Editas Medicine (NASDAQ:EDIT) Lowered to “Hold” Rating by Stifel Nicolaus

Editas Medicine (NASDAQ:EDIT) was downgraded by equities researchers at Stifel Nicolaus from a “buy” rating to a “hold” rating in a note issued to investors on Friday,Finviz reports. They presently have a $3.00 target price on the stock, down from their prior target price of $11.00. Stifel Nicolaus’ target price would indicate a potential upside of 58.73% from the company’s current price.

Several other brokerages also recently commented on EDIT. Evercore ISI raised shares of 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 research report on Monday, November 4th. Bank of America downgraded Editas Medicine from a “buy” rating to an “underperform” rating and lowered their price objective for the company from $13.00 to $1.00 in a research note on Monday, November 25th. Chardan Capital reissued a “buy” rating and set a $12.00 target price on shares of Editas Medicine in a report on Tuesday, November 5th. Finally, Barclays cut their price target on shares of Editas Medicine from $7.00 to $5.00 and set an “equal weight” rating on the stock in a report on Tuesday, November 5th. Two analysts have rated the stock with a sell rating, nine have given a hold rating and three have given a buy rating to the company. According to MarketBeat, the company has an average rating of “Hold” and an average target price of $7.00.

Editas Medicine Stock Performance

Shares of EDIT stock opened at $1.89 on Friday. The stock has a market cap of $156.02 million, a price-to-earnings ratio of -0.74 and a beta of 1.86. Editas Medicine has a 52-week low of $1.86 and a 52-week high of $11.58. The firm’s 50-day moving average is $2.80 and its 200-day moving average is $3.94.

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 analysts’ consensus estimates of ($0.75). The firm had revenue of $0.06 million during 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 company’s revenue was down 98.9% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.55) EPS. Sell-side analysts predict that Editas Medicine will post -2.59 EPS for the current fiscal year.

Institutional Trading of Editas Medicine

Several institutional investors have recently made changes to their positions in the company. Signaturefd LLC boosted its stake in shares of Editas Medicine by 494.8% in the 3rd quarter. Signaturefd LLC now owns 9,326 shares of the company’s stock worth $32,000 after buying an additional 7,758 shares during the last quarter. Ballentine Partners LLC bought a new position in Editas Medicine in the 3rd quarter valued at $36,000. Arcadia Investment Management Corp MI purchased a new stake in shares of Editas Medicine during the 3rd quarter valued at $39,000. Koss Olinger Consulting LLC bought a new stake in shares of Editas Medicine during the 2nd quarter worth $47,000. Finally, Y Intercept Hong Kong Ltd purchased a new position in shares of Editas Medicine in the 3rd quarter worth about $47,000. 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.