JonesTrading analyst Soumit Roy has maintained their bullish stance on BEAM stock, giving a Buy rating yesterday.
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Soumit Roy has given his Buy rating due to a combination of factors related to Beam Therapeutics’ promising clinical data and market potential. The recent update from the European Hematology Association (EHA) highlighted positive results from Beam’s ex vivo gene editing therapy, BEAM-101, for Sickle Cell Disease (SCD). The data showed sustained patient response with no new safety issues and no vaso-occlusive crises/events, indicating best-in-class efficacy and safety compared to peers.
Additionally, Beam Therapeutics is making significant progress in its clinical trials, with 26 patients dosed and plans to dose 30 by mid-2025. The company’s ability to maintain a favorable hemoglobin ratio and the absence of safety concerns further bolster confidence in BEAM-101’s potential. While investor interest is also focused on BEAM-302 for Alpha-1 Antitrypsin Deficiency (AATD) due to its larger market opportunity, the current SCD data supports a positive outlook for Beam’s stock.
Roy covers the Healthcare sector, focusing on stocks such as Precision BioSciences, Enliven Therapeutics, and Nuvation Bio. According to TipRanks, Roy has an average return of -26.2% and a 17.84% success rate on recommended stocks.
In another report released yesterday, Wedbush also maintained a Buy rating on the stock with a $57.00 price target.