Editas Medicine received a price-target increase Thursday from Chardan Capital Markets after the genome-editing company announced late Wednesday the achievement of a second milestone under its collaboration with Juno Therapeutics (JUNO) amid technical progress toward overcoming the tumor microenvironment in a research program. The new price target from Chardan is $72.50, up from $65. This is well above the stock’s Wednesday closing price of $17.98 each. Chardan maintained its investment rating on the stock at buy.
Editas said it will receive $2.5 million for achieving the second milestone under its collaboration with Juno. The company said the research program in which the milestone was achieved is to create engineered T cells with chimeric antigen receptors and T cell receptors to treat cancer. It noted “improving the ability of T cells to overcome the tumor microenvironment may expand the range of cancers that may be addressed by engineered T cells.”