10 Most Promising Gene Editing Stocks to Buy According to Hedge Funds

6. Editas Medicine, Inc. (NASDAQ:EDIT)

Number of Hedge Fund Holders: 26

Average Upside: 227.38%

Editas Medicine, Inc. (NASDAQ:EDIT) is a clinical-stage biotech company focused on developing gene-editing therapies using CRISPR technology to treat genetic disorders by modifying patients’ genomes. The company’s lead therapy, EDIT-301, is progressing through late-stage clinical trials for sickle cell disease (SCD) and beta-thalassemia. In its RUBY trial, the biotech firm showed encouraging results, with 100% of patients remaining free from vaso-occlusive crises (VOCs) and maintaining stable hemoglobin levels during follow-up.

On October 4, Leerink Partners reaffirmed its Market Perform rating on Editas Medicine, Inc. (NASDAQ:EDIT), maintaining a price target of $8. This follows Editas’ financing deal with DRI Healthcare Trust, in which the Editas Medicine, Inc. (NASDAQ:EDIT) secured a $57 million upfront payment in exchange for future license fees and payments related to an existing licensing agreement with Vertex Pharmaceuticals. Under the agreement, DRI Healthcare Trust is entitled to receive up to 100% of annual license fees, ranging from $5 million to $40 million, and a mid-double-digit percentage of Vertex’s $50 million contingent upfront payment.

Insider Monkey’s second quarter database shows that 26 hedge funds were bullish on Editas Medicine, Inc. (NASDAQ:EDIT), up from 21 in the previous quarter.