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Analyst Initiates Coverage On This Peer Lagging Gene-Editing Stock

Benzinga Real-time News ·  Feb 2, 2023 02:06
  • Cantor Fitzgerald initiated coverage on Editas Medicine Inc (NASDAQ:EDIT) with an Overweight rating and a price target of $15.
  • The analyst says that following the recent pipeline reprioritization and pausing of internal investments in the retinal disease/induced pluripotent stem cell-derived natural killer cell programs, Editas shares are well-positioned to appreciate in the coming year due to favorable IP positioning and expected clinical data updates.
  • Also See: Citing Small Population, Editas Medicine Pauses Work On Gene Therapy Trial For Genetic Eye Disorder.
  • Cantor also says that the upcoming decision from the U.S. Court of Appeals in 2H23 for the in-licensed patent portfolio from the Broad Institute will solidify the company's IP positioning.
  • EDIT shares are trading at an implied EV of ~$165 million, compared to the peers Intellia Therapeutics Inc (NASDAQ:NTLA) and CRISPR Therapeutics Inc (NASDAQ:CRSP), are trading at implied EVs of ~$2.12 billion and $1.94 billion, respectively.
  • EDIT is lagging in development, though Cantor says the potential value of EDIT's CRISPR-based gene-editing platform is largely overlooked at these valuations.
  • Price Action: EDIT shares are up 1.01% at $9.99 on the last check Wednesday.
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