Is Editas Medicine a Buy?

Editas Medicine (NASDAQ: EDIT) is quickly becoming one of the hottest biotech and gene therapy stocks on the market. Over the past year, it has more than doubled investors' money. Meanwhile, the industry indicator, iShares NASDAQ Biotechnology Index (NASDAQ: IBB), only returned a total of 41%.

The most mind-boggling aspect of Editas is that the company already has a staggering $4.1 billion market cap -- despite having no therapies out on the market. Its gene-editing candidates are just in the early stages of clinical testing. So is the company on track to eradicate several uncommon genetic disorders? Or does is its stock's rise an example of investors' sometimes irrational exuberance?