Beam Therapeutics up after sickle cell therapy receives orphan drug designation

Shares of biotech firm Beam Therapeutics BEAM.O rise 4.9% to $16.96, premarket

BEAM says U.S. FDA has granted 'orphan drug designation' to its experimental cell therapy to treat sickle cell disease (SCD)

FDA grants orphan drug status to promote drug development for rare diseases affecting fewer than 200,000 people in the U.S.

SCD is a serious and lifelong condition caused by errors in the genes for haemoglobin, which is used by red blood cells to carry oxygen around the body

The therapy, BEAM-101, is currently being tested in an early-stage study with 30 patients

As of last close, BEAM down 34.7% YTD