(RTTNews) - Shares of Beam Therapeutics Inc. (BEAM) have lost more than 30 percent of their value over the past one month and trade around $19.
Beam Therapeutics is a biotechnology company developing a new class of precision genetic medicines based on its proprietary base editing technology for serious diseases in the areas of hematology, oncology, liver diseases, and ocular and CNS disorders.
All the programs of Beam Therapeutics are currently in the preclinical stage of development.
A non-exclusive research and clinical collaboration agreement with Magenta Therapeutics (MGTA) was signed by Beam Therapeutics in June of this year to evaluate the potential utility of MGTA-117, Magenta's novel targeted Antibody Drug Conjugate (ADC) for conditioning of patients with sickle cell disease and beta-thalassemia receiving Beam's base editing therapies.
Combining MGTA-117 with Beam's base editing approaches could meaningfully advance the treatment of patients with sickle cell disease or beta-thalassemia, according to the companies.
On August 3, a Development, Manufacture & License Agreement was signed between Oxford Biomedica plc (OXBDF.OB) and Beam Therapeutics. The agreement grants Beam a non-exclusive license to Oxford Biomedica's LentiVector platform for its application in next-generation CAR-T programs in oncology.
Beam Therapeutics' shares made their debut on the NASDAQ on February 6, 2020, and the IPO lock-up period is set to expire tomorrow (Aug. 4).
BEAM has thus far hit a low of $13.00 and a high of $31.80. The stock closed Friday's (Jul.31) trading at $19.34, down 5.06%.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.