Beam Therapeutics (NASDAQ:BEAM) stock is slipping on Monday after the U.S. Food and Drug Administration (FDA) placed a clinical hold on one of its drugs.
According to a press release from the company, the FDA has put a hold on the Investigational New Drug (IND) application for BEAM-201. This is a drug in development by the company to treat patients suffering from “relapsed/refractory T-cell acute lymphoblastic leukemia (T-ALL)/T cell lymphoblastic lymphoma (T-LL).”
The most recent news from the FDA doesn’t include the reasons behind the clinical hold. This has Beam Therapeutics expecting an official clinical hold letter from the FDA within 30 days. The company intends to provide an update to investors when it knows more about the hold.
Beam Therapeutics notes that it submitted its IND for BEAM-201 to the FDA at the start of June. The treatment is an “anti-CD7, multiplex-edited, allogeneic chimeric antigen receptor T cell.”
BEAM Stock: What Is Beam Therapeutics?
Beam Therapeutics is a biotechnology company with a focus on developing gene editing medicines. This has it building a platform of gene editing and delivery technologies, as well as building up its own internal manufacturing capabilities.
News of the FDA clinical hold today sent BEAM sliding lower despite a lack of heavy trading. This has around 620,000 shares on the move. The company’s daily average trading volume is about 1.4 million shares.
BEAM stock is down 3.8% as of Monday morning and is down 27% since the start of the year.
Investors looking for more of the latest stock market news will want to stick around!
InvestorPlace offers up all of the most recent stock coverage traders need to know about for Monday! Among that is what has shares of monkeypox stocks, Chinese electric vehicle (EV) stocks, and Mobile Global Esports (NASDAQ:MGAM) stock on the move today. You can read that news at the following links!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
