William Blair Cuts Earnings Estimates for Beam Therapeutics

Beam Therapeutics Inc. (NASDAQ:BEAM) – William Blair dropped their FY2024 earnings per share (EPS) estimates for Beam Therapeutics in a note issued to investors on Tuesday, November 5th. William Blair analyst S. Corwin now forecasts that the company will post earnings of ($4.56) per share for the year, down from their prior forecast of ($4.19). The consensus estimate for Beam Therapeutics’ current full-year earnings is ($4.60) per share. William Blair also issued estimates for Beam Therapeutics’ Q4 2024 earnings at ($1.07) EPS, Q1 2025 earnings at ($1.09) EPS, Q2 2025 earnings at ($1.03) EPS, Q3 2025 earnings at ($0.96) EPS, Q4 2025 earnings at ($0.96) EPS and FY2025 earnings at ($4.04) EPS.

Several other research firms also recently weighed in on BEAM. Leerink Partnrs raised Beam Therapeutics from a “hold” rating to a “strong-buy” rating in a report on Wednesday. Stifel Nicolaus lifted their price target on Beam Therapeutics from $66.00 to $69.00 and gave the company a “buy” rating in a research note on Wednesday, September 11th. Barclays lowered their price objective on Beam Therapeutics from $33.00 to $31.00 and set an “equal weight” rating for the company in a research note on Wednesday, August 7th. HC Wainwright reiterated a “buy” rating and set a $80.00 target price on shares of Beam Therapeutics in a research report on Thursday. Finally, Wedbush reissued an “outperform” rating and set a $57.00 target price on shares of Beam Therapeutics in a report on Tuesday. Four investment analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Beam Therapeutics presently has a consensus rating of “Moderate Buy” and an average target price of $44.91.

Beam Therapeutics Price Performance

Shares of Beam Therapeutics stock opened at $26.10 on Thursday. The company’s 50 day moving average price is $24.22 and its two-hundred day moving average price is $24.65. The firm has a market capitalization of $2.15 billion, a P/E ratio of -14.42 and a beta of 1.86. Beam Therapeutics has a fifty-two week low of $18.85 and a fifty-two week high of $49.50.

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

Hedge Funds Weigh In On Beam Therapeutics

Institutional investors have recently made changes to their positions in the stock. Fairfield Financial Advisors LTD acquired a new stake in shares of Beam Therapeutics in the 2nd quarter valued at about $26,000. Blue Trust Inc. boosted its holdings in Beam Therapeutics by 2,648.4% in the second quarter. Blue Trust Inc. now owns 1,704 shares of the company’s stock worth $40,000 after acquiring an additional 1,642 shares in the last quarter. National Bank of Canada FI boosted its holdings in Beam Therapeutics by 200.0% in the second quarter. National Bank of Canada FI now owns 3,000 shares of the company’s stock worth $69,000 after acquiring an additional 2,000 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. grew its stake in Beam Therapeutics by 21.3% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,981 shares of the company’s stock valued at $75,000 after acquiring an additional 524 shares during the period. Finally, Quarry LP raised its position in shares of Beam Therapeutics by 350.0% during the second quarter. Quarry LP now owns 3,600 shares of the company’s stock worth $84,000 after purchasing an additional 2,800 shares during the period. Institutional investors and hedge funds own 99.68% of the company’s stock.

Insider Transactions at Beam Therapeutics

In other news, CEO John M. Evans sold 60,000 shares of Beam Therapeutics stock in a transaction dated 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 completion of the transaction, the chief executive officer now directly 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 position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, President Giuseppe Ciaramella sold 51,110 shares of Beam Therapeutics stock in a transaction 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 owns 160,260 shares in the company, valued at $4,210,030.20. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO John M. Evans sold 60,000 shares of the stock in a transaction on Monday, September 30th. The stock was sold at an average price of $24.60, for a total transaction of $1,476,000.00. Following the transaction, the chief executive officer now directly owns 938,659 shares in the company, valued at approximately $23,091,011.40. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 111,784 shares of company stock worth $2,834,485 over the last three months. 4.20% of the stock is owned by company insiders.

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.