UPDATE: Stifel Starts Beam Inc (BEAM) at Hold
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Stifel analyst Benjamin Burnett initiates coverage on Beam Inc (NASDAQ: BEAM) with a Hold rating and a price target of $84.00.
The analyst comments "We’re initiating coverage of BEAM with a Hold rating that is predicated on our view that the stock will trade in line with broader sentiment for the gene editing/cell therapy sector, and we're cautious into near-term catalysts for the industry.Despite a recent run in shares to levels rarely achieved by a preclinical company, we think near-term price action will be driven by binary, competitor readouts before investor attention becomes more squarely focused on BEAM's lead programs. In our view, CRISPR Therapeutics (CRSP, Hold, $158.01) has become a bellwether for the sector, and upcoming, long-term data for its CAR-T asset CTX110 has the propensity to influence sentiment for BEAM. While we’re encouraged by BEAM’s early preclinical data for lead programs, our Hold rating is based on trepidation into near-term CRSP updates, and the potential for less than favorable results to provide negative read-through to BEAM."
Shares of Beam Inc closed at $83.14 yesterday.
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