Shares of Editas Medicine (NASDAQ: EDIT) sank 11.4% as of the market close on Wednesday. The big decline came after AbbVie (NYSE: ABBV) announced a partnership with privately held Caribou Biosciences to develop chimeric antigen receptor T cell (CAR-T) therapies.
Why did AbbVie’s deal with Caribou cause Editas stock to fall? Probably because the big drugmaker canceled a collaboration with Editas last year to develop a gene-editing therapy. Some investors appear to be viewing AbbVie’s new partnership with Caribou as a clear snub of Editas.