HC Wainwright Brokers Decrease Earnings Estimates for BEAM

Beam Therapeutics Inc. (NASDAQ:BEAM) – Research analysts at HC Wainwright cut their FY2024 earnings per share estimates for shares of Beam Therapeutics in a research note issued on Wednesday, November 6th. HC Wainwright analyst P. Trucchio now expects that the company will post earnings per share of ($4.43) for the year, down from their prior estimate of ($4.24). HC Wainwright currently has a “Buy” rating and a $80.00 price target on the stock. The consensus estimate for Beam Therapeutics’ current full-year earnings is ($4.66) per share. HC Wainwright also issued estimates for Beam Therapeutics’ FY2025 earnings at ($3.56) EPS.

Several other brokerages also recently commented on BEAM. Scotiabank initiated coverage on Beam Therapeutics in a research report on Wednesday, October 16th. They issued a “sector outperform” rating and a $24.00 price target on the stock. Royal Bank of Canada cut their target price on shares of Beam Therapeutics from $27.00 to $24.00 and set a “sector perform” rating for the company in a research note on Wednesday, November 6th. Wedbush reissued an “outperform” rating and issued a $57.00 price target on shares of Beam Therapeutics in a report on Tuesday, November 5th. JPMorgan Chase & Co. boosted their price objective on shares of Beam Therapeutics from $45.00 to $48.00 and gave the stock an “overweight” rating in a report on Wednesday, August 7th. Finally, Stifel Nicolaus increased their target price on shares of Beam Therapeutics from $66.00 to $69.00 and gave the company a “buy” rating in a research note on Wednesday, September 11th. Four research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $44.91.

Beam Therapeutics Stock Performance

NASDAQ BEAM opened at $30.35 on Monday. The stock has a 50-day simple moving average of $24.23 and a 200 day simple moving average of $24.69. Beam Therapeutics has a twelve month low of $18.85 and a twelve month high of $49.50. The stock has a market capitalization of $2.51 billion, a PE ratio of -17.24 and a beta of 1.86.

Beam Therapeutics (NASDAQ:BEAM) last posted its quarterly earnings data 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 firm had revenue of $14.30 million for the quarter, compared to the consensus estimate of $14.52 million. Beam Therapeutics had a negative return on equity of 16.22% and a negative net margin of 41.07%. Beam Therapeutics’s quarterly revenue was down 16.9% on a year-over-year basis. During the same period in the prior year, the company posted ($1.22) earnings per share.

Institutional Investors Weigh In On Beam Therapeutics

Hedge funds and other institutional investors have recently bought and sold shares of the business. Russell Investments Group Ltd. grew its holdings in shares of Beam Therapeutics by 4.4% during the first quarter. Russell Investments Group Ltd. now owns 143,828 shares of the company’s stock worth $4,752,000 after purchasing an additional 6,102 shares during the last quarter. Bank of Montreal Can acquired a new stake in Beam Therapeutics in the 2nd quarter valued at about $3,683,000. Vanguard Group Inc. raised its stake in shares of Beam Therapeutics by 5.8% in the first quarter. Vanguard Group Inc. now owns 7,578,768 shares of the company’s stock worth $250,402,000 after acquiring an additional 413,892 shares during the last quarter. Bellevue Group AG lifted its position in shares of Beam Therapeutics by 71.7% during the first quarter. Bellevue Group AG now owns 1,193,121 shares of the company’s stock worth $39,421,000 after purchasing an additional 498,300 shares in the last quarter. Finally, Swiss National Bank grew its stake in shares of Beam Therapeutics by 3.1% during the first quarter. Swiss National Bank now owns 136,700 shares of the company’s stock valued at $4,517,000 after purchasing an additional 4,100 shares during the last quarter. 99.68% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling 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 sale, the chief executive officer now directly owns 938,659 shares in the company, valued at $23,091,011.40. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other news, President Giuseppe Ciaramella sold 51,110 shares of the firm’s stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $26.36, for a total transaction of $1,347,259.60. Following the completion of the sale, the president now owns 109,150 shares of the company’s stock, valued at approximately $2,877,194. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, 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 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 in the company, valued at $23,091,011.40. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 162,894 shares of company stock valued at $4,181,745. 4.20% of the stock is currently owned by corporate insiders.

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.