Truist Financial Lowers Editas Medicine (NASDAQ:EDIT) Price Target to $8.00

Editas Medicine (NASDAQ:EDIT) had its price target decreased by equities research analysts at Truist Financial from $12.00 to $8.00 in a research note issued on Tuesday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. Truist Financial’s price objective points to a potential upside of 143.90% from the company’s current price.

Several other research firms have also weighed in on EDIT. Barclays decreased their price target on Editas Medicine from $7.00 to $5.00 and set an “equal weight” rating on the stock in a report on Tuesday. Wells Fargo & Company dropped their price target on shares of Editas Medicine from $27.00 to $9.00 and set an “overweight” rating for the company in a research note on Wednesday, October 23rd. Raymond James downgraded shares of Editas Medicine from an “outperform” rating to a “market perform” rating in a research note on Monday. Evercore ISI reduced their price target on Editas Medicine from $7.00 to $3.00 and set an “in-line” rating on the stock in a report on Wednesday, October 23rd. Finally, Chardan Capital dropped their price objective on Editas Medicine from $20.00 to $12.00 and set a “buy” rating for the company in a report on Tuesday, October 22nd. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $9.08.

Editas Medicine Stock Up 5.1 %

EDIT stock opened at $3.28 on Tuesday. The company has a fifty day simple moving average of $3.42 and a two-hundred day simple moving average of $4.50. Editas Medicine has a 52 week low of $2.70 and a 52 week high of $11.69. The firm has a market capitalization of $270.52 million, a P/E ratio of -1.28 and a beta of 2.01.

Editas Medicine (NASDAQ:EDIT) last announced its quarterly earnings results on Monday, November 4th. The company reported ($0.75) EPS for the quarter, meeting analysts’ consensus estimates of ($0.75). Editas Medicine had a negative net margin of 288.59% and a negative return on equity of 62.61%. The firm had revenue of $0.06 million during the quarter, compared to the consensus estimate of $3.93 million. During the same quarter last year, the firm earned ($0.55) EPS. The firm’s revenue for the quarter was down 98.9% compared to the same quarter last year. As a group, analysts anticipate that Editas Medicine will post -2.96 EPS for the current year.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the company. Signaturefd LLC increased its position in shares of Editas Medicine by 494.8% during the third quarter. Signaturefd LLC now owns 9,326 shares of the company’s stock worth $32,000 after purchasing an additional 7,758 shares in the last quarter. Ballentine Partners LLC acquired a new position in Editas Medicine during the 3rd quarter valued at about $36,000. Arcadia Investment Management Corp MI purchased a new stake in Editas Medicine in the third quarter valued at about $39,000. Koss Olinger Consulting LLC acquired a new stake in Editas Medicine in the second quarter worth about $47,000. Finally, China Universal Asset Management Co. Ltd. grew its stake in shares of 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 worth $54,000 after acquiring an additional 6,202 shares during the last quarter. 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.