Editas Medicine (NASDAQ:EDIT) Downgraded to Underperform Rating by Bank of America

Editas Medicine (NASDAQ:EDIT) was downgraded by investment analysts at Bank of America from a “buy” rating to an “underperform” rating in a research note issued to investors on Monday,Briefing.com Automated Import reports. They presently have a $1.00 price objective on the stock, down from their previous price objective of $13.00. Bank of America‘s price objective suggests a potential downside of 59.02% from the company’s current price.

EDIT has been the subject of several other reports. Evercore ISI upgraded Editas Medicine from an “in-line” rating to an “outperform” rating in a research note on Wednesday, November 6th. Raymond James downgraded Editas Medicine from an “outperform” rating to a “market perform” rating in a report on Monday, November 4th. Truist Financial lowered their price objective on shares of Editas Medicine from $12.00 to $8.00 and set a “buy” rating on the stock in a research report on Tuesday, November 5th. Royal Bank of Canada cut their price target 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, Wells Fargo & Company cut their price objective on Editas Medicine from $9.00 to $7.00 and set an “overweight” rating for the company in a report on Tuesday, November 5th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and six have given a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $7.92.

Editas Medicine Stock Performance

Shares of EDIT stock opened at $2.44 on Monday. The firm’s 50 day moving average price is $3.20 and its two-hundred day moving average price is $4.27. The stock has a market cap of $201.42 million, a PE ratio of -0.95 and a beta of 2.01. Editas Medicine has a 52-week low of $2.30 and a 52-week high of $11.69.

Editas Medicine (NASDAQ:EDIT) last announced its earnings results on Monday, November 4th. The company reported ($0.75) EPS for the quarter, hitting the consensus estimate of ($0.75). Editas Medicine had a negative net margin of 340.96% and a negative return on equity of 80.13%. The firm had revenue of $0.06 million for the quarter, compared to the consensus estimate of $3.93 million. During the same period last year, the company posted ($0.55) EPS. The business’s quarterly revenue was down 98.9% on a year-over-year basis. As a group, sell-side analysts predict that Editas Medicine will post -2.69 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Editas Medicine

A number of institutional investors and hedge funds have recently bought and sold shares of EDIT. Barclays PLC raised its stake in Editas Medicine by 46.9% during the third quarter. Barclays PLC now owns 178,507 shares of the company’s stock valued at $607,000 after purchasing an additional 56,986 shares in the last quarter. Public Employees Retirement System of Ohio boosted its position in Editas Medicine by 172.1% in the 3rd quarter. Public Employees Retirement System of Ohio now owns 33,203 shares of the company’s stock valued at $113,000 after buying an additional 21,000 shares during the period. Y Intercept Hong Kong Ltd purchased a new stake in shares of Editas Medicine in the 3rd quarter worth $47,000. XTX Topco Ltd purchased a new position in Editas Medicine during the 3rd quarter valued at about $179,000. Finally, Stifel Financial Corp lifted its holdings in Editas Medicine by 37.9% during the third quarter. Stifel Financial Corp now owns 624,876 shares of the company’s stock worth $2,131,000 after buying an additional 171,656 shares during the period. 71.90% of the stock is 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.