Editas Medicine price target lowered to $5 from $7 at Evercore ISI

Evercore ISI analyst Liisa Bayko lowered the firm’s price target on Editas Medicine (EDIT) to $5 from $7 and keeps an Outperform rating on the shares. Editas has decided to cut the reni-cel program following “a fruitless search for a commercial partner” and “fully morph into an in vivo gene editing company,” the analyst notes. There is “no clear front runner yet” who can unlock in vivo editing for sickle cell disease and Editas “has an equal shot to be a leader,” the analyst contends.