The biotechnology company Editas Medicine Inc. (EDIT) stock rose more than 85% since its announcement of new data on the successful EDIT-301 gene therapy trial on December 7.
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The company focused on progress in preclinical trials of EDIT-301 at the annual meeting of the American Society of Hematology (ASH), which was held on Saturday, 5 December 2020. High levels of red blood cell editing obtained from patients with and without sickle cell anemia were achieved in particular. As a result of this it is necessary to achieve a significant degree of correction in cells with anemia, resulting in a stable induction of foetal hemoglobin. This could mean treating the disease in the future if the EDIT-301 production is successfully completed and approved as a treatment.
Most notably, Editas argues that its manufacturing method, sufficient for clinical scaling, has proven its efficiency. This is a promising indication for long-term investors, as gene therapy, which is appropriate for many patients and not only as an expensive personalized medicine, has the greatest commercial potential.
In the development of therapies for the treatment of sickle cell anemia, Editas is currently lagging behind its rivals, but plans to potentially deliver a cheaper, more reliable and safer therapy. As a result the company is able to gain a large market share for the treatment of this disease, as well as the funds required to conduct further research.
At the moment, Editas does not have an approved product in its portfolio. Therefore the growth of its pipeline remains a key priority. Still, compared to the 5.9 percent growth of the sector, the stock has increased 116 percent in the year so far.
Editas Medicine Inc. (EDIT) stock was down -1.45% to $63.99 on Wednesday but was up 26.51 percent over the week, raising its market capitalization to $4.31 billion.