Beam Therapeutics Inc. (NASDAQ:BEAM) Expected to Post Quarterly Sales of $28.00 Million

Equities research analysts expect Beam Therapeutics Inc. (NASDAQ:BEAM) to report $28.00 million in sales for the current quarter, according to Zacks Investment Research. Two analysts have made estimates for Beam Therapeutics’ earnings. The highest sales estimate is $50.00 million and the lowest is $6.00 million. Beam Therapeutics posted sales of $10,000.00 in the same quarter last year, which suggests a positive year-over-year growth rate of 279,900%. The company is expected to report its next quarterly earnings results on Wednesday, August 11th.

On average, analysts expect that Beam Therapeutics will report full-year sales of $29.67 million for the current year, with estimates ranging from $15.01 million to $50.00 million. For the next financial year, analysts anticipate that the company will post sales of $26.33 million, with estimates ranging from $24.00 million to $30.00 million. Zacks Investment Research’s sales calculations are a mean average based on a survey of sell-side analysts that cover Beam Therapeutics.

Beam Therapeutics (NASDAQ:BEAM) last issued its quarterly earnings results on Monday, May 10th. The company reported ($3.35) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.74) by ($2.61). The company had revenue of $0.01 million for the quarter, compared to analyst estimates of $6.00 million. Beam Therapeutics had a negative return on equity of 113.20% and a negative net margin of 1,523,724.75%.

Several brokerages have weighed in on BEAM. Royal Bank of Canada began coverage on Beam Therapeutics in a report on Monday, May 3rd. They set a “sector perform” rating and a $85.00 price objective for the company. Zacks Investment Research raised Beam Therapeutics from a “sell” rating to a “hold” rating in a report on Monday. Redburn Partners began coverage on Beam Therapeutics in a report on Tuesday, May 11th. They set a “buy” rating for the company. Finally, Wedbush boosted their price objective on Beam Therapeutics from $114.00 to $149.00 and gave the stock an “outperform” rating in a report on Tuesday, June 29th. Five equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average target price of $100.33.

In related news, CEO John M. Evans sold 25,000 shares of the stock in a transaction that occurred on Wednesday, July 7th. The stock was sold at an average price of $107.87, for a total transaction of $2,696,750.00. Following the completion of the sale, the chief executive officer now directly owns 1,046,525 shares of the company’s stock, valued at approximately $112,888,651.75. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Giuseppe Ciaramella sold 78,580 shares of the stock in a transaction that occurred on Monday, June 28th. The stock was sold at an average price of $107.35, for a total value of $8,435,563.00. Following the sale, the insider now directly owns 123,341 shares of the company’s stock, valued at $13,240,656.35. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 193,239 shares of company stock valued at $21,234,503. 0.74% of the stock is currently owned by company insiders.

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. ARK Investment Management LLC increased its stake in Beam Therapeutics by 322.3% during the 1st quarter. ARK Investment Management LLC now owns 4,779,104 shares of the company’s stock worth $382,519,000 after purchasing an additional 3,647,481 shares in the last quarter. MWG Management Limited boosted its position in Beam Therapeutics by 129,359.5% during the 1st quarter. MWG Management Limited now owns 2,362,635 shares of the company’s stock worth $189,105,000 after acquiring an additional 2,360,810 shares during the last quarter. Geode Capital Management LLC boosted its position in Beam Therapeutics by 12.3% during the 1st quarter. Geode Capital Management LLC now owns 596,405 shares of the company’s stock worth $47,736,000 after acquiring an additional 65,440 shares during the last quarter. Victory Capital Management Inc. boosted its position in Beam Therapeutics by 663.8% during the 1st quarter. Victory Capital Management Inc. now owns 593,605 shares of the company’s stock worth $47,513,000 after acquiring an additional 515,886 shares during the last quarter. Finally, Bellevue Group AG boosted its position in Beam Therapeutics by 42.8% during the 1st quarter. Bellevue Group AG now owns 566,821 shares of the company’s stock worth $45,368,000 after acquiring an additional 170,000 shares during the last quarter. 67.20% of the stock is owned by institutional investors and hedge funds.

NASDAQ:BEAM traded down $2.94 on Friday, hitting $95.62. 8,087 shares of the stock were exchanged, compared to its average volume of 1,207,833. Beam Therapeutics has a 52 week low of $18.76 and a 52 week high of $138.52. The business has a 50-day moving average of $89.59.

Beam Therapeutics Company Profile

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.

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

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