Why Beam Therapeutics Is Trading Higher Today

Beam Therapeutics Inc BEAM shares are trading higher on Wednesday after William Blair initiated coverage on the company's stock with an Outperform rating and announced a $33 price target.

Beam Therapeutics is a biotechnology company engaged in creating genetic medicines based on its base editing technology. This technology enables a new class of genetic medicines that targets a single base in the genome without making a double-stranded break in the DNA. The company's portfolio comprises of Gene Correction, Gene Modification, Gene Activation, Gene Silencing, and Multiplex Editing.

Beam Therapeutics shares were trading up 8.55% to $21.07 at time of publication on Wednesday. The stock has a 52-week high of $31.80 and a 52-week low of $13.