Why did Editas Medicine stock sink 11% Wednesday?
Shares of Editas Medicine ( NASDAQ:EDIT) sank 11.4% as of the market close on Wednesday. The big decline came after AbbVie ( NYSE:ABBV) announced a partnership with privately held Caribou Biosciences to develop chimeric antigen receptor T cell (CAR-T) therapies.
Is this bad news for Editas Biotech stock?
Biotech stocks that have soared as much as Editas has (it's up more than 180% between Dec. 1, 2020, and Jan. 8, 2021) often fall on any hint of bad news. And the departure of Albright as chief scientific officer can certainly be viewed as bad news for Editas. Image source: Getty Images.
Why did AbbVie's deal with caribou cause Editas stock to fall?
Why did AbbVie's deal with Caribou cause Editas stock to fall? Probably because the big drugmaker canceled a collaboration with Editas last year to develop a gene-editing therapy. Some investors appear to be viewing AbbVie's new partnership with Caribou as a clear snub of Editas.
Is Editas back together with AbbVie?
However, there are a couple of key points to keep in mind. First, Editas originally teamed up with Allergan -- not AbbVie. It was only after AbbVie's acquisition of Allergan in 2020 that the company scrapped its agreement with Editas.
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Is Editas stock a good buy?
Out of 7 analysts, 2 (28.57%) are recommending EDIT as a Strong Buy, 2 (28.57%) are recommending EDIT as a Buy, 2 (28.57%) are recommending EDIT as a Hold, 0 (0%) are recommending EDIT as a Sell, and 1 (14.29%) are recommending EDIT as a Strong Sell.
What is happening with Editas medicine?
Editas Medicine (EDIT) Reports Q1 Loss, Tops Revenue Estimates. Editas (EDIT) delivered earnings and revenue surprises of 8.64% and 44.06%, respectively, for the quarter ended March 2022.
Will Editas medicine stock go up?
Based on 12 Wall Street analysts offering 12 month price targets for Editas Medicine in the last 3 months. The average price target is $22.27 with a high forecast of $40.00 and a low forecast of $8.00. The average price target represents a 97.25% change from the last price of $11.29.
Is Editas a buy or a sell?
Editas Medicine has received a consensus rating of Hold. The company's average rating score is 2.38, and is based on 4 buy ratings, 3 hold ratings, and 1 sell rating.
Who owns Editas medicine?
Editas MedicineTypePublic companyFoundersJennifer Doudna, Feng Zhang, George Church (geneticist), David R. Liu, J. Keith JoungHeadquartersCambridge, Massachusetts , United StatesNumber of locations2Key peopleGilmore O'Neill (President and CEO)8 more rows
How much cash does Editas have?
Editas said it has $566.4 million in cash as of March 31, compared to $619.9 in the prior quarter. It said that was enough cash to fund operating expenses into early 2024.
Does Ark own Editas?
It doesn't seem like Wood is anticipating really bad news with Editas' data, though. While the ARK Innovation ETF has sold some of its position in the biotech, it still owns more than 4 million shares of Editas. The ARK Genomic Revolution ETF owns more than 9.5 million shares of the gene-editing pioneer.
Is Editas working on a cure for blindness?
An experimental CRISPR-based treatment from Editas Medicine led to meaningful improvements in the functional vision of a single patient born with a rare, genetic disease that leads to blindness — a preliminary study outcome that Editas called encouraging but that also raises some concerns its gene-editing approach is ...
Does Editas own CRISPR?
Editas Medicine's foundational intellectual property includes issued patents covering fundamental aspects of both CRISPR/Cas9 and CRISPR/Cas12a gene editing. Editas Medicine's patents broadly cover CRISPR/Cas9 and CRISPR/Cas12a gene editing in all human cells.
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