Analyst Patrick Trucchio of H.C. Wainwright reiterated a Buy rating on Beam Therapeutics, retaining the price target of $80.00.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Patrick Trucchio has given his Buy rating due to a combination of factors including Beam Therapeutics’ strong momentum in its ex vivo and in vivo base editing programs. The company is making significant progress with BEAM-101, which is positioned as a registrational program for sickle cell disease, and BEAM-302, which is advancing through dose expansion for alpha-1 antitrypsin deficiency. Additionally, BEAM-301 is moving forward in glycogen storage disease type Ia, leveraging the same lipid nanoparticle platform as BEAM-302.
Investor interest is particularly high for BEAM-302, which has shown promising dual-action and best-in-class characteristics in early data. The program’s initial results have demonstrated significant biochemical improvements, and Beam is actively working on dose optimization. Furthermore, the sickle cell franchise, with BEAM-101 advancing towards a potential BLA filing, continues to be a cornerstone for the company. The strategic development of BEAM-101 and the ESCAPE program aims to expand the patient population, reinforcing Beam’s leadership in genetic medicine. These developments collectively support the Buy rating and the $80 price target for BEAM.
In another report released on September 10, BMO Capital also maintained a Buy rating on the stock with a $40.00 price target.