10 Affordable Biotech Stocks to Buy Right Now

8. Beam Therapeutics Inc. (NASDAQ:BEAM)

Beam Therapeutics Inc. (NASDAQ:BEAM) is one of the 10 affordable biotech stocks to buy right now.

On July 8, Alec Stranahan from Bank of America Securities reaffirmed his Buy rating for Beam Therapeutics Inc. (NASDAQ:BEAM), following a favorable resolution announced by Prime Medicine regarding its arbitration with Beam.

Stranahan forecasted a target price of $47, which yields more than 33% upside potential at the current level. He highlighted that although the resolution went in Prime’s favor, it will not have much of an impact on Beam. This is because it is only applicable to Prime’s PM647 rather than its entire editing estate.

For Beam, Stranahan noted that based on impressive data for the BEAM-302 biomarker, the focus now will be entirely on the execution of its alpha-1 antitrypsin deficiency. Currently, he sees Prime as a “distant threat” to the company.

Back on June 18, Beam Therapeutics Inc. (NASDAQ:BEAM) disclosed that the U.S. FDA has approved the filing of an investigational new drug, relating to BEAM-304 for phenylketonuria therapy. The company remains focused on BEAM-304 using a novel development strategy in which several mutation-based editors are designed as part of a unified clinical program.

Beam’s President, Giuseppe Ciaramella, Ph.D., stated that the FDA approval facilitates Beam’s approach of designing several mutation-targeted base editors via a unified clinical platform initiative. She also stated that the company plans to launch its Phase 1/2 trial.

Beam Therapeutics Inc. (NASDAQ:BEAM) is a biotechnology company that develops precision genetic medicines and also engages in gene therapies and genome editing research. Since its launch, the company has been spearheading CRISPR-based editing that facilitates the development of advanced genetic medicines.