Editas Medicine (NASDAQ:EDIT) Downgraded by Raymond James to “Market Perform”

Raymond James downgraded shares of Editas Medicine (NASDAQ:EDIT) from an outperform rating to a market perform rating in a research report released on Monday morning, MarketBeat reports.

Several other research analysts have also recently issued reports on EDIT. Bank of America raised shares of Editas Medicine from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $13.00 to $15.00 in a report on Thursday, August 8th. Barclays lowered their price objective on Editas Medicine from $9.00 to $7.00 and set an “equal weight” rating on the stock in a research report on Thursday, August 8th. Wells Fargo & Company reduced their target price on Editas Medicine from $27.00 to $9.00 and set an “overweight” rating for the company in a report on Wednesday, October 23rd. Chardan Capital dropped their price objective on Editas Medicine from $20.00 to $12.00 and set a “buy” rating on the stock in a research report on Tuesday, October 22nd. Finally, Evercore ISI decreased their target price on Editas Medicine from $7.00 to $3.00 and set an “in-line” rating for the company in a research report on Wednesday, October 23rd. One research analyst has rated the stock with a sell rating, seven have given a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $9.91.

Editas Medicine Stock Down 1.0 %

Shares of EDIT opened at $2.88 on Monday. The stock has a market cap of $237.54 million, a P/E ratio of -1.22 and a beta of 2.01. The business’s 50 day moving average price is $3.44 and its 200-day moving average price is $4.52. Editas Medicine has a 52 week low of $2.70 and a 52 week high of $11.69.

Editas Medicine (NASDAQ:EDIT) last released 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 return on equity of 62.61% and a negative net margin of 288.59%. The business had revenue of $0.06 million for the quarter, compared to the consensus estimate of $3.93 million. During the same period in the previous year, the company posted ($0.55) earnings per share. The company’s revenue for the quarter was down 98.9% compared to the same quarter last year. On average, equities analysts anticipate that Editas Medicine will post -2.96 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. Millennium Management LLC raised its holdings in 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 purchasing an additional 223,012 shares during the period. Integral Health Asset Management LLC increased its stake in shares of Editas Medicine by 50.0% in the second 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 in the last quarter. Vanguard Group Inc. lifted its stake in shares of Editas Medicine by 1.1% during the 1st quarter. Vanguard Group Inc. now owns 8,555,597 shares of the company’s stock valued at $63,483,000 after buying an additional 93,740 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in Editas Medicine by 16.9% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 49,704 shares of the company’s stock worth $369,000 after buying an additional 7,174 shares during the period. Finally, Kennedy Capital Management LLC purchased a new stake in Editas Medicine in the 1st quarter worth $988,000. 71.90% of the stock is currently 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.