Shares of Editas Medicine (NASDAQ: EDIT) were soaring 11.2% higher as of 10:41 a.m. ET on Friday after vaulting as much as 24% earlier in the day. The big gain came after Stifel analyst Dae Gon Ha upgraded the stock from hold to buy. Ha also increased the 12-month price target for Editas from $9 to $17.

Why is Stifel now so much more bullish about the gene-editing stock? Ha wrote in a note to investors that investors haven't given Editas enough credit for its progress with EDIT-301 in treating sickle cell disease. 

The company is currently evaluating EDIT-301, a CRISPR gene-editing therapy, in early-stage clinical studies targeting sickle cell disease (SCD) and transfusion-dependent beta-thalassemia (TDT). Both are rare blood disorders caused by genetic mutations.

Continue reading

Source Fool.com