Beam Therapeutics Inc (BEAM) PT Raised to $44 at JPMorgan

JPMorgan analyst Eric Joseph raised the price target on Beam Therapeutics Inc (NASDAQ: BEAM) to $44.00 (from $40.00) while maintaining a Overweight rating.

The analyst comments "Beam reported a 4Q23 earnings per share of $1.73 (FY23 loss per share of $1.72), while reiterating anticipated timelines regarding key data catalysts in 2024 for both BEAM-101 (SCD) and BEAM-302 (AATD) detailed at our Healthcare Conference. For BEAM-101 in SCD, having announced first patient dosing and engraftment as of 4Q23, the company reiterated its expectation of completing the sentinel cohort in 1H24 (recall, comprising three patients with staggered administration triggered by prior patient engraftment), after which patients can be dosed in parallel, with first data from multiple patients expected in 2H24 (targeting ASH 2024 for presentation). IND-enabling studies for the ESCAPE platform components (part of the busulfan-free conditioning Wave 2 approach in SCD) continue on track to start later in 2024. Regarding in vivo base-editor BEAM-302 for AATD, the company notes having filed an additional CTA with EMA (building upon the UK CTA filed in January), still on track for a phase 1 start in 1H24, pending CTA approval (of note, from our check-in with mgmt, 1Q earnings (c. May) seems like the nearest window for a material regulatory update on this front). As it relates the other in-vivo base editor program for GSD1a, the company remains on track toward an IND submission for BEAM-301 in 1H24. Stepping back, supported by a healthy balance sheet, we continue to see operational progress and early biomarker readouts in AATD as drivers of upside momentum (potentially 1H to mid-2025), further enhanced by nearer-term catalysts with BEAM-101 in SCD, all of which we expect to contribute to BEAM shares outperforming our coverage over the mid-term."

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