Q2 2022 EPS Estimates for Beam Therapeutics Inc. Raised by Wedbush (NASDAQ:BEAM)

Beam Therapeutics Inc. (NASDAQ:BEAM – Get Rating) – Research analysts at Wedbush lifted their Q2 2022 EPS estimates for shares of Beam Therapeutics in a report released on Monday, May 9th. Wedbush analyst D. Nierengarten now anticipates that the company will post earnings of ($1.04) per share for the quarter, up from their previous forecast of ($1.55). Wedbush currently has a “Outperform” rating and a $152.00 target price 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.

Beam Therapeutics (NASDAQ:BEAM – Get Rating) last announced its earnings results on Monday, May 9th. The company reported ($1.01) earnings per share (EPS) 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 quarter in the prior year, the company earned ($3.35) EPS. The business’s revenue was up 139900.0% compared to the same quarter last year.

Separately, Credit Suisse Group assumed coverage on Beam Therapeutics in a research report on Thursday, April 28th. They issued a “neutral” rating and a $62.00 target price for the company. Two equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus price target of $122.50.

Shares of NASDAQ:BEAM opened at $35.45 on Thursday. Beam Therapeutics has a 52-week low of $27.77 and a 52-week high of $138.52. The firm has a market capitalization of $2.49 billion, a P/E ratio of -9.82 and a beta of 1.59. The stock has a 50 day moving average price of $50.13 and a 200-day moving average price of $67.08.

In other Beam Therapeutics news, insider Fmr Llc sold 19,466 shares of Beam Therapeutics stock in a transaction on Wednesday, April 13th. The stock was sold at an average price of $50.41, for a total value of $981,281.06. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, 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 value of $109,885.49. Following the completion of the sale, the insider now directly owns 115,614 shares of the company’s stock, valued at approximately $6,833,943.54. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 59,373 shares of company stock valued at $2,706,284. 0.74% of the stock is owned by corporate insiders.

Several institutional investors have recently bought and sold shares of the business. ARK Investment Management LLC boosted its stake in shares of Beam Therapeutics by 16.7% in the 4th quarter. ARK Investment Management LLC now owns 7,983,401 shares of the company’s stock worth $636,197,000 after buying an additional 1,141,679 shares during the last quarter. FIL Ltd purchased a new position in shares of Beam Therapeutics in the 3rd quarter worth $62,221,000. Deep Track Capital LP purchased a new position in shares of Beam Therapeutics in the 4th quarter worth $55,783,000. BlackRock Inc. boosted its stake in shares of Beam Therapeutics by 15.4% in the 4th quarter. BlackRock Inc. now owns 4,062,794 shares of the company’s stock worth $323,764,000 after buying an additional 542,819 shares during the last quarter. Finally, Goldman Sachs Group Inc. boosted its stake in shares of Beam Therapeutics by 61.1% in the 3rd quarter. Goldman Sachs Group Inc. now owns 1,044,082 shares of the company’s stock worth $90,846,000 after buying an additional 396,038 shares during the last quarter. 68.80% of the stock is owned by institutional investors and hedge funds.

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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