Editas Medicine (EDIT) is a research-stage genome editing company. Editas makes use of clustered, regularly interspaced, short palindromic repeats (or CRISPR) technology and has developed a proprietary genome editing platform based on it with a product development strategy to chiefly target genetically defined diseases.
The company’s most advanced program is targeted at Leber Congenital Amaurosis type 10 disease, a specific form of retinal degeneration. Editas plans to file an investigational new drug (or IND) application for this program in October 2018. By the end of 2022, Editas Medicine aims to have at least three experimental medicines in early-stage clinical trials and at least two additional experimental products in or ready for late-stage clinical trials. Additionally, Editas Medicine’s other product candidates are targeted at Usher Syndrome type 2A (or USH2A) and recurrent ocular herpes simplex Virus type 1 (or HSV-1).
Five of the total nine analysts covering Editas Medicine in August 2018 have given the stock a “buy” rating. Three analysts have given Editas a “hold” rating, and one analyst has given it a “strong sell” rating. The mean rating for Editas is 2.67 with a target price of $45.2, which implies an upside potential of 63.5% over the stock’s closing price of $27.65 on August 8, 2018.
In comparison, Bluebird Bio (BLUE), Regenxbio (RGNX), Spark Therapeutics (ONCE), and CRISPR Therapeutics AG (CRSP) have mean ratings of 2.14, 2.2, 2.41, and 2.25, respectively, and a target price of $211.07, $78.42, $69.67, and $67.07, respectively.
We’ll take a look at the financial performance of Editas Medicine in the next part.