8 Best Small-Cap Growth Stocks to Buy According to Analysts

3. Beam Therapeutics Inc. (NASDAQ:BEAM)

Market Capitalization: $2.01 Billion

Number of Hedge Fund Holders: 21

Analyst Upside Potential: 102.28%

Beam Therapeutics Inc. (NASDAQ:BEAM) is a biotechnology company focused on developing precision genetic medicines using a technique called base editing. This method allows scientists to make very specific changes to the DNA of living organisms without cutting the DNA strands, which helps reduce potential side effects compared to older gene-editing methods. The company is working on several investigational therapies including, BEAM-101 which provides personalized treatment for sickle cell disease, BEAM-201, which is aimed at treating specific types of blood cancer, and BEAM-302, which targets the liver.

The company has made significant advancements in its clinical programs during the recent quarter, utilizing its base editing technology to develop potential leading genetic medicines. During the second quarter results of fiscal 2024, Beam Therapeutics Inc. (NASDAQ:BEAM) highlighted that it has received clearance for its first U.S. investigational new drug application for BEAM-301. Moreover, its BEAM-101 saw 20 new patient enrollments for the clinical trial, data for this trial is expected to be presented at the American Society of Hematology in December 2024.

Management reported advancements in its manufacturing processes, ensuring high-quality production of its genetically modified therapies, particularly for BEAM-101. As of June 30, 2024, the company had $1.0 billion in cash and equivalents and management said this gives it enough cash runway for operations till 2027.