Beam Therapeutics (BEAM) Stock: Why It Fell Over 3% Today

By Amit Chowdhry ● Aug 1, 2022
  • The stock price of Beam Therapeutics (BEAM) fell by over 3% during intraday trading today. This is why. 

The stock price of Beam Therapeutics (BEAM) – a biotechnology company developing precision genetic medicines through base editing – fell by over 3% during intraday trading today. Investors responded negatively to Beam Therapeutics announcing that on Friday, July 29, 2022, the company was informed via e-mail communication from the U.S. Food and Drug Administration (FDA) that the BEAM-201 Investigational New Drug (IND) application for the treatment of relapsed/refractory T-cell acute lymphoblastic leukemia (T-ALL)/T cell lymphoblastic lymphoma (T-LL) has been placed on clinical hold. 

BEAM-201 is known as a potent and specific anti-CD7, multiplex-edited, allogeneic chimeric antigen receptor T cell (CAR-T) development candidate. The BEAM-201 IND was submitted at the end of June. And the FDA indicated they will provide an official clinical hold letter to Beam within 30 days. Beam plans to provide additional updates pending discussions with the FDA.