SVB Leerink Weighs in on Beam Therapeutics Inc.’s Q1 2023 Earnings (NASDAQ:BEAM)

Beam Therapeutics Inc. (NASDAQ:BEAMGet Rating) – Equities researchers at SVB Leerink issued their Q1 2023 earnings estimates for shares of Beam Therapeutics in a research note issued on Monday, January 23rd. SVB Leerink analyst M. Foroohar expects that the company will post earnings of ($1.09) per share for the quarter. SVB Leerink has a “Outperform” rating and a $77.00 price objective on the stock. The consensus estimate for Beam Therapeutics’ current full-year earnings is ($4.87) per share. SVB Leerink also issued estimates for Beam Therapeutics’ Q2 2023 earnings at ($1.08) EPS, Q3 2023 earnings at ($1.08) EPS, Q4 2023 earnings at ($1.07) EPS, FY2023 earnings at ($4.32) EPS and FY2024 earnings at ($5.19) EPS.

Several other equities analysts have also recently issued reports on BEAM. Credit Suisse Group decreased their target price on shares of Beam Therapeutics from $65.00 to $53.00 and set a “neutral” rating for the company in a research note on Tuesday, November 8th. Citigroup assumed coverage on shares of Beam Therapeutics in a research note on Tuesday, December 13th. They issued a “buy” rating and a $62.00 target price for the company. Guggenheim cut their price target on shares of Beam Therapeutics to $102.00 in a report on Tuesday, November 15th. Finally, BMO Capital Markets raised shares of Beam Therapeutics from a “market perform” rating to an “outperform” rating and boosted their price target for the stock from $61.00 to $66.00 in a report on Tuesday, December 20th. Two analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $74.29.

Beam Therapeutics Price Performance

BEAM opened at $44.55 on Wednesday. The firm has a fifty day moving average price of $42.91 and a 200 day moving average price of $49.92. Beam Therapeutics has a 1 year low of $27.77 and a 1 year high of $80.00. The stock has a market cap of $3.14 billion, a P/E ratio of -9.81 and a beta of 1.69.

Beam Therapeutics (NASDAQ:BEAMGet Rating) last posted its earnings results on Monday, November 7th. The company reported ($1.56) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.30) by ($0.26). Beam Therapeutics had a negative net margin of 343.05% and a negative return on equity of 38.93%. The firm had revenue of $15.80 million during the quarter, compared to analyst estimates of $7.15 million. During the same quarter in the prior year, the firm earned ($0.42) earnings per share. The business’s revenue for the quarter was up 1875.0% on a year-over-year basis.

Insider Buying and Selling

In other news, insider Giuseppe Ciaramella sold 51,015 shares of the company’s stock in a transaction on Monday, December 12th. The shares were sold at an average price of $42.70, for a total transaction of $2,178,340.50. Following the completion of the sale, the insider now owns 91,462 shares of the company’s stock, valued at $3,905,427.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other news, CFO Terry-Ann Burrell sold 47,195 shares of the company’s stock in a transaction on Wednesday, January 18th. The shares were sold at an average price of $45.14, for a total transaction of $2,130,382.30. Following the completion of the sale, the chief financial officer now owns 31,277 shares of the company’s stock, valued at $1,411,843.78. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, insider Giuseppe Ciaramella sold 51,015 shares of the company’s stock in a transaction on Monday, December 12th. The stock was sold at an average price of $42.70, for a total transaction of $2,178,340.50. Following the sale, the insider now directly owns 91,462 shares of the company’s stock, valued at approximately $3,905,427.40. The disclosure for this sale can be found here. In the last quarter, insiders sold 128,210 shares of company stock valued at $5,698,023. 4.00% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Beam Therapeutics

Hedge funds have recently modified their holdings of the company. Baillie Gifford & Co. grew its holdings in shares of Beam Therapeutics by 18.1% in the fourth quarter. Baillie Gifford & Co. now owns 454,828 shares of the company’s stock valued at $17,788,000 after purchasing an additional 69,610 shares during the period. Ronald Blue Trust Inc. grew its holdings in shares of Beam Therapeutics by 623.8% in the fourth quarter. Ronald Blue Trust Inc. now owns 579 shares of the company’s stock valued at $28,000 after purchasing an additional 499 shares during the period. Green Alpha Advisors LLC grew its holdings in shares of Beam Therapeutics by 4.8% in the fourth quarter. Green Alpha Advisors LLC now owns 10,290 shares of the company’s stock valued at $402,000 after purchasing an additional 467 shares during the period. Renaissance Capital LLC purchased a new stake in shares of Beam Therapeutics in the fourth quarter valued at about $908,000. Finally, Bank of New York Mellon Corp grew its holdings in shares of Beam Therapeutics by 6.1% in the third quarter. Bank of New York Mellon Corp now owns 502,008 shares of the company’s stock valued at $23,915,000 after purchasing an additional 28,764 shares during the period. Hedge funds and other institutional investors own 76.70% of the company’s stock.

About Beam Therapeutics

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Beam Therapeutics Inc, a biotechnology company, develops precision genetic medicines for patients suffering from serious diseases in the United States. The company is developing BEAM-101 for the treatment of sickle cell disease and beta thalassemia; BEAM-102 for the treatment of sickle cell disease; and BEAM-201, an allogeneic chimeric antigen receptor T cell for the treatment of relapsed/refractory T-cell acute lymphoblastic leukemia; and BEAM-301, a liver-targeted development candidate for the treatment of patients with Glycogen Storage Disease Type Ia.

Further Reading

Earnings History and Estimates for Beam Therapeutics (NASDAQ:BEAM)

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