Here's Why Editas Medicine Collapsed at Market Open Today
Shares of CRISPR gene-editing pioneer Editas Medicine (NASDAQ: EDIT) fell 12.1% shortly after the market opened Wednesday morning. Why? Although the company reported third-quarter 2017 earnings Tuesday afternoon, there weren't any surprises that should have spooked investors. Indeed, as of 11:47 a.m. EST, the stock had clawed its way back to a far narrower 1.8% loss.
Wednesday's stumble out of the gate can likely be chalked up to the stock's volatility. The early-stage biopharma has impressive partnerships with Juno Therapeutics and Allergan, is well funded, and has an impressive portfolio of intellectual property. However, Editas Medicine won't begin its first clinical trial until mid-2018 at the earliest. That gives traders and Wall Street a lot of time to overreact to non-events.
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Source: Fool.com