Why Beam Therapeutics Stock Rocketed Higher This Week

Shares of the clinical-stage base-editing company Beam Therapeutics (NASDAQ: BEAM) stormed higher through the first four days of trading this week. Specifically, the biotech's stock gained a healthy 16.6%, according to data from S&P Global Market Intelligence.

Oddly enough, this double-digit move wasn't accompanied by a material news event. Beam's sizable uptick seems to simply be a rebound following last week's 23% drop in its share price.

Clinical-stage biotech stocks have been extremely volatile this year, thanks to rising interest rates, geopolitical turmoil, and investors' general aversion to risk right now. Consequently, promising next-generation gene-editing companies like Beam have seen wild swings in their shares all year long.

Source Fool.com