Wedbush Cuts Earnings Estimates for Beam Therapeutics

Beam Therapeutics Inc. (NASDAQ:BEAM) – Equities research analysts at Wedbush dropped their FY2024 earnings per share (EPS) estimates for shares of Beam Therapeutics in a research report issued on Tuesday, November 5th. Wedbush analyst D. Nierengarten now forecasts that the company will post earnings per share of ($4.69) for the year, down from their prior estimate of ($4.62). Wedbush has a “Outperform” rating and a $57.00 price target on the stock. The consensus estimate for Beam Therapeutics’ current full-year earnings is ($4.60) per share. Wedbush also issued estimates for Beam Therapeutics’ Q4 2024 earnings at ($1.21) EPS, Q1 2025 earnings at ($1.16) EPS, Q2 2025 earnings at ($1.19) EPS, Q3 2025 earnings at ($1.09) EPS, Q4 2025 earnings at ($1.07) EPS, FY2025 earnings at ($4.50) EPS, FY2026 earnings at ($4.73) EPS, FY2027 earnings at ($4.24) EPS and FY2028 earnings at ($1.93) EPS.

Beam Therapeutics (NASDAQ:BEAM) last announced its earnings results on Tuesday, November 5th. The company reported ($1.17) EPS for the quarter, missing the consensus estimate of ($1.16) by ($0.01). Beam Therapeutics had a negative return on equity of 16.22% and a negative net margin of 40.56%. The business had revenue of $14.30 million for the quarter, compared to analyst estimates of $14.52 million. During the same quarter in the previous year, the company posted ($1.22) EPS. The business’s revenue for the quarter was down 16.9% compared to the same quarter last year.

BEAM has been the topic of several other research reports. Barclays lowered their price target on Beam Therapeutics from $33.00 to $31.00 and set an “equal weight” rating on the stock in a research report on Wednesday, August 7th. JPMorgan Chase & Co. upped their price target on shares of Beam Therapeutics from $45.00 to $48.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 7th. Royal Bank of Canada decreased their price objective on shares of Beam Therapeutics from $27.00 to $24.00 and set a “sector perform” rating for the company in a research report on Wednesday. Stifel Nicolaus upped their target price on shares of Beam Therapeutics from $66.00 to $69.00 and gave the company a “buy” rating in a report on Wednesday, September 11th. Finally, HC Wainwright reiterated a “buy” rating and set a $80.00 price target on shares of Beam Therapeutics in a report on Thursday, August 22nd. Four equities research analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Beam Therapeutics presently has a consensus rating of “Moderate Buy” and an average price target of $44.91.

Beam Therapeutics Stock Performance

BEAM opened at $26.62 on Thursday. The business’s 50-day simple moving average is $24.24 and its 200 day simple moving average is $24.64. Beam Therapeutics has a 52-week low of $18.85 and a 52-week high of $49.50. The firm has a market capitalization of $2.19 billion, a PE ratio of -14.71 and a beta of 1.86.

Hedge Funds Weigh In On Beam Therapeutics

Hedge funds have recently added to or reduced their stakes in the stock. Farallon Capital Management LLC grew its holdings in shares of Beam Therapeutics by 75.4% during the 2nd quarter. Farallon Capital Management LLC now owns 7,913,123 shares of the company’s stock worth $185,404,000 after purchasing an additional 3,401,370 shares in the last quarter. Vanguard Group Inc. grew its stake in Beam Therapeutics by 5.8% during the first quarter. Vanguard Group Inc. now owns 7,578,768 shares of the company’s stock worth $250,402,000 after buying an additional 413,892 shares in the last quarter. ARCH Venture Management LLC bought a new position in Beam Therapeutics in the 2nd quarter valued at about $127,530,000. Sumitomo Mitsui Trust Group Inc. raised its position in shares of Beam Therapeutics by 59.7% in the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 3,552,829 shares of the company’s stock valued at $87,044,000 after buying an additional 1,328,414 shares in the last quarter. Finally, Darwin Global Management Ltd. acquired a new position in shares of Beam Therapeutics in the 1st quarter valued at approximately $70,032,000. Institutional investors own 99.68% of the company’s stock.

Insider Transactions at Beam Therapeutics

In other Beam Therapeutics news, CEO John M. Evans sold 60,000 shares of the company’s stock in a transaction on Monday, September 30th. The stock was sold at an average price of $24.60, for a total value of $1,476,000.00. Following the transaction, the chief executive officer now directly owns 938,659 shares of the company’s stock, valued at $23,091,011.40. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In other news, President Giuseppe Ciaramella sold 51,110 shares of Beam Therapeutics stock in a transaction that occurred on Monday, October 14th. The shares were sold at an average price of $26.27, for a total value of $1,342,659.70. Following the completion of the sale, the president now directly owns 160,260 shares in the company, valued at approximately $4,210,030.20. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO John M. Evans sold 60,000 shares of the business’s stock in a transaction that occurred on Monday, September 30th. The shares were sold at an average price of $24.60, for a total value of $1,476,000.00. Following the completion of the sale, the chief executive officer now owns 938,659 shares of the company’s stock, valued at approximately $23,091,011.40. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 111,784 shares of company stock worth $2,834,485. Company insiders own 4.20% 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.