Editas Medicine Inc (NASDAQ: EDIT)
Editas Medicine was having a relatively normal day in the market. After starting the day off in the red, the stock quickly found its way to the green. From there, we've seen quite a bit of movement both above and below the line. However, minutes ago, things got interesting as the stock started to soar. Below, we'll talk about what we're seeing from the stock, why, and what we'll be watching for with regard to EDIT ahead.
What We're Seeing From EDIT
As mentioned above, Editas Medicine was off to what was a normal day in the market early on today. While the stock was in the red early on, it wasn't down by much. Throughout the day, the stock stayed close to the breakeven point, spending some time both above and below the line. However, minutes ago, the stock started to soar as a court ruling came down the wire. At the moment (12:57), EDIT is trading at $21.78 per share after a gain of $2.92 per share (15.47%) thus far today.
Why The Stock Is Climbing
As is almost always the case, our partners at Trade Ideas were the first to send us the alert that EDIT is headed upward. As soon as we received the notification, the CNA Finance team started digging to see exactly what was causing the movement. It didn't take long to find the court ruling that seems to be the cause of the run.
Minutes ago, a ruling started to come down the wire surrounding CRISPR patents held by Broad Institute. The ruling was that the patents would remain as they are. This is great news for Editas Medicine, as the company holds the exclusive license on applications of Zhang's CRISPR-Cas9. Ultimately, the ruling held up the companies rights to the intellectual property.
What We'll Be Watching For Ahead
Moving forward, the CNA Finance team will be keeping a close eye on EDIT. In particular, we'll be watching the company's ongoing work surrounding the disputed product. We'll keep a close eye on the news and continue to bring it to you as it breaks!
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