Truist downgraded Editas Medicine (EDIT) to Hold from Buy. The company shared a significant strategic update notable for ending reni-cel development and 65% reduction in workforce, the analyst tells investors in a research note. The firm said that, given rapidly evolving competitive dynamics, it’s difficult to have a view on Editas’ in vivo program at this juncture. Due to the lack of a clear path to value creating catalysts in the next 12-18 months, Truist is choosing to stay on the sidelines.
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