J.P. Morgan analyst Brian Cheng has maintained their bullish stance on BEAM stock, giving a Buy rating yesterday.
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Brian Cheng’s rating is based on the promising data presented by Beam Therapeutics at the ASH annual meeting. The longer-term follow-up data from the BEACON trial demonstrated that Risto-cel maintains a stable and durable effect on hemoglobin F levels, reaching a plateau around the fifth month and sustaining beyond the twelfth month. This stability suggests a reliable therapeutic profile, which is crucial for patients with sickle cell disease.
Additionally, the trial showed rapid engraftment times, with median times to neutrophil and platelet engraftment being 17.5 and 19 days, respectively. While a higher percentage of patients required platelet transfusions compared to earlier data, these cases did not lead to clinical issues or require interventions. This combination of durable efficacy and manageable safety profile underpins Cheng’s Buy rating for Beam Therapeutics, as it indicates a strong potential for the company’s treatment to benefit patients significantly.
In another report released yesterday, Bank of America Securities also maintained a Buy rating on the stock with a $43.00 price target.