Analyst Patrick Trucchio of H.C. Wainwright reiterated a Buy rating on Beam Therapeutics, retaining the price target of $80.00.
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Patrick Trucchio’s rating is based on Beam Therapeutics’ promising advancements in their base editing pipeline, which is poised for significant developments in the next 12 to 18 months. The company is progressing in both ex vivo and in vivo clinical programs, with several catalysts expected in the near term. Notably, Beam is preparing to initiate a Phase 1 trial for its ESCAPE program targeting sickle cell disease by the end of the year, showcasing its commitment to innovative genetic medicine.
Furthermore, Beam’s ongoing BEACON trial for BEAM-101 in sickle cell disease is expected to provide pivotal data that could support a biologics license application. The company’s strategy is modeled on the successful approval pathway of a similar CRISPR-based therapy, indicating a well-thought-out regulatory approach. With a robust financial position, demonstrated clinical proof-of-concept, and an integrated manufacturing platform, Beam is well-positioned for value generation, justifying the Buy rating and an $80 price target.
In another report released yesterday, Bank of America Securities also reiterated a Buy rating on the stock with a $43.00 price target.