Editas Medicine (NASDAQ:EDIT – Get Free Report) was downgraded by stock analysts at Bank of America from a “buy” rating to an “underperform” rating in a research note issued to investors on Monday, MarketBeat.com reports. They currently have a $1.00 target price on the stock, down from their previous target price of $13.00. Bank of America‘s price target would indicate a potential downside of 54.75% from the stock’s current price.
Several other equities research analysts have also commented on EDIT. Royal Bank of Canada reduced their price target on shares of Editas Medicine from $8.00 to $5.00 and set a “sector perform” rating for the company in a research report on Tuesday, November 5th. Barclays decreased 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 research report on Tuesday, November 5th. Evercore ISI raised shares of Editas Medicine from an “in-line” rating to an “outperform” rating in a research report on Wednesday, November 6th. Truist Financial reduced their price objective on Editas Medicine from $12.00 to $8.00 and set a “buy” rating for the company in a research note on Tuesday, November 5th. Finally, Raymond James downgraded Editas Medicine from an “outperform” rating to a “market perform” rating in a research report on Monday, November 4th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, Editas Medicine has an average rating of “Hold” and an average price target of $7.92.
View Our Latest Stock Report on Editas Medicine
Editas Medicine Stock Down 7.1 %
Editas Medicine (NASDAQ:EDIT – Get Free Report) last released its quarterly earnings results on Monday, November 4th. The company reported ($0.75) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.75). Editas Medicine had a negative return on equity of 80.13% and a negative net margin of 340.96%. The firm had revenue of $0.06 million for the quarter, compared to the consensus estimate of $3.93 million. During the same period last year, the business posted ($0.55) EPS. The company’s revenue for the quarter was down 98.9% on a year-over-year basis. Sell-side analysts expect that Editas Medicine will post -2.69 EPS for the current fiscal year.
Hedge Funds Weigh In On Editas Medicine
Large investors have recently made changes to their positions in the business. Signaturefd LLC grew 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 bought a new position in Editas Medicine in the 3rd quarter worth approximately $36,000. Arcadia Investment Management Corp MI purchased a new stake in Editas Medicine during the 3rd quarter valued at approximately $39,000. Koss Olinger Consulting LLC bought a new stake in shares of Editas Medicine during the second quarter valued at approximately $47,000. Finally, Y Intercept Hong Kong Ltd purchased a new position in shares of Editas Medicine in the third quarter worth $47,000. 71.90% of the stock is currently owned by hedge funds and other institutional investors.
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.
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