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Actionable news in EDIT: Editas Medicine Inc,

Editas Relies on Friends for Post-IPO Stock Boom


Someone forgot to tell Editas Medicine (EDIT) about the hostile environment for biotech initial public offerings.

Defying all conventional wisdom, the gene editing startup's first month as a publicly traded company has been spectacular. With Monday's $41.87 close, Editas shares have risen 162% from the IPO price of $16.

On Monday alone, Editas shares rose more than 7% while the Nasdaq Biotechnology Index fell 3.5%.

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Only five IPOs have hit the market so far this year, a number that's down more than 80% from last year, according to Renaissance Capital. Of this small IPO class of 2016, Editas has been the most successful by...