EDIT - Editas Medicine started at neutral at BofA due to competition in gene editing programs

• BofA Securities has initiated Editas Medicine with a neutral rating saying that the company's hemoglobinopathies gene editing candidates face stiff competition.
• The firm has an $18 price target (~34% upside based on Wednesday's close).
• The company's lead asset, EDIT-301, is in the clinic for hemoglobinopathies sickle cell disease ("SCD") and transfusion-dependent beta-thalassemia (TDT). It is also in the clinic for the visual impairment disease Leber Congenital Amaurosis 10 (LCA10).
• Analyst Greg Harrison said that recent data for EDIT-301 in LCA10 was mixed, and the candidate faces "crisp competition" in the other two indications.
• "Editas hemoglobinopathies program, while using a different edit location than competitors, still employs a similar strategy to other successful cell therapy programs (HbF elevation) which could make differentiation challenging," he wrote. "The program [is] still early in development and will face strong competition."
• Harrison estimated peak penetration of EDIT-301 at 10% in SCD and TDT, and modeled $1B in peak sales.
• Read why Seeking Alpha contributor Stella Mwende gives Editas ( NASDAQ: EDIT ) a hold rating .

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