Editas Medicine (NASDAQ:EDIT) Lowered to “Underweight” Rating by JPMorgan Chase & Co.

JPMorgan Chase & Co. cut shares of Editas Medicine (NASDAQ:EDIT) from a neutral rating to an underweight rating in a research note published on Monday, MarketBeat reports.

A number of other equities analysts have also weighed in on the company. Royal Bank of Canada dropped their price objective on Editas Medicine from $5.00 to $4.00 and set a “sector perform” rating for the company in a research note on Friday, December 13th. Chardan Capital reiterated a “neutral” rating on shares of Editas Medicine in a research report on Friday, December 13th. Stifel Nicolaus cut shares of Editas Medicine from a “buy” rating to a “hold” rating and cut their price objective for the company from $11.00 to $3.00 in a research report on Friday, December 13th. Raymond James lowered Editas Medicine from an “outperform” rating to a “market perform” rating in a research note on Monday, November 4th. Finally, Barclays dropped their target price on shares of Editas Medicine from $5.00 to $3.00 and set an “equal weight” rating on the stock in a research note on Friday, December 13th. Three analysts have rated the stock with a sell rating, nine have assigned a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat, Editas Medicine currently has an average rating of “Hold” and an average target price of $7.00.

Editas Medicine Stock Performance

EDIT stock opened at $1.35 on Monday. The company has a market cap of $111.03 million, a price-to-earnings ratio of -0.53 and a beta of 1.86. The business’s 50-day moving average is $2.69 and its two-hundred day moving average is $3.84. Editas Medicine has a fifty-two week low of $1.33 and a fifty-two week high of $11.58.

Editas Medicine (NASDAQ:EDIT) last released its earnings results on Monday, November 4th. The company reported ($0.75) earnings per share for the quarter, meeting the consensus estimate of ($0.75). The company 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%. Editas Medicine’s quarterly revenue was down 98.9% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.55) earnings per share. Equities analysts predict that Editas Medicine will post -2.59 earnings per share for the current year.

Institutional Trading of Editas Medicine

Hedge funds and other institutional investors have recently made changes to their positions in the business. International Assets Investment Management LLC raised its stake in shares of Editas Medicine by 10.5% in the second quarter. International Assets Investment Management LLC now owns 31,457 shares of the company’s stock worth $147,000 after purchasing an additional 3,000 shares during the last quarter. The Manufacturers Life Insurance Company increased its holdings in Editas Medicine by 10.1% in the second quarter. The Manufacturers Life Insurance Company now owns 33,599 shares of the company’s stock valued at $157,000 after buying an additional 3,089 shares in the last quarter. Rhumbline Advisers increased its stake in shares of Editas Medicine by 2.9% in the 2nd quarter. Rhumbline Advisers now owns 137,986 shares of the company’s stock valued at $644,000 after purchasing an additional 3,862 shares in the last quarter. Allspring Global Investments Holdings LLC raised its stake in shares of Editas Medicine by 20.0% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 24,485 shares of the company’s stock worth $83,000 after buying an additional 4,089 shares during the period. Finally, China Universal Asset Management Co. Ltd. lifted its holdings in Editas Medicine by 64.2% during the third quarter. China Universal Asset Management Co. Ltd. now owns 15,863 shares of the company’s stock valued at $54,000 after purchasing an additional 6,202 shares in the last quarter. Hedge funds and other institutional investors own 71.90% of the company’s stock.

Editas Medicine Company Profile

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.