Editas Medicine (NASDAQ:EDIT) stock is soaring higher on Monday despite a lack of recent news from the gene-editing company.
Editas Medicine isn’t the only medical company getting a boost today. others in the gene-editing business are also on the rise. This all likely tracks back to comments made by Ark Investment Management CEO Cathie Wood last week.
In an interview with Bloomberg, Wood said the following, as sourced from The Motley Fool.
“I would have to say the biggest upside surprises are going to come from the genomic space. That’s because the convergence of DNA editing, artificial intelligence, and gene therapies, importantly CRISPR gene editing, is going to cure disease.”
This comment is likely behind the positive movement for EDIT stock today. As of this writing, more than 6 million shares have changed hands. That’s a massive spike from the company’s daily average trading volume of 1.43 million shares.
With eyes on EDIT stock, investors are going to want to know more about the company. Our quick breakdown below will help with that.
- Editas Medicine is a medical company focusing on using CRISPR gene editing to develop treatments for diseases.
- This has it working to “develop, manufacture, and commercialize” medicines for a collection of diseases.
- To understand what this means, investors need to know what CRISPR stands for.
- It’s an acronym for “Clustered Regularly Interspaced Short Palindromic Repeats”.
- This is connected to gene-editing technology that allows for the revisal, removal, and replacement of targeted DNA.
- The company currently has several treatments in its pipeline.
EDIT stock was up 48.5% as of noon Monday and is up 224.9% since the start of the year.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.