Beam Therapeutics Stock Jumps To Higher RS Level On Earnings Beat (2024)

Beam Therapeutics (BEAM) stock saw a welcome improvement to its Relative Strength (RS) Rating on Tuesday, with an upgrade from 73 to 81. The Cambridge, Mass.-biotech company reported strong Q4 and full year 2023 results and reiterated milestones across the company's sickle cell disease and genetic disease portfolios. Check out "Beam Rockets 27%, Hitting A Year High, On Its Efforts To Take On Crispr's New Gene-Editing Drug."

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When looking for the best stocks to buy and watch, be sure to pay attention to relative price strength.

This exclusive rating from Investor's Business Daily measures share price movement with a 1 (worst) to 99 (best) score. The rating shows how a stock's price movement over the trailing 52 weeks compares to all the other stocks in our database.

History shows that the best stocks tend to have an RS Rating north of 80 as they begin their biggest climbs.

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Is Beam Therapeutics Stock A Buy?

Beam Therapeutics stock is now considered extended and out of buy range after clearing a 31.09 buy point in a first-stage consolidation. See if the biotech stock forms a new pattern or follow-on buying opportunity like a three-weeks tight or pullback to the 50-day or 10-week moving average.

The biotech company reported 0% EPS growth last quarter, while sales growth came in at 1,478%.

Beam Therapeutics stock holds the No. 183 rank among its peers in the Medical-Biomed/Biotech industry group. Neurocrine Biosciences (NBIX) and Alkermes (ALKS) are also among the group's highest-rated stocks.

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