Editas Suddenly Terminates Chief Medical Officer Without An Explanation

Editas Medicine Inc EDIT has fired Chief Medical Officer Lisa Michaels just 15 months into her tenure at the Company.

• The biotech was mum on the reasoning for the termination, disclosed in a Securities and Exchange Commission filing. 
• The termination that occurred today is effective immediately.
• According to the SEC filing, Michaels will receive her base salary for another 12 months. 
• Related: Here's Why Editas Stock Dropped After Data From CRISPR-Based Retinal Disorder Candidate.
• RBC Capital Markets analyst called the news "incrementally negative" and wrote in a note that the firing "does not boost confidence" in a company with mixed clinical signals for LCA10 and high management turnover. 
• Analyst Luca Issi remains on the sidelines with a Sector Perform rating and $40 price target on Editas shares given what he views as mixed data for its lead asset, a "crowded" SCD space, and an oncology pipeline that remains early.
• Price Action: EDIT shares are down 7.40% at $17.89 during the market session on the last check Tuesday.