H.C. Wainwright has reaffirmed its buy recommendation for Beam Therapeutics Inc (NASDAQ: BEAM), maintaining a price target of $80 per share. The reiteration follows a virtual event held on August 20 between the firm’s analysts and Beam’s President and CEO, John Evans.
The biotechnology company’s shares have surged 72% over the past year, though recent trading shows a decline of 4.81% to $28.33 at the prior close. Beam reported holding $1.15 billion in cash as of June 30, providing financial flexibility through mid-2029, according to InvestingPro data.
Beam’s pipeline includes BEAM-302, a gene therapy for Alpha-1 Antitrypsin Deficiency (AATD), which began dosing in its pivotal cohort at 60 mg in July. The trial is expected to enroll approximately 50 patients, with 12 months of biomarker follow-up planned. The company also holds a late-breaking oral presentation scheduled for the European Respiratory Society Congress in Barcelona from September 5 to 9, where updated clinical data for BEAM-302 will be disclosed.
In addition to AATD, Beam is advancing BEAM-304, a gene therapy for phenylketonuria, after receiving FDA clearance for an Investigational New Drug application. The company’s sickle cell disease treatment, risto-cel, remains on track for a Biologics License Application submission by the end of 2026.
Beam recently resolved a legal dispute with Prime Medicine regarding the development rights for PM647, a treatment for AATD. An arbitration panel ruled that Prime Medicine did not breach its 2019 Collaboration and License Agreement with Beam and owes no damages. BofA Securities separately maintains a price target of $47 for Beam’s shares.
