Biotech stocks continued to surge on Wednesday after two scientists responsible for gene-editing tool CRISPR received this year’s Nobel Prize for Chemistry.
CRISPR-powered stocks Intellia Therapeutics (NTLA), Editas Medicine (EDIT), and Beam Therapeutics (BEAM) have now jumped 13%, 11%, and 6% respectively.
CRISPR Therapeutics (CRSP), co-founded by one of the Nobel winners Emmanuelle Charpentier, is also up more than 11% since Wednesday morning.
Collectively, these four CRISPR stocks are now worth nearly $12.2 billion — up from $6.5 billion in February with nearly $430 million added to their market values overnight.
Now valued beyond $7.1 billion, CRSP is by far the biggest CRISPR-centric company on the market. And it’s the best performing of the four above, having returned 65% so far. Tennessee-headquartered NTLA is second with 63%.
Wall Street rates CRISPR-powered stocks
CRISPR offers a relatively cheap and relatively method of editing practically any kind of DNA (animal or otherwise).
As one might expect, it’s already triggered a myriad of moral, ethical, and legal troubles for scientists, but researchers say the tool could lead to cures for a wide array of genetic diseases.
For what it’s worth, Bank of America (BoA) finds the hype justified, at least in the short-term. BoA analysts reportedly issued their first rating to CRSP earlier this week: “Buy” with a price target of $110 (current price $96).
Goldman Sachs also rated NTLA for the first time last month when it labelled it a “Buy” and set its price target to $33 (current price $23), according to finance portal Finviz.
None of this is investment advice. Don’t pretend it is, because it’s not. Always do your own research.
Get the TNW newsletter
Get the most important tech news in your inbox each week.Follow @thenextweb