Shares of Editas Medicine (NASDAQ: EDIT) were tumbling 16.3% as of 11:28 a.m. EST on Monday. The biotech made several announcements prior to its presentation at the annual J.P. Morgan Healthcare Conference on Wednesday. The update that likely most rattled investors was that Editas’ chief scientific officer, Charles Albright, is leaving the company to pursue another opportunity.
Biotech stocks that have soared as much as Editas has (it’s up more than 180% between Dec. 1, 2020, and Jan. 8, 2021) often fall on any hint of bad news. And the departure of Albright as chief scientific officer can certainly be viewed as bad news for Editas.