Stifel Upgrades Editas Medicine (EDIT) to Buy, 'Difficult To Justify Current Valuation'

Stifel analyst Dae Gon Ha upgraded Editas Medicine (NASDAQ: EDIT) from Hold to Buy with a price target of $17.00 (from $9.00).

The analyst comments "We are upgrading EDIT shares to Buy and increasing TP to $17 (vs. $9 previously). We think EDIT-301's (sickle cell disease [SCD]) progress has received minimal credit from investors. But with YE23 goal to dose n=20, in addition to important regulatory insights expected from exa-cel (CRSP, covered by Stifel colleague Ben Burnett), we think EDIT-301 deserves a fresh look. Within, we discuss the disconnect between EDIT and CRSP valuations - at comparable time points in development, EDIT-301's clinical profile thus far (vs. exa-cel), our optimism - both clinically and regulatory - in EDIT-301's strategy (i.e., HBG1/2 promoter region), market receptivity - and TAM - for follow-on gene editing like EDIT-301, and potential upside from the IP dispute. Greatest risk to our thesis is the persisting negativity towards technology platforms, but additional clarity on the horizon could potentiate sentiment reversal."

For an analyst ratings summary and ratings history on Editas Medicine click here. For more ratings news on Editas Medicine click here.

Shares of Editas Medicine closed at $7.11 yesterday.

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