Benzinga | Aug 5, 2020 03:07PM EDT

Why Beam Therapeutics Is Trading Higher Today

Beam Therapeutics Inc (NASDAQ: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.