What's Going On With Beam Therapeutics Stock Thursday?

Beam Therapeutics Inc BEAM shares are trading lower Thursday. The company announced a portfolio prioritization and strategic restructuring.

What Happened: Beam announced plans to streamline its business operations to support potential near-term value drivers and long-term growth.

Beam said its plans include cost reductions that are expected to extend its operating plan into 2026. 

"In this challenging market environment ... we need to make the difficult decision to focus our resources on those clinical programs and research areas we believe have the highest potential for near-term value creation, while continuing to build a strong company for the future," said John Evans, CEO of Beam.

Beam plans to prioritize the developments of its ex vivo and in vivo sickle cell disease programs and development of its in vivo base editor BEAM-302. The company also plans to conducs initial clinical trials for BEAM-301, generate a focused clinical dataset for BEAM-201 and focus near-term research and platform investments on specific applications.

In order to streamline operations, Beam plans to reduce its workforce by approximately 20% and incur one-time charges of about $6.6 million related to the headcount reduction. 

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BEAM Price Action: Beam shares were down 9.38% at $18.83 at the time of publication, according to Benzinga Pro.

Photo: Pexels from Pixabay.