Truist Securities has revised its price target for shares of Editas Medicine (NASDAQ: NASDAQ:EDIT), reducing it to $12 from the previous $20, while keeping a Buy rating on the stock.
The adjustment follows the biotechnology company's second-quarter update, which highlighted steady progress in its reni-cel program for sickle cell disease (SCD) and beta-thalassemia (TDT).
The firm noted that despite Editas Medicine's execution of the reni-cel program, the market for therapies in SCD/TDT could benefit from fertility preservation strategies. These strategies may include non-chemotherapy conditioning or in vivo approaches to significantly penetrate the SCD/TDT market.
The recent reversal by the Department of Health and Human Services (HHS) on covering fertility preservation could also provide support in this area.
In addition to the reni-cel program developments, Editas Medicine provided updates on potential in vivo programs and strategies. Truist Securities expressed anticipation for further data updates from Editas Medicine, expected to be presented at the American Society of Hematology (ASH) meeting.
Editas Medicine, Inc. has provided updates on their second-quarter 2024 earnings call, emphasizing their three-pillar strategy and the ongoing clinical trials for gene therapy products. Despite a setback from the U.S. Health and Human Services regarding fertility preservation coverage, Editas remains hopeful about the potential for a reversal and minimal market impact. The company reported a robust cash position, expecting current funds and future partnership payments to support operations until 2026.
Furthermore, the company is advancing a gene therapy for hemoglobinopathies and developing an in-vivo editing pipeline. Positive clinical data from the RUBY and EdiTHAL trials support the potential of their gene therapy. The company is also working to establish in-vivo preclinical proof-of-concept for an undisclosed indication by the end of 2024.
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