Editas Medicine (NASDAQ:EDIT) Price Target Lowered to $5.00 at Evercore ISI

Editas Medicine (NASDAQ:EDIT) had its target price cut by Evercore ISI from $7.00 to $5.00 in a research report released on Monday morning,Benzinga reports. They currently have an outperform rating on the stock.

Several other brokerages also recently issued reports on EDIT. Raymond James downgraded Editas Medicine from an “outperform” rating to a “market perform” rating in a research note on Monday, November 4th. Bank of America lowered shares of Editas Medicine from a “buy” rating to an “underperform” rating and reduced their price target for the stock from $13.00 to $1.00 in a research report on Monday, November 25th. JPMorgan Chase & Co. downgraded shares of Editas Medicine from a “neutral” rating to an “underweight” rating in a research report on Monday. Barclays cut their target price on shares of Editas Medicine from $5.00 to $3.00 and set an “equal weight” rating for the company in a research report on Friday, December 13th. Finally, Truist Financial cut shares of Editas Medicine from a “buy” rating to a “hold” rating in a report on Friday, December 13th. Three equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $7.00.

Editas Medicine Price Performance

Editas Medicine stock opened at $1.35 on Monday. Editas Medicine has a fifty-two week low of $1.33 and a fifty-two week high of $11.58. The firm’s 50 day simple moving average is $2.65 and its 200-day simple moving average is $3.82. The company has a market cap of $111.03 million, a P/E ratio of -0.53 and a beta of 1.86.

Editas Medicine (NASDAQ:EDIT) last posted its quarterly earnings data on Monday, November 4th. The company reported ($0.75) earnings per share for the quarter, hitting the consensus estimate of ($0.75). The firm had revenue of $0.06 million for the quarter, compared to analysts’ expectations of $3.93 million. Editas Medicine had a negative net margin of 340.96% and a negative return on equity of 80.13%. The company’s quarterly revenue was down 98.9% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.55) EPS. On average, analysts expect that Editas Medicine will post -2.59 EPS for the current fiscal year.

Institutional Trading of Editas Medicine

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

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.