Editas Medicine Upgraded to Outperform By Oppenheimer

Editas Medicine, Inc. (NASDAQ:EDIT) was upgraded to outperform from perform by the analysts at Oppenheimer. The analysts also increased their price target to $80 from $42 ahead of initial clinical data from BRILLIANCE based on their favorable view of this sentinel readout in addition to overall pipeline progress.

For the BRILLIANCE trial readout, the brokerage expects a relatively clean safety profile given that the IDMC recently endorsed proceeding with dosing pediatric patients at mid-dose following the review of safety data in adult patients. The company is enrolling an adult high-dose cohort and expects completion of dosing in 1H22. The analysts are encouraged by the progress of the study this year, and expect the momentum to continue.

Beyond this near-term catalyst, Oppenheimer also believes the cell medicine franchise and in vivo programs beyond ophthalmology offer upside in the longer term.