In a report released today, Leah R. Cann from Oppenheimer maintained a Hold rating on Editas Medicine Inc (NASDAQ: EDIT). The company’s shares closed yesterday at $29.94.
Cann wrote:
“With a positive RAC decision, and a previously expected RAC meeting for EDIT 101 expected in September 2018, today’s announcement is a positive for Editas. This news also supports the IND filing expected in October 2018. While it has no statutory authority, we believe support from the Health’s (NIH) Recombinant DNA Advisory Committee (RAC) is important for EDIT-101. Not only is it supportive for the IND filing, but also it provides support of NIH’s view of the safety of using CRISPR-based therapies and specifically EDIT-101.”
According to TipRanks.com, Cann is a 5-star analyst with an average return of 20.9% and a 53.0% success rate. Cann covers the Healthcare sector, focusing on stocks such as Constellation Pharmaceuticals Inc, Miragen Therapeutics Inc, and CytomX Therapeutics Inc.
Editas Medicine Inc has an analyst consensus of Moderate Buy, with a price target consensus of $43.33, a 44.7% upside from current levels. In a report issued on August 6, J.P. Morgan also maintained a Hold rating on the stock with a $36 price target.
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Based on Editas Medicine Inc’s latest earnings release for the quarter ending June 30, the company reported a quarterly GAAP net loss of $38.72 million. In comparison, last year the company had a GAAP net loss of $26.44 million.
Based on the recent corporate insider activity of 28 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of EDIT in relation to earlier this year.
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Editas Medicine, Inc. engages in the development and commercialization of genome editing technology. Its technology includes clustered, regularly interspaced short palindromic repeats (CRISPR); and CRISPR associated protein 9 (Cas9).
