Beam Therapeutics Slips 6% After FDA Puts Cancer Study On Hold

Shares of Beam Therapeutics Inc. (BEAM) are slipping over 6% on Monday after the Food and Drug Administration placed a cancer study from the company on hold.

BEAM is currently trading at $59.19, down $3.79 or 6.02%, on the Nasdaq. The stock opened its trading at $57.39 after closing Friday's trading at $62.98.

Beam Therapeutics, a biotechnology company developing precision genetic medicines through base editing, announced that on Friday, July 29, the company was informed via e-mail communication from the FDA that the BEAM-201 Investigational New Drug 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 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. The FDA indicated they will provide an official clinical hold letter to Beam within 30 days. Beam plans to provide additional updates pending discussion with the FDA.

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