Promising Phase 1/2 Trial Results for Beam Therapeutics’ BEAM-302 Bolster Confidence and Support $80 Price Target

H.C. Wainwright analyst Patrick Trucchio has reiterated their bullish stance on BEAM stock, giving a Buy rating today.

Patrick Trucchio’s rating is based on the promising initial data from Beam Therapeutics’ Phase 1/2 trial for BEAM-302, which targets alpha-1 antitrypsin deficiency (AATD). The trial demonstrated significant clinical evidence of in vivo base editing, showing reductions in the harmful mutant protein and restoration of therapeutic levels of the corrected protein. These results suggest effective gene editing and support the continuation and expansion of the trial.
Furthermore, the safety profile of BEAM-302 was favorable, with no serious adverse events reported, which bolsters confidence in the ongoing development. Trucchio also considers the potential for BEAM-302 to advance to a registrational program if further data remains positive. The valuation of Beam Therapeutics is supported by a sum-of-the-parts and discounted cash flow analysis, leading to a price target of $80 per share, despite acknowledging various risks such as clinical development and commercialization challenges.