Analyst Patrick Trucchio from H.C. Wainwright reiterated a Buy rating on Beam Therapeutics (BEAM – Research Report) and keeping the price target at $80.00.
Patrick Trucchio’s rating is based on Beam Therapeutics’ promising advancements in their base editing pipeline, particularly the historic achievement of the first in vivo base editing proof-of-concept with BEAM-302 for alpha-1 antitrypsin deficiency. The company is also progressing well with its BEACON trial for BEAM-101 in sickle cell disease, with plans to dose 30 patients by mid-2025 and present updated data at the European Hematology Association Congress. Additionally, Beam has initiated a Phase 1/2 trial for BEAM-301 in glycogen storage disease type Ia and plans to start a Phase 1 trial for its ESCAPE antibody conditioning candidate BEAM-103 by the end of 2025.
Beam’s strong financial position, with a cash reserve of $1.2 billion, including proceeds from a recent $500 million financing, provides the company with a runway into 2028. This financial stability supports their ongoing research and development efforts across their liver-targeted and hematology franchises. The hematology franchise, particularly BEAM-101, has shown promising results with rapid increases in fetal hemoglobin and reductions in sickle hemoglobin, alongside efficient manufacturing processes and no serious adverse events reported. These factors collectively contribute to Trucchio’s Buy rating for Beam Therapeutics.
According to TipRanks, Trucchio is an analyst with an average return of -3.8% and a 31.89% success rate. Trucchio covers the Healthcare sector, focusing on stocks such as Alnylam Pharma, Precision BioSciences, and Beam Therapeutics.
In another report released today, Guggenheim also maintained a Buy rating on the stock with a $55.00 price target.