Speculators seeking a big pop over the next few months should consider a high-risk, high-reward position in Beam Therapeutics (NASDAQ: BEAM ). According to its public profile, Beam specializes in precision genetic medicines, which is a growing and viable market. Data from Precedence Research reveals that the global precision medicine market reached a valuation of $73.
49 billion in 2022. Experts project that by 2030, the sector could be worth $175.64 billion.
If so, that would imply a compound annual growth rate of 11.5%. On Tuesday, H.
C. Wainwright analyst Patrick Trucchio initiated coverage of BEAM stock with a “buy” rating. The expert forecasts a price per share of $80, implying a growth rate of nearly 164%.
Currently, the consensus view among all experts is a moderate buy rating with a $45.56 average price target. Given the expected growth of the precision medicine market plus Trucchio pounding the table on BEAM stock, it’s no wonder it shot up 12% yesterday.
However, even more gains could be on the way. Compelling Technicals and Options Activity Bode Well for Beam Therapeutics BEAM stock enjoys several positive technical factors that warrant closer investigation. First, Barchart identified the biotech enterprise as a possible J-Hook pattern candidate .
The J-Hook is a sinusoidal chart pattern that has attracted attention recently in the field of technical analysis. Featuring an up-down, up-down cycle, at the end of the defined “J” pattern, there’s a solid poss.