** Gene editing firm Editas Medicine EDIT.O shares down 16.3% in premarket trading on Tues to $2.31 as it looks to raise equity

** Cambridge, Massachusetts EDIT commences offering of stock, or pre-funded warrants, and accompanying warrants; deal size not disclosed

** Cantor Fitzgerald and Wells Fargo joint bookrunners

** EDIT also said it presented preclinical EDIT-401 data at the European Atherosclerosis Society Congress on May 25 that achieved robust reductions in LDL-cholesterol, lipoprotein(a) and apolipoprotein B in non-human primates

** Co intends to use net offering proceeds for progression of EDIT-401, including clinical development and manufacturing, and for working capital and other general corporate purposes, per the prospectus

** With ~97.9 mln shares outstanding, EDIT has about $270 mln market cap

** EDIT stock closed up >3% at $2.76 on Fri, up ~35% YTD

** Avg rating of 12 analysts is "buy"; median PT $4.80, per LSEG data