Beam Therapeutics initiated with a Sector Perform at Scotiabank

Scotiabank initiated coverage of Beam Therapeutics with a Sector Perform rating and $24 price target While Beam has succeeded in generating promising clinical assets to address sickle cell disease, alpha-1 antitrypsin deficiency, and glycogen storage disease 1a, Scotiabank feels shares are fairly valued until more substantial derisking occurs, the analyst tells investors in a research note. The firm has a positive stance on Beam’s differentiated gene-editing platform and recognize Beam’s strong cash position relative to peers, but is looking to further clinical updates to gain a clearer line of sight on how competitive its assets are in the broader gene therapy landscape.