Beam Therapeutics price target raised to $37 from $35 at Bernstein

Bernstein analyst William Pickering raised the firm’s price target on Beam Therapeutics (BEAM) to $37 from $35 and keeps an Outperform rating on the shares. Biotech more or less threaded water last year, underperforming both Pharma and the S&P for the 4th year running, with rates and Trump/RFK policy uncertainty the key drivers, the firm says. The market is pricing in limited improvement in the rate outlook this year, a view Bernstein does not dispute.