BEAM vs RARE: How Beam Therapeutics and Ultragenyx Pharmaceutical Compare (2026)
Last updated July 2026
Short answer
BEAM (Beam Therapeutics) and RARE (Ultragenyx Pharmaceutical) share investment themes but are different businesses. The right pick is whichever thesis you actually believe, sized so you are not over-concentrated in one theme.
BEAM vs RARE: the tie-breaker metrics
Same yardstick, side by side (as of July 2026). Valuation lined up like this is most meaningful for two names in the same corner of the market, which these are. Figures are approximate; verify before investing.
| Metric | BEAM | RARE | What it tells you |
|---|---|---|---|
| Market cap | $2.66B | $2.55B | Size. The larger name is the incumbent; the smaller has more room to grow and more to prove. |
| Forward P/E | -5.47 | 8.28 | Valuation on next year's expected earnings, the same yardstick for both. Lower is cheaper for that growth; higher means the market is paying up. |
| Beta | 2.18 | 0.31 | Volatility vs the market. Above 1 swings harder than the index; below 1 is steadier. Higher beta means bigger drawdowns to hold through. |
| Price vs 52-week range | 45% of range | 35% of range | Where today's price sits between the 52-week low and high. Near the high is momentum with less margin of safety; near the low is out of favor or a discount, depending on why. |
Before you buy: how BEAM and RARE affect your concentration
The metrics above tell you which is the marginally better business. The bigger risk for most people is not picking the slightly worse stock, it is over-concentrating. BEAM and RARE share themes, so owning both, or adding either to what you already hold, can quietly push a large share of your portfolio into one bet.
This is the part a generic comparison page cannot answer, because it depends on what you own. Connect your brokerage and Walnut shows your real, combined BEAM and RARE exposure, flags overlap with your existing positions, and tells you if adding one would tip you past a concentration you are comfortable with, read-only by default, with your login staying at your broker. Walnut is not an investment adviser.
What does Beam Therapeutics (BEAM) do?
Beam Therapeutics (NASDAQ: BEAM) develops precision genetic medicines using base editing, a technique it helped invent that rewrites a single letter of DNA without cutting both strands of the double helix, aiming for more precise fixes than first-generation CRISPR. Its pipeline spans risto-cel (formerly BEAM-101) for sickle cell disease, with a biologics license application targeted as early as year-end 2026, plus BEAM-302 for alpha-1 antitrypsin deficiency, and BEAM-301 and BEAM-304 for rare liver-mediated genetic diseases. The company also runs collaborations with partners including Pfizer and Eli Lilly, which supply most of its reported revenue through upfront payments and milestones.
What does Ultragenyx Pharmaceutical (RARE) do?
Ultragenyx Pharmaceutical (NASDAQ: RARE) develops and sells treatments for rare and ultra-rare genetic diseases, conditions with small patient populations and often no approved therapy. Its commercial base includes Crysvita for X-linked hypophosphatemia (its largest product), Dojolvi for long-chain fatty acid oxidation disorders, Evkeeza, and Mepsevii, which together produced about $673 million of revenue in 2025. The company spans multiple modalities, protein-replacement, small molecule, antisense, and gene therapy, and is preparing several late-stage programs for potential approval.
BEAM vs RARE: how do they differ?
Both fit overlapping themes, but they are not interchangeable. The useful comparison is which set of drivers and risks you want exposure to.
- BEAM drivers: Risto-cel sickle cell path to filing; In vivo liver franchise.
- RARE drivers: Near-term gene therapy approvals; Angelman syndrome readout.
Which fits which kind of investor
A faster-growing, richer-valued name usually swings harder, so it suits a longer horizon and a higher tolerance for volatility; a steadier, more cash-generative business suits a more conservative or income-minded investor. The honest test is which set of risks you could hold through a drawdown: Beam is pre-commercial and deeply unprofitable, so it carries the full binary risk of a clinical-stage biotech: a single failed trial, safety signal, or regulatory setback can reset the stock. For RARE, ultragenyx remains unprofitable, with a net loss of about $575 million in 2025 and roughly $737 million of cash as of December 2025, so continued spending or delayed approvals could pressure the balance sheet and raise dilution or financing risk.
BEAM or RARE: which should you pick?
BEAM vs RARE: the full fundamentals
BEAM. Beam's revenue is collaboration and milestone income, not product sales, so it is lumpy and not comparable to a profitable company's top line. With no approved therapy and heavy R&D spending, the company runs large net losses funded by its cash pile. Valuation therefore reflects the market's probability-weighted view of the pipeline rather than current earnings.
RARE. Ultragenyx trades at a modest multiple of revenue for a biopharma but has no earnings, so conventional P/E valuation does not apply. The market is effectively pricing the pipeline and the credibility of the 2027 profitability goal. Guidance for 2026 revenue is $730 million to $760 million, which excludes any potential new product launches.
Headline figures (approximate, MAY 2026): BEAM shows market cap ~$3.6B, revenue (q1 2026) ~$31.7M, revenue (q1 2025) ~$7.5M, net loss (q1 2026) ~$94.3M; RARE shows revenue (ttm) ~$670M, fy2025 revenue ~$673M (up ~20%), q1 2026 revenue ~$136M, fy2025 net loss ~$575M.
The bottom line: BEAM vs RARE
BEAM and RARE are related but distinct: same themes, different businesses and risks. Neither wins in the abstract; the right pick is whichever thesis you actually believe, sized so you are not over-concentrated in one theme. Walnut can show your combined BEAM and RARE exposure against your real portfolio. It is not an investment adviser.
Investing in Beam Therapeutics with AI
Connect the broker you already use and ask Walnut's AI how BEAM fits what you actually hold: whether you own it already through a fund, what it would do to your concentration, and how it has tracked the S&P 500. Read-only by default, and you approve anything before it reaches your broker.
FAQ
What is the difference between BEAM and RARE?
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Beam Therapeutics (NASDAQ: BEAM) develops precision genetic medicines using base editing, a technique it helped invent that rewrites a single letter of DNA without cutting both strands of the double helix, aiming for more precise fixes than first-generation CRISPR. Ultragenyx Pharmaceutical (NASDAQ: RARE) develops and sells treatments for rare and ultra-rare genetic diseases, conditions with small patient populations and often no approved therapy. They show up together because they share investment themes, but they are different businesses, so the better fit depends on which thesis you are expressing.
Is BEAM or RARE the better stock?
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Neither is universally better; they suit different views and risk levels. Walnut is informational, not investment advice. Compare what each does, the tie-breaker metrics above, and the risks, then decide which fits your thesis and what you already own.
Which is cheaper, BEAM or RARE?
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On forward P/E (as of July 2026), BEAM trades at -5.47x and RARE at 8.28x, so BEAM is the cheaper of the two on next year's expected earnings. A lower multiple is not automatically the better buy: a richer valuation can be justified by faster growth, and a lower one can reflect real risk. Weigh the multiple against how fast each business is compounding.
Should you own both BEAM and RARE?
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Because they share themes, owning both concentrates you in that theme. That can be intentional (a focused bet) or accidental (less diversification than it looks). Walnut can show your combined exposure across both, and whether adding either over-concentrates you, before you buy.
What are the risks of BEAM vs RARE?
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BEAM: Beam is pre-commercial and deeply unprofitable, so it carries the full binary risk of a clinical-stage biotech: a single failed trial, safety signal, or regulatory setback can reset the stock. Gene and cell therapies face complex manufacturing, long timelines, and uncertain pricing and reimbursement even after approval. Despite a large cash balance, sustained losses mean future capital raises and shareholder dilution are plausible. The company competes in a crowded gene-editing field, and sector-wide sentiment can pressure the shares regardless of Beam's own progress. There is no guarantee any program reaches the market. RARE: Ultragenyx remains unprofitable, with a net loss of about $575 million in 2025 and roughly $737 million of cash as of December 2025, so continued spending or delayed approvals could pressure the balance sheet and raise dilution or financing risk. The value concentrated in binary regulatory and clinical events (DTX401, UX111, and especially the GTX-102 Angelman readout) means a single negative outcome could sharply move the stock. Rare-disease revenue depends on small patient counts, payer reimbursement, and diagnosis rates, all of which can disappoint. The company faces well-capitalized competitors in gene therapy and orphan drugs, including BioMarin, Sarepta, and larger players. Finally, the 2027 profitability target is a management objective, not a guarantee, and could slip.
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Walnut is informational, not investment advice. This page is descriptive and not a recommendation to buy or sell BEAM or RARE; figures are approximate and dated (as of July 2026). Verify current data before investing.