Editas upgraded at Evercore ISI on value of reni-cel, CRISPR platform

Evercore ISI analyst Liisa Bayko upgraded Editas Medicine (EDIT) to Outperform from In Line with a price target of $7, up from $3. Editas has $322M in cash including the recent DRI royalty deal, but the market is valuing the stock at just about $260M, or $62M below cash, the analyst tells investors. The company holds cash of $3.46 per share, the firm estimates $2 per share in reni-cel value and it “conservatively modelled the value for all 35 projects” in the biotech universe employing the exclusive license that Editas holds for the Cas 9 and 12a CRISPR technology from Broad Institute at $1.30 per share, risk-adjusted. This value could increase as assets move through development, the firm added.