What is Leerink Partnrs’ Estimate for BEAM FY2024 Earnings?

Beam Therapeutics Inc. (NASDAQ:BEAM) – Equities researchers at Leerink Partnrs boosted their FY2024 earnings per share estimates for Beam Therapeutics in a research report issued on Wednesday, January 22nd. Leerink Partnrs analyst M. Foroohar now anticipates that the company will earn ($4.59) per share for the year, up from their previous forecast of ($4.80). Leerink Partnrs has a “Strong-Buy” rating on the stock. The consensus estimate for Beam Therapeutics’ current full-year earnings is ($4.64) per share. Leerink Partnrs also issued estimates for Beam Therapeutics’ Q4 2024 earnings at ($1.10) EPS and FY2025 earnings at ($4.78) EPS.

Beam Therapeutics (NASDAQ:BEAM) last posted its quarterly earnings data on Tuesday, November 5th. The company reported ($1.17) earnings per share for the quarter, missing the consensus estimate of ($1.16) by ($0.01). The company had revenue of $14.30 million during the quarter, compared to analyst estimates of $14.52 million. Beam Therapeutics had a negative net margin of 41.07% and a negative return on equity of 16.22%. The company’s revenue was down 16.9% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($1.22) EPS.

A number of other brokerages have also recently weighed in on BEAM. Scotiabank started coverage on shares of Beam Therapeutics in a research report on Wednesday, October 16th. They set a “sector outperform” rating and a $24.00 price target on the stock. Sanford C. Bernstein upgraded shares of Beam Therapeutics from a “hold” rating to a “strong-buy” rating in a report on Tuesday, January 7th. Royal Bank of Canada dropped their price objective on shares of Beam Therapeutics from $27.00 to $24.00 and set a “sector perform” rating on the stock in a report on Wednesday, November 6th. Leerink Partners raised shares of Beam Therapeutics from a “market perform” rating to an “outperform” rating and upped their target price for the stock from $27.00 to $39.00 in a research note on Wednesday, November 6th. Finally, Cantor Fitzgerald raised Beam Therapeutics to a “hold” rating in a research note on Tuesday, December 10th. Three investment analysts have rated the stock with a hold rating, seven have given a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $47.67.

Beam Therapeutics Stock Down 1.2 %

NASDAQ:BEAM opened at $25.98 on Friday. Beam Therapeutics has a 12-month low of $20.84 and a 12-month high of $49.50. The stock’s fifty day simple moving average is $26.34 and its 200-day simple moving average is $25.76. The firm has a market capitalization of $2.15 billion, a P/E ratio of -14.76 and a beta of 1.92.

Hedge Funds Weigh In On Beam Therapeutics

Institutional investors have recently bought and sold shares of the business. Mirae Asset Global Investments Co. Ltd. lifted its position in shares of 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 buying an additional 524 shares during the last quarter. Blue Trust Inc. raised its position in shares of Beam Therapeutics by 84.0% in the third quarter. Blue Trust Inc. now owns 3,135 shares of the company’s stock valued at $73,000 after buying an additional 1,431 shares in the last quarter. Quarry LP lifted its position in 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. Arcadia Investment Management Corp MI bought a new stake in Beam Therapeutics during the third quarter worth $98,000. Finally, KBC Group NV boosted its stake in Beam Therapeutics by 103.2% in the fourth quarter. KBC Group NV now owns 4,143 shares of the company’s stock valued at $103,000 after buying an additional 2,104 shares in the last quarter. Institutional investors and hedge funds own 99.68% of the company’s stock.

Insider Activity at Beam Therapeutics

In other news, President Giuseppe Ciaramella sold 51,110 shares of the business’s stock in a transaction dated 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 transaction, the president now directly owns 109,150 shares in the company, valued at $2,877,194. The trade was a 31.89 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Christine Bellon sold 1,241 shares of the company’s stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $24.68, for a total transaction of $30,627.88. Following the completion of the sale, the insider now directly owns 102,968 shares in the company, valued at approximately $2,541,250.24. The trade was a 1.19 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 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.