Beam Therapeutics (BEAM) Announces Acquisition of an Early-Stage Life Sciences Company

Beam Therapeutics Inc. (NASDAQ:BEAM) is one of the best oversold NASDAQ stocks to buy now. On July 1, Beam Therapeutics Inc. (NASDAQ:BEAM) announced an Agreement and Plan of Merger under which it acquired an early-stage life sciences company.

Beam Therapeutics Inc. (NASDAQ:BEAM) agreed to issue 403,128 shares of its common stock as an upfront payment, along with additional milestone payments of up to $89 million upon the attainment of certain clinical, development, and commercial milestones.

Management expects the strategic acquisition to boost the company’s market position and capabilities, potentially affecting its operations.

Beam Therapeutics Inc. (NASDAQ:BEAM) is a biotechnology company that develops precision genetic medicines through base editing, a technology that allows efficient and predictable single-base changes at targeted genomic sequences. The company’s lead programs focus on sickle cell disease and alpha-1 antitrypsin deficiency.

Beam Therapeutics Inc. (NASDAQ:BEAM) is advancing programs in other genetic diseases as well, along with oncology and immunology. Its primary programs include BEAM-101, Engineered Stem Cell Antibody Paired Evasion (ESCAPE), BEAM-302, BEAM-301, and BEAM-201.

While we acknowledge the potential of BEAM as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you’re looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.

READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now.

Disclosure: None. This article is originally published at Insider Monkey.