U.S. markets open in 4 hours 57 minutes
  • S&P Futures

    -26.50 (-0.68%)
  • Dow Futures

    -187.00 (-0.59%)
  • Nasdaq Futures

    -96.50 (-0.73%)
  • Russell 2000 Futures

    -24.10 (-1.06%)
  • Crude Oil

    -0.61 (-1.01%)
  • Gold

    -2.00 (-0.12%)
  • Silver

    -0.54 (-2.02%)

    -0.0049 (-0.41%)
  • 10-Yr Bond

    0.0000 (0.00%)
  • Vix

    -3.93 (-14.06%)

    -0.0050 (-0.36%)

    +0.1600 (+0.15%)

    +2,134.73 (+4.55%)
  • CMC Crypto 200

    +1.35 (+0.14%)
  • FTSE 100

    -9.27 (-0.14%)
  • Nikkei 225

    -255.33 (-0.86%)

Editas (EDIT) Up More Than 100% in Past 3 Months: Here's Why

  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
Zacks Equity Research
·3 min read
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.

Shares of Editas Medicine, Inc. EDIT have rallied 127.6% in the past three months compared with the industry’s increase of 14.9%.

price chart for EDIT
price chart for EDIT

The company has made rapid progress in the development of its lead pipeline candidate, EDIT-101, in this time frame. This has pushed up Editas’ share price. EDIT-101 employs CRISPR gene editing to treat Leber congenital amaurosis type 10 (LCA10) — a rare genetic illness that causes blindness. Editas completed dosing in the first cohort of the phase I/II BRILLIANCE study, which is evaluating EDIT-101 for LCA10. The disease has a significant unmet need as no therapy is approved yet.

Notably, in December 2020, Editas’ shares appreciated significantly after the company announced preclinical data on EDIT-301 and the successful development of its large-scale manufacturing process for EDIT-301.

Importantly, in August 2020, Editas terminated its 2017 agreement with Allergan [now part of AbbVie ABBV] and regained the full global rights to develop, manufacture and commercialize its ocular medicines including EDIT-101.

Earlier this month, the FDA cleared the initiation of the safety phase of Editas’ clinical study on EDIT-301 for the treatment of sickle cell disease (“SCD”). The company is planning to initiate the phase I/II RUBY study to assess the safety and efficacy of EDIT-301 for the given indication.

If successfully developed and upon potential approval, EDIT-101 will be a boost for the company’s growth prospects and will drive the stock further in the days ahead.

Editas is also pursuing the development of CRISPR candidates for eye diseases other than LCA10 including Usher Syndrome type 2A and recurrent ocular Herpes Simplex Virus type 1.

We note that Editas has no approved product in its portfolio at the moment. Therefore, pipeline development remains in key focus for the company. Meanwhile, stiff competition remains a headwind for Editas, as other companies like Intellia Therapeutics NTLA and CRISPR Therapeutics CRSP are also engaged in developing candidates to address different indications using CRISPR/Cas9 gene-editing technology.

Editas Medicine, Inc. Price

Editas Medicine, Inc. Price
Editas Medicine, Inc. Price

Editas Medicine, Inc. price | Editas Medicine, Inc. Quote

Zacks Rank

Editas currently carries a Zacks Rank #4 (Sell).

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

These Stocks Are Poised to Soar Past the Pandemic

The COVID-19 outbreak has shifted consumer behavior dramatically, and a handful of high-tech companies have stepped up to keep America running. Right now, investors in these companies have a shot at serious profits. For example, Zoom jumped 108.5% in less than 4 months while most other stocks were sinking.

Our research shows that 5 cutting-edge stocks could skyrocket from the exponential increase in demand for “stay at home” technologies. This could be one of the biggest buying opportunities of this decade, especially for those who get in early.

See the 5 high-tech stocks now>>

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
AbbVie Inc. (ABBV) : Free Stock Analysis Report
Editas Medicine, Inc. (EDIT) : Free Stock Analysis Report
Intellia Therapeutics, Inc. (NTLA) : Free Stock Analysis Report
CRISPR Therapeutics AG (CRSP) : Free Stock Analysis Report
To read this article on Zacks.com click here.
Zacks Investment Research