Beam Therapeutics upgraded to Buy at BofA after BEAM-302 data

As previously reported, BofA analyst Alec Stranahan upgraded Beam Therapeutics (BEAM) to Buy from Neutral with an unchanged price target of $42 following data for BEAM-302, one of its lead gene editing assets that treats alpha-1 antitrypsin deficiency. The firm views this data as “a key value unlocking event” and the platform as “increasingly derisked,” the analyst tells investors. The firm models about $1.5B in risk-adjusted peak sales across Beam’s pipeline for sickle cell, AATD, and GSD1a, the analyst noted.