Evercore ISI analyst Liisa Bayko upgraded Editas Medicine (EDIT) to Outperform from In Line with a price target of $7, up from $3. Editas has $322M in cash including the recent DRI royalty deal, but the market is valuing the stock at just about $260M, or $62M below cash, the analyst tells investors. The company holds cash of $3.46 per share, the firm estimates $2 per share in reni-cel value and it “conservatively modelled the value for all 35 projects” in the biotech universe employing the exclusive license that Editas holds for the Cas 9 and 12a CRISPR technology from Broad Institute at $1.30 per share, risk-adjusted. This value could increase as assets move through development, the firm added.
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Read More on EDIT:
- Editas Medicine upgraded to Outperform from In Line at Evercore ISI
- Editas Medicine price target lowered to $11 from $17 at Stifel
- Editas Medicine price target lowered to $8 from $12 at Truist
- Editas Medicine price target lowered to $7 from $9 at Wells Fargo
- Editas Medicine price target lowered to $5 from $7 at Barclays
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