Wedbush notes that in concurrent Q3 earnings and ASH abstract releases, Beam Therapeutics (BEAM) announced positive topline results for the Phase 1/2 BEACON study of BEAM-101 in sickle cell disease, or SCD, and first NHP data for the ESCAPE platform, which were “also encouraging.” Beyond the ASH meeting, the firm expects multiple data catalysts over the coming year and “could see significant upside movement over the next 6-12 months” for the shares, the analyst tells investors. The firm has an Outperform rating and $57 price target on Beam shares, which are off earlier lows to be down fractionally at $24.24 heading toward midday.
Don't Miss our Black Friday Offers:
- Unlock your investing potential with TipRanks Premium - Now At 40% OFF!
- Make smarter investments with weekly expert stock picks from the Smart Investor Newsletter
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on BEAM:
- Beam says patient death determined by investigator to be unrelated to BEAM-101
- Beam Therapeutics to present data on BEAM-101, BEAM-201 at ASH meeting
- Beam Therapeutics Advances in Genetic Medicine Innovations
- Patient death post BEAM-101 doesn’t seem related to Beam drug, says BMO
- Beam Therapeutics reports Q3 EPS ($1.17), consensus ($1.13)