Editas Medicine price target lowered to $5 from $8 at RBC Capital

RBC Capital lowered the firm’s price target on Editas Medicine (EDIT) to $5 from $8 and keeps a Sector Perform rating on the shares. The firm sees this as an incremental quarter following the strategic pivot recently announced. Recall, Editas is now planning to partner/out-license the lead asset for SCD/BT and focus on the in vivo pipeline. Overall, RBC thinks partnering SCD/BT is the right strategic decision in the context of a slow uptake so far for the class, but remains on the sideline awaiting further progress on the in vivo pipeline.