Beam Therapeutics plans to cut 20% of workforce; shares fall

Beam Therapeutics

19/10/2023 15:21

** Shares of gene-editing specialist Beam Therapeutics
 BEAM.O  fall ~9.9% to $18.75
    ** Company says it plans to reduce headcount by about 100
employees, or about 20% of its current workforce, as part of a
restructuring plan
    ** Related to the workforce reduction, BEAM expects to incur
one-time cost of about $6.6 mln
    ** The anticipated cost savings and balance of cash expected
fund operations into 2026 - company
    ** Including session's moves, stock down ~51% YTD

 (Reporting by Christy Santhosh in Bengaluru)
 ((Christy.Santhosh@thomsonreuters.com))