Brokers Set Expectations for Beam Therapeutics Inc.’s Q2 2022 Earnings (NASDAQ:BEAM)

Beam Therapeutics Inc. (NASDAQ:BEAMGet Rating) – Research analysts at William Blair cut their Q2 2022 EPS estimates for Beam Therapeutics in a note issued to investors on Monday, May 9th. William Blair analyst R. Prasad now anticipates that the company will earn ($1.28) per share for the quarter, down from their prior forecast of ($1.16). William Blair also issued estimates for Beam Therapeutics’ Q3 2022 earnings at $1.29 EPS, Q4 2022 earnings at ($1.30) EPS, FY2022 earnings at ($4.87) EPS, Q1 2023 earnings at ($1.34) EPS, Q2 2023 earnings at ($1.37) EPS, Q3 2023 earnings at ($1.32) EPS, Q4 2023 earnings at ($1.34) EPS and FY2023 earnings at ($5.37) EPS.

Beam Therapeutics (NASDAQ:BEAMGet Rating) last posted its earnings results on Monday, May 9th. The company reported ($1.01) earnings per share for the quarter, topping the consensus estimate of ($1.32) by $0.31. Beam Therapeutics had a negative return on equity of 28.02% and a negative net margin of 395.37%. The firm had revenue of $8.40 million during the quarter, compared to analyst estimates of $44.15 million. During the same period in the previous year, the company earned ($3.35) EPS. The company’s revenue for the quarter was up 139900.0% on a year-over-year basis.

A number of other brokerages have also commented on BEAM. Wedbush cut their price target on Beam Therapeutics from $159.00 to $152.00 and set an “outperform” rating for the company in a report on Monday, February 28th. Credit Suisse Group started coverage on Beam Therapeutics in a report on Thursday, April 28th. They set a “neutral” rating and a $62.00 price target for the company. Two investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average target price of $122.50.

Shares of BEAM stock opened at $35.45 on Thursday. Beam Therapeutics has a 12 month low of $27.77 and a 12 month high of $138.52. The firm has a market cap of $2.49 billion, a PE ratio of -9.82 and a beta of 1.59. The stock has a 50 day moving average of $50.13 and a 200-day moving average of $67.08.

A number of hedge funds have recently bought and sold shares of BEAM. Amalgamated Bank grew its holdings in shares of Beam Therapeutics by 1.6% during the 4th quarter. Amalgamated Bank now owns 9,004 shares of the company’s stock valued at $718,000 after purchasing an additional 142 shares during the last quarter. US Bancorp DE lifted its position in Beam Therapeutics by 1.6% during the 3rd quarter. US Bancorp DE now owns 9,631 shares of the company’s stock valued at $839,000 after acquiring an additional 153 shares during the period. State Board of Administration of Florida Retirement System increased its stake in Beam Therapeutics by 0.9% during the 3rd quarter. State Board of Administration of Florida Retirement System now owns 20,567 shares of the company’s stock valued at $1,790,000 after purchasing an additional 190 shares in the last quarter. Arizona State Retirement System increased its stake in Beam Therapeutics by 2.4% during the 3rd quarter. Arizona State Retirement System now owns 8,523 shares of the company’s stock valued at $742,000 after purchasing an additional 203 shares in the last quarter. Finally, CIBC Asset Management Inc grew its stake in shares of Beam Therapeutics by 8.9% in the fourth quarter. CIBC Asset Management Inc now owns 2,741 shares of the company’s stock worth $218,000 after acquiring an additional 223 shares during the period. 68.80% of the stock is currently owned by institutional investors and hedge funds.

In other Beam Therapeutics news, CEO John M. Evans sold 6,261 shares of the firm’s stock in a transaction that occurred on Thursday, March 31st. The stock was sold at an average price of $59.11, for a total value of $370,087.71. Following the completion of the transaction, the chief executive officer now directly owns 1,089,070 shares in the company, valued at $64,374,927.70. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO John M. Evans sold 30,000 shares of the firm’s stock in a transaction that occurred on Thursday, April 28th. The shares were sold at an average price of $37.98, for a total value of $1,139,400.00. Following the completion of the sale, the chief executive officer now directly owns 1,118,520 shares of the company’s stock, valued at $42,481,389.60. The disclosure for this sale can be found here. Insiders sold 59,373 shares of company stock worth $2,706,284 in the last three months. 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.

See Also

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

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