Beam is trading like it’s 2021

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Good morning, everyone. Damian here with a look at a resurgence in psychiatric drug development, a big day for biotech stocks, and some innovation in the world of quarterly earnings.

Biotech hit a two-year high — on its own merits

Things haven’t been this good for biotech since January 2022. The closely watched XBI biotech index crossed $100 yesterday, a roughly 6% one-day increase that completes a roughly two-year round trip for the sector.

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