Why Are Gene Editing Stocks EDIT, NVTA, CRSP Up Today?

An upcoming event has gene editing stocks rising today. Editas Medicine (NASDAQ:EDIT) has announced plans to present some important trial data via a live webinar next week on June 12 at 8 a.m. Eastern, the clinical-stage genome editing company will present the clinical data from its RUBY trial of EDIT-301 as a treatment for severe sickle cell disease. In a statement released by the company, Editas also noted that it will present “initial clinical data from the EDITHAL trial of EDIT-301 for the treatment of transfusion-dependent beta thalassemia.” News of this event has kept EDIT stock in the green all day, indicating that the market is reacting well.

Does this mean that this positive momentum will continue as the webinar date draws closer? Let’s take a closer look at the event and assess what investors should be expecting.

What’s Happening With Gene Editing Stocks

Editas isn’t the only company benefitting from this announcement. Several other gene editing stocks are on the rise, one of which is outperforming EDIT. As of this writing, penny stock Invitae Corp (NYSE:NVTA) is up 17% for the day. By contrast, Editas is only up 9%. Meanwhile, some of their larger peers are enjoying the ride as well. Industry leader Crispr Therapeutics (NASDAQ:CRSP), a company with a much larger market capitalization than either one, is up almost 2.5%.

It makes sense that the momentum surrounding Editas’s event would be positive. As InvestorPlace contributor John Blankenhorn reports, the company primarily targets both sickle cell disease and beta thalassemia using trusted techniques. It is also quite common for biotech companies to move in solidarity. In April 2023, gene editing stocks jumped on positive speculation regarding a positive update from Crispr. Fellow contributor Josh Enomoto flagged both EDIT and CRSP as likely breakout stocks for the biotech sector in 2023. So far, this prediction has proved astute.

As the event is still six days away, some of the momentum pushing gene editing stocks up today may subside. However, if Editas’ trial data is positive, it will likely send all three gene editing stocks up, as well as others.

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On the date of publication, Samuel O’Brient 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.

Samuel O’Brient has been covering financial markets and analyzing economic policy for three-plus years. His areas of expertise involve electric vehicle (EV) stocks, green energy and NFTs. O’Brient loves helping everyone understand the complexities of economics. He is ranked in the top 15% of stock pickers on TipRanks.

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