Wells Fargo upgrades Editas Medicine to Overweight after Australian trial approval
Wells Fargo raised its rating on Editas Medicine (EDIT) from Equal Weight to Overweight and lifted the price target to $6. The upgrade follows regulatory clearance in Australia to start a Phase 1/2 Strive trial of the gene‑editing therapy EDIT‑401 for heterozygous familial hypercholesterolemia. The firm also noted the company’s low price‑to‑sales multiple and modest fundamental score. The news prompted a share price rise and heightened investor interest.
Why it matters
The higher rating and $6 price target signal Wells Fargo’s expectation of upside, which may attract new buying and support the stock’s momentum. The trial approval provides a concrete development milestone that could drive future revenue if successful, according to the analyst’s commentary.
Key facts
- 1Wells Fargo upgraded Editas Medicine to Overweight from Equal Weight and set a new price target of $6. marketscreener.com
- 2The upgrade was announced on 2026‑10‑08. marketscreener.com
- 3Australia approved the Phase 1/2 Strive trial for EDIT‑401 targeting heterozygous familial hypercholesterolemia. gurufocus.com
- 4Editas Medicine’s current price‑to‑sales ratio is 6.15, well below its historical median of approximately 33.7x. gurufocus.com
- 5The company’s GF Score™ is 51 out of 100. gurufocus.com
- 6Editas holds $211.6 million in cash, sufficient to fund operations until mid‑2028. finance.yahoo.com
Summary written by AlphAI from 4 of 4 sources. Not investment advice. Figures are as stated by the linked sources.