Stifel downgraded Editas Medicine (EDIT) to Hold from Buy with a price target of $3, down from $11. The company’s previously stated intentions to switch to in vivo editing “still left some hope” that reni-cel for sickle cell disease had a path forward, but the company’s decision to end development “after extensive search did not yield a commercial partner” is “disappointing,” the analyst tells investors. With reni-cel removed and a preclinical asset left to drive Editas’ valuation, the path forward “looks long and challenging,” the analyst added.
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