Beam Therapeutics (BEAM) has received a new Buy rating, initiated by William Blair analyst, Sami Corwin.
Sami Corwin’s Buy rating for Beam Therapeutics is rooted in several key factors. First and foremost, the company’s financial stability is projected to be extended to 2026 due to careful cost control measures. This includes a workforce reduction of about 20%, which translates to approximately 100 employees. Beam Therapeutics has also strategically redesigned their research and investment focus to concentrate on Sickle Cell Disease (SCD) and Alpha-1 Antitrypsin Deficiency (AATD), leveraging their liver-targeting in vivo editing capabilities and identifying specific opportunities within hematology and immunology/oncology.
In addition, Corwin is impressed by Beam’s prioritization of its ex vivo gene editing program, BEAM-101, alongside its Engineered Stem Cell Antibody Paired Evasion (ESCAPE) platform and in vivo delivery to hematopoietic stem cells (HSCs). The company also plans to advance its in vivo base editor BEAM-302 for treating AATD. Beam anticipates to share initial data from the BEACON trial of BEAM-101 in 2024, and submit regulatory applications for BEAM-302 in the same year. Furthermore, the company’s decision to pause its hepatitis B virus program until a partnership is secured, demonstrates a prudent strategy aimed at specialized development and commercial capabilities. These strategic decisions and innovative research directions form the foundation of Corwin’s Buy recommendation.
In another report released on October 17, Cantor Fitzgerald also maintained a Buy rating on the stock with a $32.00 price target.
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Beam Therapeutics (BEAM) Company Description:
Beam Therapeutics, Inc. develops and commercializes DNA base editing technologies for the treatment of human disease. Its licensed technology platform, which includes access to base editing technologies and associated technologies that enhance the scope of base editing. The company was founded by David R. Liu, Feng Zhang and J. Keith Joung on January 25, 2017 and is headquartered in Cambridge, MA.
Read More on BEAM:
- Beam Therapeutics Announces Portfolio Prioritization and Strategic Restructuring Focused on Potential Near-term Value Drivers and Long-term Growth of Precision Genetic Medicines Pipeline
- Beam Therapeutics price target lowered to $32 from $56 at Cantor Fitzgerald
- Cathie Wood’s ARK Investment bought 85.7K shares of Beam Therapeutics today
- Cathie Wood’s ARK Investment bought 148.5K shares of Beam Therapeutics today
- Beam Therapeutics Presents Preclinical Data Highlighting Utility of BEAM-302 to Correct an Alpha-1 Antitrypsin (AAT) Deficiency Disease-Causing Mutation
