Why Editas Medicine Stock Is Getting Crushed Today
Shares of gene-editing specialist Editas Medicine (NASDAQ: EDIT) are falling sharply on Friday and were down by 16.7% as of 2:02 p.m. EDT. The company did not report any news, but these losses are probably a result of bearish commentary from a Wall Street analyst.
Goldman Sachs analyst Madhu Kumar initiated coverage of Editas Medicine with a sell rating Friday. The analyst also gave the stock a price target of $20. Editas Medicine's share price as of the closing of business day yesterday was $40.98. And even after today's sell-off, Editas Medicine stock is priced at $34.21 (as of this writing), which means there remains a sizable downside for the biotech if we go by Kumar's price target.
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Source Fool.com
