JonesTrading Reduces the PT on Beam Therapeutics (BEAM), Keeps a Buy Rating

Beam Therapeutics Inc. (NASDAQ:BEAM) is one of the Best Small-Cap Growth Stocks to Buy Right Now. On August 8,  JonesTrading analyst Soumit Roy reduced the firm’s price target on Beam Therapeutics Inc. (NASDAQ:BEAM) from $34 to $25, while maintaining a Buy rating on the stock.

The analyst noted that the company has been making good progress with its clinical trials, highlighting its BEAM-302 Phase 1/2 trial for AATD, where 17 patients have been dosed, with data expected soon. Moreover, Beam Therapeutics Inc. (NASDAQ:BEAM) is also preparing updated results from its BEACON Phase 1/2 trial with BEAM-101 by the end of 2025 and also plans to start a Phase 1 trial for BEAM-103.

Talking about the financial position of the company, the analyst noted that the company has about $1.15 billion in cash, which gives it a solid runway till 2028. Lastly, Roy noted that the reduced price target reflects a valuation based on a different valuation model, which sets the stock price at $25.

Beam Therapeutics Inc. (NASDAQ:BEAM) develops precise genetic medicines using base editing technology. This method allows the company to make exact single-base changes in DNA without causing harmful breaks.

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Disclosure: None. This article is originally published at Insider Monkey.