Beam upgraded to Buy at BofA Securities on recent genetic condition treatment
Seeking Alpha News (Fri, 28-Mar 11:01 AM)
- Beam Therapeutics (NASDAQ:BEAM) was upgraded to Buy from Neutral at Bank Of America Securities banking on recent data for the company's genetic condition treatment causing lung and liver disease.
- "We see this data as a key value unlocking event. Thus, BEAM’s platform is increasingly derisked, in our view, with an attractive valuation and limited near-term dilution risk following a recent share offering. We model ~$1.5B in risk-adj. peak sales across Beam’s pipeline for sickle cell, AATD, and GSD1a," said BofA analysts.
- BofA analysts believe that the results checked many boxes including functional AAT protein production.
- "The recent $500M raise gives Beam a healthy $1.35B cash position ($9/sh), providing runway into 2028e, sufficient to see current therapies into late-stage studies plus optionality on business development," analysts added.
- BofA has a price objective of $42 for the company.
More on Beam Therapeutics
- Upgrading Beam Therapeutics: Promising BEAM-302 Data Opens Door For Durable Gene Therapy
- Beam Therapeutics: Single-Base Editing Seems To Work
- Beam Therapeutics: Too Expensive For Me, But Watch For Important Catalysts
- Beam Therapeutics gets trial authorization for its genetic disorder treatment in U.S.
- Beam drops 9% on phase 1/2 data for genetic lung disease candidate
