Editas (EDIT) has resumed the uptrend after a bearish pullback to the 78.6% Fibonacci retracement price of $19.82. Price is now at the 61.8% Fibonacci retracement level, where it is expected that there will be a brief lull in price movement as the stock aims to breach this long-term resistance. Here is the analysis for EDIT as we enter the middle of the 2nd quarter of 2019.
Part of what caused the 78% downward pullback of EDIT from its 2018 highs was the exit of Katrine Bosley as CEO. However, the company has moved into its product development stage with the announcement of the publication of clinical data that supports EDIT-101 as a promising treatment for a form of congenital blindness. This news has restored some confidence in investors and EDIT is gradually seeing a price recovery in 2019.