DTIL - Gene editing stocks rally as Wall Street turns bullish
2023-04-13 15:59:42 ET
- Shares of gene editing companies rose Thursday as Wall Street took notice of the underperforming subsector issuing a series of bullish views despite the recent selloff.
- Notable gainers include Editas Medicine ( NASDAQ: EDIT ), Sangamo Therapeutics ( SGMO ), CRISPR Therapeutics ( CRSP ), Verve Therapeutics ( VERV ), Intellia Therapeutics, ( NTLA ), Precision BioSciences ( DTIL ) and Beam Therapeutics ( BEAM ).
- All seven stocks have lost more than 20% over the past 12 months compared to a ~12% slump in the broader biotech sector.
- Verve ( VERV ) and Intellia ( NTLA ) rallied after Canaccord Genuity initiated their coverage with Buy recommendations citing upcoming catalysts and the underlying gene editing technology.
- Meanwhile, Cantor Fitzgerald launched its coverage on CRISPR ( CRSP ) with an Overweight recommendation, hinting at a potential FDA approval for exa-cel, the sickle cell disease candidate the company develops with Vertex Pharmaceuticals ( VRTX ).
- Additionally, Editas Medicine ( EDIT ) announced the appointment of Emma Reeve, former Chief Financial Officer of Constellation Pharmaceuticals, as Chair of the Board, replacing outgoing Executive Chair James Mullen.
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Gene editing stocks rally as Wall Street turns bullish