JonesTrading analyst Soumit Roy has maintained their bullish stance on BEAM stock, giving a Buy rating today.
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Soumit Roy has given his Buy rating due to a combination of factors including the promising clinical data from Beam Therapeutics’ Sickle Cell Disease treatment, risto-cel. The Phase 1/2 BEACON trial results indicate that patients treated with risto-cel experienced no severe vaso-occlusive crises after a median follow-up of 6.6 months, demonstrating its potential efficacy. Additionally, the treatment showed strong results in terms of hemoglobin levels, with mean total hemoglobin reaching 15.5 g/dL at month 6 and sustaining favorable levels of endogenous fetal hemoglobin.
Despite challenges in the market uptake of ex vivo gene editing therapies, Beam’s risto-cel stands out with its best-in-class profile, which could position it as a preferred option for Sickle Cell Disease patients if approved. The company’s ESCAPE technology also offers potential advantages by reducing transplantation-related issues, which could enhance its market position. With an estimated probability-adjusted peak sales of $730 million by 2040, Beam Therapeutics is well-positioned for growth, supporting the Buy rating.
In another report released today, Evercore ISI also maintained a Buy rating on the stock with a $35.00 price target.
Based on the recent corporate insider activity of 26 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of BEAM in relation to earlier this year.