Investing.com -- Truist and Stifel downgraded Editas Medicine Inc (NASDAQ:EDIT) to "hold" from "buy". While Truist removed its price target citing a lack of near-term catalysts, the latter hacked it to $3 from $11.
Shares of Editas, the gene-editing company were down 23% at $1.45 on Friday.
Editas announced a strategic shift, ending its development of reni-cel and cutting its workforce by 65%. The company plans to focus entirely on in vivo therapeutic development, with clinical proof of concept at least two years away.
While Editas presented preclinical data supporting its in vivo approach for hematopoietic stem cells, Truist expressed concerns about competitive pressures and uncertainties surrounding the program.
Truist said it would stay on the sidelines due to limited value-creating opportunities within the next 12-18 months.
“Despite an evolving clinical profile that looks favorable, EDIT's decision to end development after extensive search did not yield a commercial partner is disappointing, and for us, pushes us to revisit our investment thesis in the stock,” Stifel analyst wrote.
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