Truist Financial Issues Pessimistic Forecast for Editas Medicine (NASDAQ:EDIT) Stock Price

Editas Medicine (NASDAQ:EDIT) had its price objective decreased by Truist Financial from $12.00 to $8.00 in a research note released on Tuesday morning, Benzinga reports. Truist Financial currently has a buy rating on the stock.

Other analysts also recently issued research reports about the stock. Raymond James downgraded shares of Editas Medicine from an “outperform” rating to a “market perform” rating in a research report on Monday. Bank of America upgraded shares of Editas Medicine from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $13.00 to $15.00 in a report on Thursday, August 8th. Evercore ISI lowered their target price on shares of Editas Medicine from $7.00 to $3.00 and set an “in-line” rating on the stock in a report on Wednesday, October 23rd. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $8.00 price target on shares of Editas Medicine in a research report on Thursday, September 19th. Finally, Wells Fargo & Company decreased their price objective on Editas Medicine from $27.00 to $9.00 and set an “overweight” rating for the company in a report on Wednesday, October 23rd. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $9.08.

Editas Medicine Price Performance

EDIT stock opened at $3.12 on Tuesday. The company’s 50-day moving average is $3.42 and its 200-day moving average is $4.51. The stock has a market capitalization of $257.33 million, a PE ratio of -1.22 and a beta of 2.01. Editas Medicine has a 1 year low of $2.70 and a 1 year high of $11.69.

Editas Medicine (NASDAQ:EDIT) last posted its quarterly earnings results on Monday, November 4th. The company reported ($0.75) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.75). Editas Medicine had a negative return on equity of 62.61% and a negative net margin of 288.59%. The business had revenue of $0.06 million for the quarter, compared to the consensus estimate of $3.93 million. During the same period in the prior year, the business earned ($0.55) EPS. The firm’s revenue for the quarter was down 98.9% on a year-over-year basis. On average, analysts anticipate that Editas Medicine will post -2.96 earnings per share for the current fiscal year.

Institutional Trading of Editas Medicine

Hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. grew its stake in Editas Medicine by 1.1% in the 1st quarter. Vanguard Group Inc. now owns 8,555,597 shares of the company’s stock valued at $63,483,000 after purchasing an additional 93,740 shares during the period. Millennium Management LLC grew its position in Editas Medicine by 10.0% during the second quarter. Millennium Management LLC now owns 2,459,629 shares of the company’s stock valued at $11,486,000 after buying an additional 223,012 shares during the period. Integral Health Asset Management LLC grew its position in Editas Medicine by 50.0% during the second quarter. Integral Health Asset Management LLC now owns 675,000 shares of the company’s stock valued at $3,152,000 after buying an additional 225,000 shares during the period. Raymond James & Associates increased its holdings in Editas Medicine by 49.7% during the second quarter. Raymond James & Associates now owns 526,815 shares of the company’s stock worth $2,460,000 after buying an additional 174,993 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. raised its position in Editas Medicine by 59.0% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 314,774 shares of the company’s stock worth $2,246,000 after acquiring an additional 116,803 shares during the period. 71.90% of the stock is currently owned by institutional investors.

About Editas Medicine

Editas Medicine, Inc, a clinical stage genome editing company, focuses on developing transformative genomic medicines to treat a range of serious diseases. It develops a proprietary gene editing platform based on CRISPR technology. The company develops EDIT-101, which is in Phase 1/2 BRILLIANCE trial for Leber Congenital Amaurosis; and reni-cel, a clinical development gene-edited medicine to treat sickle cell disease and transfusion-dependent beta-thalassemia.