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 for the quarter, compared to the consensus estimate of $17.09 million. During the same quarter last year, the company earned ($1.33) earnings per share. The firm’s revenue for the quarter was down 69.4% compared to the same quarter last year.

BEAM has been the subject of a number of other reports. Royal Bank of Canada increased their price target 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. JPMorgan Chase & Co. raised shares of Beam Therapeutics from a “neutral” rating to an “overweight” rating and boosted their price objective for the company from $38.00 to $40.00 in a report on Monday, January 29th. Barclays lowered their price target on Beam Therapeutics from $42.00 to $33.00 and set an “equal weight” rating for the company in a research report on Wednesday. Wedbush restated an “outperform” rating and issued a $57.00 price objective on shares of Beam Therapeutics in a research note on Tuesday. Finally, BMO Capital Markets reiterated an “outperform” rating and issued a $57.00 target price on shares of Beam Therapeutics in a research 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. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $40.18.

Beam Therapeutics Stock Down 1.3 %

NASDAQ BEAM opened at $22.24 on Thursday. Beam Therapeutics has a 52 week low of $16.95 and a 52 week high of $49.50. The company has a 50 day moving average price of $29.84 and a 200 day moving average price of $28.16. The firm has a market cap of $1.83 billion, a PE ratio of -11.71 and a beta of 1.88.

Insiders Place Their Bets

In other news, CEO John M. Evans sold 60,000 shares of the firm’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 value of $2,031,600.00. Following the transaction, the chief executive officer now owns 998,262 shares in the company, valued at $33,801,151.32. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other news, insider Fmr Llc sold 1,565 shares of the stock in a transaction dated Tuesday, February 13th. The shares were sold at an average price of $30.76, for a total value of $48,139.40. Following the completion of the sale, the insider now directly owns 2,771,913 shares in the company, valued at $85,264,043.88. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO John M. Evans sold 60,000 shares of the business’s stock in a transaction dated 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 transaction, the chief executive officer now owns 998,262 shares in the company, valued at $33,801,151.32. The disclosure for this sale can be found here. In the last three months, insiders sold 96,804 shares of company stock worth $3,211,869. Corporate insiders own 4.20% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Riverview Trust Co purchased a new stake in shares of Beam Therapeutics in the first quarter valued at approximately $26,000. Allworth Financial LP grew its holdings in Beam Therapeutics by 163.7% in the 3rd 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. grew its holdings in Beam Therapeutics by 125.9% in 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 in the last quarter. National Bank of Canada FI increased its stake in shares of Beam Therapeutics by 200.0% in the 4th quarter. National Bank of Canada FI now owns 1,500 shares of the company’s stock worth $41,000 after acquiring an additional 1,000 shares during the last quarter. Finally, PNC Financial Services Group Inc. raised its holdings in shares of Beam Therapeutics by 144.0% during the 4th quarter. PNC Financial Services Group Inc. now owns 1,564 shares of the company’s stock worth $43,000 after acquiring 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.