BEAM - Why Beam Therapeutics Stock Zoomed 17% Higher Today
2024-01-29 18:21:00 ET
Beam Therapeutics (NASDAQ: BEAM) stock thundered out of the gate this week, rising to close nearly 17% higher in price on Monday. Much of this was due to a recommendation upgrade from a prominent bank. By contrast, the S&P 500 only eked out a 0.8% gain.
Well before market open, JPMorgan Chase 's (NYSE: JPM) Eric Joseph moved his recommendation on Beam one peg up to overweight (buy, in other words) from the preceding neutral. He also topped off his price target on the biotech 's stock to $40 per share from $38.
Joseph's new take follows several recent updates from the company, as well as a number of interactions with it at the J.P. Morgan Healthcare industry conference held in San Francisco earlier this month.
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Why Beam Therapeutics Stock Zoomed 17% Higher Today