Analyst Increases Beam Therapeutics’ Price Target

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  • BMO Capital Markets Has been upgraded Beam Therapeutics Inc (NASDAQ: BEAM) from Market Perform to Outperform and raised the price target from $61 to $66.

  • According to the analyst, it was stuck on the sidelines because of a lack in near-term stock-moving catalysts.

  • Beam stated in its most recent earnings release that it is still trying to enroll its first patient in the trial, called BEACON101, by the end of the year.

  • In its Q3 update, company said it was restraining its plans to file an IND for BEAM-102 in 2022. another sickle cell gene therapy candidate.

  • The analyst’s optimism is fueled by the great potential of base editing technology. It can also be seen in the fact Verve Therapeutics Inc (NASDAQ: VERVBMO’s choice was ) (uses Beam’s base editing technology).

  • Two key catalysts from Beam’s partner Verve will drive upside in BEAM in 2023. Meanwhile, incremental updates from Beam’s pipeline programs and/or new partnership announcements could also help drive BEAM higher.

  • Beam’s strong cash position of around $1.1 billion allows pipeline advancement and clinical derisking.

  • Price Action On Tuesday, BEAM shares were up 2.50% to $41.10

The latest ratings for BEAM

Date

Firm

Take Action

From

To

Jan 2022

SVB Leerink

Continue to

Outperform

Jan 2022

Guggenheim

Initiates Coverage

Buy

Nov 2021

SVB Leerink

Continue to

Outperform

View More Analyst Ratings for BEAM

View the Latest Analyst Ratings

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