Editas Medicine (EDIT) PT Lowered to $9 at Wells Fargo

Wells Fargo analyst Yanan Zhu lowered the price target on Editas Medicine (NASDAQ: EDIT) to $9.00 (from $27.00) while maintaining a Overweight rating.

The analyst comments "EDIT today reported preclinical data for its in vivo HSPC editing program and also provided BD and financial updates, including the initiation of a process to partner or out- license reni-cel. EDIT intends to focus its resources on in vivo pipeline, which was noted as having lower cost for development and representing larger market opportunity. EDIT remarked that the cost for developing and commercializing reni-cel is too much for a company its size. We lower our PT from $27 to $9, reflecting updated DCF model assumptions. We assume the reni-cel program is partnered, with a royalty rate of 15%. We added in vivo SCD and TDT programs into the model with a product launch year of 2032, peak cumulative penetration of 12%, and a probability of success of 25%."

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