Gene Editing Stock's Prospects Cut In Half By Analyst, Citing Limited Value In Retina Treatment - Editas Medicine (NASDAQ:EDIT)

Credit Suisse has downgraded Editas Medicine Inc EDIT from Outperform to Neutral with a price target of $13 from $25.
Thursday, Editas announced clinical data from the Phase 1/2 BRILLIANCE trial of EDIT-101, an in vivo CRISPR/Cas9 genome editing medicine.
Given the small population (around 300 in the U.S.), the company will pause enrollment in the BRILLIANCE trial and seek to identify a collaboration partner to continue the development of EDIT-101.
Credit Suisse says that Editas still maintains foundational intellectual property relating to CRISPR/Cas9 and CRISPR/Cas12a gene editing in human cells in relevant jurisdictions, which may lead to future licensing deals.
The company also plans to release Phase 1/2 RUBY data for EDIT-301 in sickle cell disease later this year. However, the data will be early, and interpretation could be limited.
With reasonably low expectations, Editas also maintains optionality with its preclinical oncology programs.
Opportunities for the stock are difficult to assess and be range bound in the near term.
Price Action: EDIT shares are down 2.41% at $10.75 on the last check Friday.