CRISPR Therapeutics' stock tumbles after report that edited genes might seed tumors

Source: CRISPR Therapeutics' stock tumbles after report that edited genes might seed tumors

Shares of CRISPR Therapeutics AG

CRSP, -11.98%

tumbled 12% in active midday trade Monday, after a STAT report that edited cells might cause cancer. Volume spiked to 3.1 million shares, already nearly double the full-day average of about 1.7 million shares. CRISPR Therapeutics is a gene editing company that develops treatments for serious diseases using its proprietary CRISPR/Cas9 platform, which allow precise and directed changes to genomic DNA. The STAT report said that in studies published in Nature Medicine, scientists found that cells in which genomes were edited by CRISPR-Cas9 had the potential to seed tumors inside a patient. CRISPR was not immediately available for comment. The stock, which went public in October 2016 at an initial public offering price of $14, closed at a record $73.59 on May 30. It has rocketed 156% year to date, while the S&P 500

SPX, +0.35%

has gained 4.3%. Separately, shares of Intellia Therapeutics Inc.

NTLA, -7.70%

also a genome-editing company using the CRISPR/Cas9 system, dropped 8.2%.

Published at Mon, 11 Jun 2018 16:03:00 +0000