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JP Morgan upgraded Beam Therapeutics (NASDAQ:BEAM) to overweight, citing the potential of its AATD treatment candidate BEAM-302.
The investment bank there is now an expectation that AATD will be a “rising therapeutics theme in 2024,” with BEAM-302 “being a compelling gene therapy candidate with best-in-class disease modifying potential across the full breadth of patients.”
JP Morgan views AATD as a roughly $12B commercial opportunity. It also sees an expected early biomarker readout from a Phase 1 study initiating in the first half of the year as “immensely value accretive for shares, with each incremental 10% probability-of-success adjustment worth around $14 per share in our model.”
The bank said it sees BEAM outperforming its coverage in the mid-term, with “current levels being an attractive entry point.” It set its price target for the stock at $40.