Why Editas Medicine's Shares Fell 28.9% This Week

Shares of Editas Medicine (NASDAQ: EDIT), a genome editing biotech company that uses CRISPR/Cas9 and CRISPR/Cas12a genome editing systems to develop therapies, saw its shares plummet 28.9% this week, according to data from S&P Global Market Intelligence. The stock closed last Friday at $13.66 but fell to $9.71 by Thursday, its 52-week low. The stock's 52-week high is $73.03. The stock is down more than 59% this year.

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The stock has been swept up in what has been a truly awful year so far for tech, with the tech-heavy NASDAQ Composite Index down more 25% so far this year. Editas' shares have steadily fallen this year, but it is hardly alone among gene-editing companies. Intellia Therapeutics is down more than 63% so far this year while CRISPR Therapeutics has seen its shares drop more than 38%.

Source Fool.com