Editas Medicine (NASDAQ:EDIT) Rating Lowered to Equal Weight at Wells Fargo & Company

Editas Medicine (NASDAQ:EDIT) was downgraded by research analysts at Wells Fargo & Company from an “overweight” rating to an “equal weight” rating in a research report issued to clients and investors on Wednesday, MarketBeat reports. They currently have a $4.00 price target on the stock, down from their previous price target of $7.00. Wells Fargo & Company‘s price objective would indicate a potential upside of 111.64% from the company’s current price.

Several other analysts also recently issued reports on the stock. Barclays decreased their price objective 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. Truist Financial decreased their target price 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. Bank of America cut shares of Editas Medicine from a “buy” rating to an “underperform” rating and dropped their target price for the stock from $13.00 to $1.00 in a research report on Monday, November 25th. Royal Bank of Canada dropped their target price on shares of Editas Medicine from $8.00 to $5.00 and set a “sector perform” rating for the company in a research note on Tuesday, November 5th. Finally, Chardan Capital reaffirmed a “buy” rating and set a $12.00 price target on shares of Editas Medicine in a research note on Tuesday, November 5th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $7.67.

Editas Medicine Stock Down 5.0 %

EDIT stock opened at $1.89 on Wednesday. The firm has a 50 day moving average of $2.80 and a two-hundred day moving average of $3.94. Editas Medicine has a 12 month low of $1.86 and a 12 month high of $11.58. The company has a market capitalization of $156.02 million, a price-to-earnings ratio of -0.74 and a beta of 1.86.

Editas Medicine (NASDAQ:EDIT) last issued its quarterly earnings data on Monday, November 4th. The company reported ($0.75) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.75). The business had revenue of $0.06 million for the quarter, compared to the consensus estimate of $3.93 million. Editas Medicine had a negative return on equity of 80.13% and a negative net margin of 340.96%. The firm’s revenue was down 98.9% compared to the same quarter last year. During the same period last year, the business earned ($0.55) EPS. On average, research analysts expect that Editas Medicine will post -2.62 EPS for the current fiscal year.

Institutional Investors Weigh In On Editas Medicine

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Jacobs Levy Equity Management Inc. raised its position in shares of Editas Medicine by 133.2% in the third quarter. Jacobs Levy Equity Management Inc. now owns 529,834 shares of the company’s stock valued at $1,807,000 after purchasing an additional 302,652 shares during the period. Integral Health Asset Management LLC lifted its position in shares of Editas Medicine by 50.0% in the 2nd quarter. Integral Health Asset Management LLC now owns 675,000 shares of the company’s stock worth $3,152,000 after purchasing an additional 225,000 shares during the period. Millennium Management LLC raised its position in shares of Editas Medicine by 10.0% in the 2nd quarter. Millennium Management LLC now owns 2,459,629 shares of the company’s stock worth $11,486,000 after acquiring an additional 223,012 shares in the last quarter. Raymond James & Associates lifted its position in Editas Medicine by 49.7% during the 2nd 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 during the period. Finally, Stifel Financial Corp boosted its position in shares of Editas Medicine by 37.9% in the 3rd quarter. Stifel Financial Corp now owns 624,876 shares of the company’s stock worth $2,131,000 after purchasing an additional 171,656 shares in the last quarter. Hedge funds and other institutional investors own 71.90% of the company’s stock.

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.