Shares of Crispr Therapeutics had a volatile day on Friday after the Food and Drug Administration approved the company's groundbreaking gene-editing treatment for sickle cell disease. CRSP stock rallied ahead of the news, but shares then fell sharply shedding more than 8%.
The FDA approved the treatment that Crispr developed based on its gene-editing technology known as CRISPR. Vertex Pharmaceuticals co-developed the treatment.
"Gene therapy holds the promise of delivering more targeted and effective treatments, especially for individuals with rare diseases where the current treatment options are limited," Nicole Verdun, M.D., director of the Office of Therapeutic Products at the agency's Center for Biologics Evaluation and Research, said in a statement.
In November, the U.K.'s Medicines and Healthcare products Regulatory Agency approved the Crispr treatment for patients age 12 and older with blood diseases known as sickle cell disease or beta thalassemia. CRSP stock surged on the news, and is up nearly 50% year to date.
CRSP stock sank 8.1% to close at 64.54.
Crispr has been trading around a 72 cup-base buy point.
VRTX stock dipped 1.1% to close at 350.15, below its 50-day line.
