Beam Therapeutics selloff on CFO exit misplaced, says JPMorgan

JPMorgan says that while Beam Therapeutics CFO Terry-Ann Burrell is widely respected by the Street, her exit is not an indication of wavering fundamentals to Beam’s story, or execution against its key pipeline programs. To the contrary, Burrell leaves the company in sound financial position, with a sufficient cash runway into 2027 and the ability to execute into multiple clinical readouts, the analyst tells investors in a research note. The firm views today’s weakness in the shares as misplaced, and sees an attractive longer-term entry point. JPMorgan keeps an Overweight rating on Beam with a $45 price target.