ALLO - Intellia and gene editing rivals rally from recent slump

After a sharp decline last month, gene editing stocks led by Intellia Therapeutics (NTLA +18.9%) have recorded double-digit gains today. Notable gainers include Beam Therapeutics (BEAM +16.4%), Editas Medicine (EDIT +13.6%) and CRISPR Therapeutics (CRSP +11.1%). As shown in the graph, the group of biotechs focused on gene editing has shed more than a fifth of value over the past 30-day period. Their momentum has coincided today with a surging Nasdaq Index. After closing at the lowest level since May 2020 on Monday, the NASDAQ Biotechnology Index (IBB +4.2%) has recorded its sharpest gain in more than a year. In a related development, Cowen has begun its coverage on CRISPR (NASDAQ:CRSP) with a Market Perform rating. Despite CRISPR’s aggressive development of allogeneic CAR-T asset CTX110 to capitalize on the clinical hold imposed on a rival candidate from Allogene Therapeutics (ALLO +9.7%), “this strategy needs more testing,” the analyst wrote, arguing that the

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Intellia and gene editing rivals rally from recent slump