Editas Medicine (NASDAQ:EDIT) Rating Increased to Outperform at Evercore ISI

Evercore ISI upgraded shares of Editas Medicine (NASDAQ:EDIT) from an in-line rating to an outperform rating in a research report sent to investors on Wednesday, MarketBeat reports.

Several other research firms have also recently commented on EDIT. Raymond James cut Editas Medicine from an “outperform” rating to a “market perform” rating in a report on Monday, November 4th. Barclays lowered their target price on shares of Editas Medicine from $7.00 to $5.00 and set an “equal weight” rating for the company in a report on Tuesday, November 5th. Chardan Capital reiterated a “buy” rating and issued a $12.00 price target on shares of Editas Medicine in a report on Tuesday, November 5th. Royal Bank of Canada dropped their price objective on Editas Medicine from $8.00 to $5.00 and set a “sector perform” rating for the company in a report on Tuesday, November 5th. Finally, Truist Financial cut their target price on Editas Medicine from $12.00 to $8.00 and set a “buy” rating on the stock in a research report on Tuesday, November 5th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $9.08.

Editas Medicine Price Performance

NASDAQ:EDIT opened at $3.12 on Wednesday. The firm has a market cap of $257.55 million, a PE ratio of -1.22 and a beta of 2.01. The firm has a 50 day simple moving average of $3.39 and a 200-day simple moving average of $4.47. Editas Medicine has a 1-year low of $2.70 and a 1-year high of $11.69.

Editas Medicine (NASDAQ:EDIT) last issued 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). 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 80.13% and a negative net margin of 340.96%. The business’s revenue for the quarter was down 98.9% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($0.55) EPS. As a group, sell-side analysts expect that Editas Medicine will post -2.9 earnings per share for the current fiscal year.

Institutional Trading of Editas Medicine

Large investors have recently modified their holdings of the business. Vanguard Group Inc. boosted 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 valued at $63,483,000 after purchasing an additional 93,740 shares during the last quarter. Millennium Management LLC boosted its stake in shares of Editas Medicine by 10.0% during the 2nd 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 last quarter. Integral Health Asset Management LLC grew its position in shares of Editas Medicine by 50.0% during the second quarter. Integral Health Asset Management LLC now owns 675,000 shares of the company’s stock worth $3,152,000 after buying an additional 225,000 shares in the last quarter. Raymond James & Associates raised its holdings in Editas Medicine by 49.7% in 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. boosted its stake in Editas Medicine by 59.0% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 314,774 shares of the company’s stock valued at $2,246,000 after acquiring 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.