EDIT - Why Shares of Editas Medicine Jumped This Week
Shares of Editas Medicine (NASDAQ: EDIT) were up 12.7% this week, as of Thursday's close, according to data provided by S&P Global Market Intelligence . The biotech specializes in gene-editing therapies, and its shares are down more than 50% over the past year.
This week was a significant bounce back after Editas' shares stumbled following an announcement by the company on Jan. 9 that it was suspending some of its programs and cutting about 20% of its workforce. The company said it was halting work on some programs. It did so to improve its cash position, which as of the third quarter was listed at $478.5 million, enabling it to fund operations through 2025.
The reason for the bounce, though, came 10 days later, when the company announced it had sold some of those programs, including solid tumor therapy EDIT-202, to private pharmaceutical company Shoreline Biosciences for an undetermined amount and future milestone payments.
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Why Shares of Editas Medicine Jumped This Week