Beam Therapeutics Inc. (NASDAQ:BEAM – Get Rating) – Wedbush boosted their Q2 2022 earnings per share (EPS) estimates for Beam Therapeutics in a research note issued on Monday, May 9th. Wedbush analyst D. Nierengarten now anticipates that the company will earn ($1.04) per share for the quarter, up from their prior forecast of ($1.55). Wedbush has a “Outperform” rating and a $152.00 price objective on the stock. Wedbush also issued estimates for Beam Therapeutics’ Q3 2022 earnings at ($1.10) EPS, Q4 2022 earnings at ($1.23) EPS, FY2022 earnings at ($4.39) EPS, Q1 2023 earnings at ($1.25) EPS, Q2 2023 earnings at ($1.33) EPS, Q3 2023 earnings at ($1.46) EPS, Q4 2023 earnings at ($1.59) EPS, FY2023 earnings at ($5.63) EPS, FY2024 earnings at ($7.03) EPS and FY2025 earnings at ($7.87) EPS.
Separately, Credit Suisse Group initiated coverage on shares of Beam Therapeutics in a research report on Thursday, April 28th. They issued a “neutral” rating and a $62.00 price target on the stock. Two research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Buy” and an average target price of $122.50.
Beam Therapeutics (NASDAQ:BEAM – Get Rating) last issued its quarterly earnings data on Monday, May 9th. The company reported ($1.01) EPS for the quarter, topping analysts’ consensus estimates of ($1.32) by $0.31. Beam Therapeutics had a negative net margin of 395.37% and a negative return on equity of 28.02%. The firm had revenue of $8.40 million for the quarter, compared to analyst estimates of $44.15 million. During the same quarter in the prior year, the firm earned ($3.35) EPS. The company’s revenue was up 139900.0% on a year-over-year basis.
A number of hedge funds have recently bought and sold shares of BEAM. TFC Financial Management lifted its stake in Beam Therapeutics by 111.1% in the fourth quarter. TFC Financial Management now owns 570 shares of the company’s stock valued at $45,000 after buying an additional 300 shares during the period. Cutler Group LP lifted its stake in Beam Therapeutics by 825.0% in the first quarter. Cutler Group LP now owns 925 shares of the company’s stock valued at $53,000 after buying an additional 825 shares during the period. Kessler Investment Group LLC acquired a new position in Beam Therapeutics in the first quarter valued at approximately $58,000. Compagnie Lombard Odier SCmA acquired a new position in Beam Therapeutics in the first quarter valued at approximately $62,000. Finally, Canada Pension Plan Investment Board acquired a new position in Beam Therapeutics in the first quarter valued at approximately $86,000. 68.80% of the stock is owned by institutional investors and hedge funds.
In other news, insider Giuseppe Ciaramella sold 1,859 shares of Beam Therapeutics stock in a transaction on Thursday, March 31st. The stock was sold at an average price of $59.11, for a total transaction of $109,885.49. Following the completion of the sale, the insider now owns 115,614 shares of the company’s stock, valued at $6,833,943.54. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Terry-Ann Burrell sold 1,787 shares of the business’s stock in a transaction dated Thursday, March 31st. The shares were sold at an average price of $59.11, for a total value of $105,629.57. Following the completion of the transaction, the chief financial officer now directly owns 38,278 shares of the company’s stock, valued at approximately $2,262,612.58. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 59,373 shares of company stock valued at $2,706,284. Company insiders own 0.74% of the company’s stock.
About Beam Therapeutics (Get Rating)
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.
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