Analyst Mani Foroohar of Leerink Partners maintained a Buy rating on Beam Therapeutics (BEAM – Research Report), with a price target of $37.00.
Mani Foroohar has given his Buy rating due to a combination of factors that highlight Beam Therapeutics’ promising pipeline and financial stability. The company has announced significant progress in its clinical trials, including the anticipated Phase 1 data for BEAM-302 in alpha-1 antitrypsin deficiency expected in the first half of 2025, and the first patient dosed in the Phase 1/2 trial of BEAM-301 for glycogen storage disease type 1a in early 2025. Additionally, Beam Therapeutics has reached its target enrollment for adult patients in the sickle cell disease trial, with updated data expected by mid-2025.
Financially, Beam Therapeutics is in a strong position, ending the fourth quarter of 2024 with $850.7 million in cash and equivalents, which is expected to support its ongoing research and development activities. The company’s R&D expenses were higher than anticipated, indicating a robust investment in its pipeline, while its SG&A expenses were in line with expectations. These factors, combined with the potential of Beam’s innovative nongenotoxic conditioning approach and upcoming clinical milestones, underpin Foroohar’s confidence in the company’s future prospects.
Foroohar covers the Healthcare sector, focusing on stocks such as Moderna, Alnylam Pharma, and BridgeBio Pharma. According to TipRanks, Foroohar has an average return of -11.2% and a 38.52% success rate on recommended stocks.
In another report released on February 25, BMO Capital also maintained a Buy rating on the stock with a $57.00 price target.