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Beam Therapeutics initiated with a Buy at Jefferies

Jefferies initiated coverage of Beam Therapeutics (BEAM) with a Buy rating and $41 price target The firm, which believes BEAM-302 for Alpha-1 Antitrypsin Deficiency has shown “a superior profile” as a potential one-time therapy for a largely underdiagnosed genetic disease affecting about 100,000 U.S. patients, estimates $2.5B in peak sales for ‘302 to address both liver and lung manifestations. The firm also sees “modest value” for the BEAM-101 sickle cell disease program being currently in the stock, with a key near-term catalyst ahead, the analyst added.

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