Beam Therapeutics (BEAM) Surges 5.7%: Is This an Indication of Further Gains?

Beam Therapeutics Inc. (BEAM) shares ended the last trading session 5.7% higher at $21.46. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 12.3% gain over the past four weeks.The sudden price rise can be attributed to growing investors’ optimism surrounding the company’s promising pipeline. Last month, the FDA granted orphan drug designation to Beam Therapeutics’ investigational genome-editing candidate, BEAM-101, for treating sickle cell disease, an inherited blood disorder. BEAM-101 showed efficacy in increasing fetal hemoglobin and reducing sickle hemoglobin in early trials.This company is expected to post quarterly loss of $1.04 per share in its upcoming report, which represents a year-over-year change of +6.3%. Revenues are expected to be $13.79 million, up 17.1% 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 #3 (Hold). 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, Exact Sciences (EXAS), closed the last trading session 3.3% higher at $55.31. Over the past month, EXAS has returned -4.7%.For Exact Sciences, the consensus EPS estimate for the upcoming report has changed +29.7% over the past month to -$0.02. This represents a change of +77.8% from what the company reported a year ago. Exact Sciences currently has a Zacks Rank of #2 (Buy).Higher. Faster. Sooner. Buy These Stocks NowA small number of stocks are primed for a breakout, and you have a chance to get in before they take off.At any given time, there are only 220 Zacks Rank #1 Strong Buys. On average, this list more than doubles the S&P 500. We’ve combed through the latest Strong Buys and selected 7 compelling companies likely to jump sooner and climb higher than any other stock you could buy this month.You'll learn everything you need to know about these exciting trades in our brand-new Special Report, 7 Best Stocks for the Next 30 Days.Download the report free now >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free reportThis article originally published on Zacks Investment Research (zacks.com).Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks Weiter zum vollständigen Artikel bei Zacks