Beam Inc (BEAM) PT Raised to $115 at Jefferies on Continued Execution towards IND in H2

Jefferies analyst Michael Yee raised the price target on Beam Inc (NASDAQ: BEAM) to $115.00 (from $85.00) after the company reported in-line Q4 results, with continued execution towards the clinic and reiterating submission of first IND in H2:21. There has been alot of industry discussion around recent MDS/AML incidence for competitor lenti platform and potential impact to CRSPR editing platforms that use the same conditioning regimen. The analyst expects this to have limited (if any) impact to BEAM with strong Pro forma cash of ~$545M providing plenty of runway to fund 2022-23+ and at least 1-2 INDs.

The analyst reiterated the Buy rating, stating "Shares continue to be volatile on the risk-on vs risk-off environment. Fundamentals are positive, but we acknowledge the stock continues to be somewhat at the whim of market sentiment around innovation and risk-on/risk-off. Longer-term and fundamentally, we see room for additional value creation over 12 mos as the company completes IND enabling studies, files and receives acceptance of its IND in H2:21, and enters the clinic by next year."

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