Barclays Has Lowered Expectations for Editas Medicine (NASDAQ:EDIT) Stock Price

Editas Medicine (NASDAQ:EDIT) had its price objective decreased by Barclays from $7.00 to $5.00 in a research report sent to investors on Tuesday morning,Benzinga reports. Barclays currently has an equal weight rating on the stock.

A number of other equities analysts also recently issued reports on EDIT. Truist Financial lowered their price target on Editas Medicine from $20.00 to $12.00 and set a “buy” rating on the stock in a research report on Thursday, August 8th. Chardan Capital lowered their target price on shares of Editas Medicine from $20.00 to $12.00 and set a “buy” rating for the company in a research note on Tuesday, October 22nd. Bank of America upgraded shares of Editas Medicine from a “neutral” rating to a “buy” rating and lifted their target price for the company from $13.00 to $15.00 in a report on Thursday, August 8th. Evercore ISI dropped their price objective on shares of Editas Medicine from $7.00 to $3.00 and set an “in-line” rating for the company in a report on Wednesday, October 23rd. Finally, Wells Fargo & Company lowered their target price on Editas Medicine from $27.00 to $9.00 and set an “overweight” rating for the company in a research note on Wednesday, October 23rd. One investment analyst has rated the stock with a sell rating, six have given a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $9.08.

Editas Medicine Stock Performance

Shares of EDIT opened at $3.12 on Tuesday. The stock has a market capitalization of $257.34 million, a PE ratio of -1.22 and a beta of 2.01. Editas Medicine has a fifty-two week low of $2.70 and a fifty-two week high of $11.69. The company has a 50 day moving average price of $3.39 and a 200-day moving average price of $4.47.

Editas Medicine (NASDAQ:EDIT) last announced its earnings results on Monday, November 4th. The company reported ($0.75) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.75). The company had revenue of $0.06 million for the quarter, compared to analyst estimates of $3.93 million. Editas Medicine had a negative return on equity of 72.15% and a negative net margin of 340.96%. The firm’s quarterly revenue was down 98.9% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.55) EPS. Equities research analysts forecast that Editas Medicine will post -2.96 EPS for the current year.

Institutional Trading of Editas Medicine

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

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.