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.

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

A patient undergoing MRI scanning to effectively diagnose Liver Diseases.

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.

While we acknowledge the potential of BEAM to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than BEAM  and that has 100x upside potential, check out our report about this cheapest AI stock.

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