Hold the Stevia, Pass the Aspartame

研报英文原文证据摘录

Hold the Stevia, Pass the Aspartame

Quick Note

June 18, 2026 Beam Therapeutics (BEAM)

Rating: Hold the Stevia, Pass the AspartameOUTPERFORM

Price:

$33.14 BEAM announced IND clearance for a Ph 1/2 trial of its phenylketonuria (PKU)

12-Month Price Target: candidate BEAM-304. The trial will feature an open-label, dose-escalation and

$65.00 dose-expansion design evaluating multiple mutation-specific base editors. Initial

cohorts will target the R408W mutation, while a second cohort will target an

additional mutation. Clinical and PD assessments will include blood Phe levels

Analysts and diet liberalization, and BEAM is targeting reduction of Phe to recommended

David Nierengarten, Ph.D. guideline levels (≤360 µmol/L).

(415) 274-6862

David.Nierengarten@wedbush.com Our focus remains on AATD as a primary value driver, where we see BEAM-302 as

Martin Fan, Ph.D. having best-in-indication potential. BEAM plans to initiate a pivotal cohort of its

(213) 688-3404 existing Ph 1/2 trial in 2H26, which will enroll approximately N=~50 patients with orMartin.Fan@wedbush.com

without liver disease. Considering a leading profile for lung and liver manifestationsDennis Pak

(415) 263-6647 of AATD, steady progress to a regulatory filing in SCD, and execution on early

Dennis.Pak@wedbush.com pipeline programs including BEAM-304 for PKU, we would be buyers ahead of

upcoming clinical and regulatory catalysts.

Upcoming Milestones

● 1H26: Complete HV dosing for BEAM-103 (CD117 mAb) component of ESCAPE

● July 6-9, 2026 (new): Preclinical data for BEAM-304 in PKU at FASEB Genome

Engineering

● 2H26: Initiate pivotal cohort of BEAM-302 for AATD

● 2026: Updated results for BEAM-302 for AATD at medical congress

● 2026: Initial results for BEAM-301 in GSD1a

● 2026:IND for BEAM-304 in PKU