Analyst Increases Beam Therapeutics’ Price Target

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

Date	Firm	Take Action	To
Jan 2022	SVB Leerink	Continue to	Outperform
Jan 2022	Guggenheim	Initiates Coverage	Buy
Nov 2021	SVB Leerink	Continue to	Outperform

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