Here's Why Editas Medicine Dropped Today

Shares of Editas Medicine (NASDAQ: EDIT) are down 10.7% at 1:50 p.m. EST on no apparent news other than it's a high-flying biotech that's fallen out of favor with biotech investors of late. Shares of the gene-editing company are down about 28% over the last month but up about 64% over the last six months.

Investors are likely still a little spooked about a change in leadership at Editas after James Mullen took over the CEO role from Cynthia Collins earlier this month. Mullen was chairman of Editas' board, so he has experience with the company. And this isn't Mullen's first rodeo; he has experience leading companies as CEO, including contract manufacturer Patheon and Biogen, a relatively large biotech company. Nevertheless, changes at the top might be a sign that the company didn't deserve the run-up in valuation over the previous few months.

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Source Fool.com