EDIT - 1 Wall Street Analyst Thinks Editas Medicine Stock Is Going to $15. Is It a Buy Around $5?
2024-05-09 13:12:00 ET
Clinical-stage biotech Editas Medicine (NASDAQ: EDIT) delivered quarterly results that fell well short of expectations on Wednesday. While one analyst trimmed her price target on the stock in response, she's still extremely bullish on its prospects. In fact, she believes it could nearly triple before long. Might she be on to something here?
That analyst is Citigroup prognosticator Samantha Semenkow. In the wake of Editas' latest earnings release, she shaved $1 off her price target on the company to $15 per share. She maintained her buy recommendation, since that lower target was still roughly three times the stock's price at the time.
Semenkow is staying the course despite Editas' disappointing first-quarter performance. The gene-editing company's revenue came in at $1.1 million in the first quarter, a precipitous drop from $9.9 million in the same period a year ago and far below the average pundit estimate of slightly less than $11 million.
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1 Wall Street Analyst Thinks Editas Medicine Stock Is Going to $15. Is It a Buy Around $5?