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Crispr Therapeutics Inc. stumbled in its initial public offering, more evidence that investors are cooling on the promising gene-editing technology known as CRISPR-Cas9.
One of three biotech companies using the technology locally to develop cures for genetic diseases, Crispr raised $56 million Tuesday in an IPO after the cutting the price and the number of shares offered. The stock closed essentially flat Wednesday on the first day of trading.
A pair of Cambridge-based rivals raised more capital in IPOs earlier this year. Editas Medicine, the first of the three to tap the public markets, raised $94 million in its IPO in February. Intellia Therapeutics Inc. raised $104 million in a May offering. But the shares of both companies have lost more than half their value from their opening-day prices.
“Timing is everything,” said Jim Weiss, senior portfolio manager at Chicago investment firm Segall Bryant & Hamill. “When you see a third IPO in the same space, there could be a perception by investors that this one is less attractive. At first people are gushing over the concept because it’s so...