William Blair Weighs in on Beam Therapeutics Inc.’s Q2 2024 Earnings (NASDAQ:BEAM)

Beam Therapeutics Inc. (NASDAQ:BEAM) – Analysts at William Blair boosted their Q2 2024 earnings per share (EPS) estimates for shares of Beam Therapeutics in a research report issued to clients and investors on Tuesday, May 7th. William Blair analyst S. Corwin now anticipates that the company will earn ($0.91) per share for the quarter, up from their prior forecast of ($1.36). The consensus estimate for Beam Therapeutics’ current full-year earnings is ($5.53) per share. William Blair also issued estimates for Beam Therapeutics’ Q3 2024 earnings at ($0.88) EPS, Q4 2024 earnings at ($0.88) EPS, FY2024 earnings at ($3.87) EPS, Q1 2025 earnings at ($0.90) EPS, Q2 2025 earnings at ($84.00) EPS, Q3 2025 earnings at ($0.78) EPS, Q4 2025 earnings at ($0.78) EPS and FY2025 earnings at ($3.30) EPS.

Beam Therapeutics (NASDAQ:BEAM) last announced its quarterly earnings data on Tuesday, May 7th. The company reported ($1.21) EPS for the quarter, beating analysts’ consensus estimates of ($1.42) by $0.21. The company had revenue of $7.40 million during the quarter, compared to the consensus estimate of $17.09 million. Beam Therapeutics had a negative net margin of 35.09% and a negative return on equity of 15.90%. The company’s quarterly revenue was down 69.4% on a year-over-year basis. During the same quarter last year, the firm posted ($1.33) EPS.

A number of other research firms have also recently issued reports on BEAM. Wedbush reaffirmed an “outperform” rating and issued a $57.00 price objective on shares of Beam Therapeutics in a research report on Tuesday. JPMorgan Chase & Co. raised Beam Therapeutics from a “neutral” rating to an “overweight” rating and raised their price target for the company from $38.00 to $40.00 in a report on Monday, January 29th. Royal Bank of Canada upped their price objective on shares of Beam Therapeutics from $27.00 to $35.00 and gave the company a “sector perform” rating in a report on Wednesday, February 28th. BMO Capital Markets reaffirmed an “outperform” rating and issued a $57.00 target price on shares of Beam Therapeutics in a research report on Wednesday, March 27th. Finally, Barclays lowered their target price on Beam Therapeutics from $42.00 to $33.00 and set an “equal weight” rating on the stock in a research note on Wednesday. Eight equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat.com, Beam Therapeutics presently has a consensus rating of “Hold” and an average price target of $40.18.

Beam Therapeutics Stock Performance

Beam Therapeutics stock opened at $22.54 on Thursday. The stock has a 50-day simple moving average of $29.50 and a 200 day simple moving average of $28.12. The stock has a market capitalization of $1.86 billion, a P/E ratio of -12.66 and a beta of 1.88. Beam Therapeutics has a 52 week low of $16.95 and a 52 week high of $49.50.

Institutional Trading of Beam Therapeutics

Several large investors have recently bought and sold shares of the business. ARK Investment Management LLC lifted its holdings in shares of Beam Therapeutics by 6.9% in the fourth quarter. ARK Investment Management LLC now owns 9,393,889 shares of the company’s stock worth $255,702,000 after acquiring an additional 609,998 shares during the last quarter. Vestmark Advisory Solutions Inc. acquired a new stake in Beam Therapeutics in the fourth quarter valued at approximately $2,673,000. Swiss National Bank grew its stake in shares of Beam Therapeutics by 12.9% during the third quarter. Swiss National Bank now owns 142,400 shares of the company’s stock worth $3,425,000 after buying an additional 16,300 shares during the last quarter. Citigroup Inc. increased its holdings in shares of Beam Therapeutics by 21.5% during the third quarter. Citigroup Inc. now owns 197,597 shares of the company’s stock worth $4,752,000 after buying an additional 34,943 shares in the last quarter. Finally, State of New Jersey Common Pension Fund D lifted its stake in shares of Beam Therapeutics by 41.5% in the 3rd quarter. State of New Jersey Common Pension Fund D now owns 106,269 shares of the company’s stock valued at $2,556,000 after acquiring an additional 31,165 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 news, CEO John M. Evans sold 60,000 shares of the stock in a transaction on Thursday, March 28th. The stock was sold at an average price of $33.86, for a total transaction of $2,031,600.00. Following the sale, the chief executive officer now directly owns 998,262 shares of the company’s stock, valued at approximately $33,801,151.32. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other Beam Therapeutics news, CEO John M. Evans sold 18,102 shares of the company’s stock in a transaction on Monday, April 1st. The stock was sold at an average price of $32.13, for a total transaction of $581,617.26. Following the completion of the sale, the chief executive officer now directly owns 1,058,343 shares in the company, valued at $34,004,560.59. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO John M. Evans sold 60,000 shares of the firm’s stock in a transaction on Thursday, March 28th. The shares were sold at an average price of $33.86, for a total value of $2,031,600.00. Following the completion of the sale, the chief executive officer now directly owns 998,262 shares in the company, valued at approximately $33,801,151.32. The disclosure for this sale can be found here. Insiders sold 96,804 shares of company stock valued at $3,211,869 in the last three months. Corporate insiders own 4.20% of the company’s stock.

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.