BEAM - 5 Reasons Beam Therapeutics Remains a Risky Stock
2023-10-30 09:18:15 ET
Beam Therapeutics (NASDAQ: BEAM) stands out among gene-editing stocks because the company uses base editing as a more precise method than the first generation of CRISPR gene editing. The thought is that, instead of cutting both strands of DNA, Beam trims single "letters" of the genome, hopefully meaning fewer off-target effects for its therapies.
Cathie Wood's ARK Genomic Revolution and ARK Innovation exchange-traded funds (ETFs) have long been high on Beam and together own around 8.3 million shares of the clinical-stage gene-editing stock. So far in October , the ARK Genomic Revolution ETF has bought 20,000 shares of Beam.
The company is in the news because of its recently announced reorganization. On Oct. 19, management said it plans to cut 20% of Beam's workforce and narrow its pipeline, including pausing the development of an in-vivo hepatitis-B treatment. It also said it plans to look for partners to help develop CAR T-cell immunotherapies to treat T-cell leukemia and T-cell lymphoblastic lymphoma.
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5 Reasons Beam Therapeutics Remains a Risky Stock