Beam Therapeutics initiated with an Overweight at Cantor Fitzgerald

Cantor Fitzgerald analyst Rick Bienkowski initiated coverage of Beam Therapeutics with an Overweight rating and $62 price target. While the company only recently initiated Phase 1 clinical trials in sickle cell disease, Cantor Fitzgerald sees long-term value in Beam’s platform, pipeline, and capability to develop partnerships with favorable economics, the analyst tells investors in a research note. The firm sees substantial scarcity value in Beam’s base-editing technology and thinks the Phase 1 data presentation from partner Verve Therapeutics in 2H23 could validate Beam’s base-editing platform and in vivo approach to delivering treatment.