Today, gene editing stocks are once again in focus for investors. Indeed, today’s moves in a number of the most prominent stocks in this space are worth noting. Editas Medicine (NASDAQ:EDIT), Intellia Therapeutics (NASDAQ:NTLA) and CRISPR (NASDAQ:CRSP) are all up between 6% and 17% today.
These outsized moves come on a very green day in financial markets. It appears risk-on sentiment is taking hold, and speculators are once again doing their thing. Stocks in what have been volatile sectors recently are showing signs of life. Gene editing stocks are certainly among this group, with a number of catalysts taking these stocks on impressive runs this year.
Indeed, growth investors appear to have lumped these stocks in with other meme-stock plays. During January, each of these names rallied significantly. However, Intellia and CRISPR have seen larger moves this past month due to a key catalyst. Intellia announced the company had become the first to use gene editing technology successfully inside the human body.
That said, there are some other catalysts driving these stocks higher today. Let’s take a look at what’s going on with these stocks right now.
Gene Editing Stocks Jump On a Variety of Catalysts
Today, both Editas and Intellia reported earnings. Despite revenue and earnings growth that somewhat underwhelmed the market, both were up significantly on business updates relating to their gene editing treatments.
Editas reported a net loss that widened significantly, though the company did beat expectations in this regard. However, investors seemed more interested in the company’s business updates. The company reported its first pediatric and adult high-dose cohorts for its EDIT-101 BRILLIANCE trial. The company also reported that clinical data for this trail would be available in September. Additionally, the company’s sickle cell disease trial is on track to be started this year. Investors seem to like the progress the company is making and appear to largely be looking past the backward-looking numbers.
Similarly, Intellia reported a larger Q2 loss than last year, missing revenue estimates. However, the company also reported updates on its gene editing treatment. The company’s precision editing of a disease-causing gene inside the body has led to bullish analyst sentiment on this stock. Accordingly, it appears the market is feeling the same way about the stock, as it jumps double digits today.
CRISPR’s rally today appears to be a sympathy move in line with the sector. The company’s 6% increase pales in comparison to the 10% to 17% moves in its peers. However, this company’s move is on little news.
On the date of publication, Chris MacDonald did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.