Beam competitive position intact after Wave data, says Clear Street

Clear Street says Beam Therapeutics (BEAM) is rallying after Wave Life Sciences (WVE) reported a data update from a Phase 1/2 trial of its RNA-editing therapy WVE-006 for alpha-1 antitrypsin deficiency. Wave’s readout fell below expectations that multi-dosing or higher single doses of WVE-006 would produce substantially higher levels of circulating AAT, the analyst tells investors in a research note. Clear believes Beam’s competitive position is “firmly intact” following the data. It keeps a Buy rating on the shares with a $34 price target. The stock in midday trading is up 11% to $18.10.