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Beam Therapeutics (BEAM) Soars 7.9%: Is Further Upside Left in the Stock?
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Beam Therapeutics Inc. (BEAM - Free Report) shares soared 7.9% in the last trading session to close at $32.17. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 20% gain over the past four weeks.
The stock rallied as optimism grew over the company’s promising pipeline of gene editing therapies, which have been developed based on its proprietary base editing technology. The company is advancing its base editing technology across three disease area portfolios, namely, hematology, immunology/oncology and genetic diseases. Several clinical milestones are expected later in 2024.
This company is expected to post quarterly loss of $1.13 per share in its upcoming report, which represents a year-over-year change of -4.6%. Revenues are expected to be $14.12 million, down 29.8% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For Beam Therapeutics, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on BEAM going forward to see if this recent jump can turn into more strength down the road.
Beam Therapeutics belongs to the Zacks Medical - Biomedical and Genetics industry. Another stock from the same industry, Moderna (MRNA - Free Report) , closed the last trading session 1.9% higher at $120.40. Over the past month, MRNA has returned -3.5%.
Moderna's consensus EPS estimate for the upcoming report has remained unchanged over the past month at -$3.47. Compared to the company's year-ago EPS, this represents a change of +4.1%. Moderna currently boasts a Zacks Rank of #2 (Buy).
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Beam Therapeutics (BEAM) Soars 7.9%: Is Further Upside Left in the Stock?
Beam Therapeutics Inc. (BEAM - Free Report) shares soared 7.9% in the last trading session to close at $32.17. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 20% gain over the past four weeks.
The stock rallied as optimism grew over the company’s promising pipeline of gene editing therapies, which have been developed based on its proprietary base editing technology. The company is advancing its base editing technology across three disease area portfolios, namely, hematology, immunology/oncology and genetic diseases. Several clinical milestones are expected later in 2024.
This company is expected to post quarterly loss of $1.13 per share in its upcoming report, which represents a year-over-year change of -4.6%. Revenues are expected to be $14.12 million, down 29.8% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For Beam Therapeutics, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on BEAM going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #2 (Buy). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Beam Therapeutics belongs to the Zacks Medical - Biomedical and Genetics industry. Another stock from the same industry, Moderna (MRNA - Free Report) , closed the last trading session 1.9% higher at $120.40. Over the past month, MRNA has returned -3.5%.
Moderna's consensus EPS estimate for the upcoming report has remained unchanged over the past month at -$3.47. Compared to the company's year-ago EPS, this represents a change of +4.1%. Moderna currently boasts a Zacks Rank of #2 (Buy).