Editas Medicine, Inc. (NASDAQ:EDIT) Receives $7.00 Consensus PT from Analysts

Shares of Editas Medicine, Inc. (NASDAQ:EDIT) have received an average recommendation of “Hold” from the fourteen brokerages that are presently covering the stock, MarketBeat Ratings reports. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating and three have given a buy rating to the company. The average 12 month price target among analysts that have issued ratings on the stock in the last year is $7.00.

Several equities research analysts recently commented on the company. Truist Financial downgraded Editas Medicine from a “buy” rating to a “hold” rating in a report on Friday, December 13th. Evercore ISI reduced their target price on shares of Editas Medicine from $7.00 to $5.00 and set an “outperform” rating on the stock in a research report on Monday, December 16th. Stifel Nicolaus downgraded shares of Editas Medicine from a “buy” rating to a “hold” rating and decreased their target price for the company from $11.00 to $3.00 in a research note on Friday, December 13th. Royal Bank of Canada dropped their price target on shares of Editas Medicine from $5.00 to $4.00 and set a “sector perform” rating on the stock in a research note on Friday, December 13th. Finally, Bank of America cut shares of Editas Medicine from a “buy” rating to an “underperform” rating and decreased their price objective for the company from $13.00 to $1.00 in a research report on Monday, November 25th.

Editas Medicine Stock Up 2.2 %

EDIT opened at $1.41 on Tuesday. Editas Medicine has a 52-week low of $1.12 and a 52-week high of $11.58. The company has a 50 day moving average of $1.64 and a two-hundred day moving average of $3.09. The company has a market cap of $116.40 million, a P/E ratio of -0.55 and a beta of 1.95.

Editas Medicine (NASDAQ:EDIT) last announced its quarterly earnings results on Monday, November 4th. The company reported ($0.75) earnings per share (EPS) for the quarter, meeting the consensus estimate 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 firm’s quarterly revenue was down 98.9% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.55) EPS. Research analysts anticipate that Editas Medicine will post -2.73 earnings per share for the current year.

Institutional Investors Weigh In On Editas Medicine

Several large investors have recently made changes to their positions in the company. Signaturefd LLC boosted its position in Editas Medicine by 494.8% during the 3rd quarter. Signaturefd LLC now owns 9,326 shares of the company’s stock worth $32,000 after acquiring an additional 7,758 shares during the period. Ballentine Partners LLC acquired a new stake in Editas Medicine in the third quarter worth about $36,000. Thrive Wealth Management LLC bought a new position in Editas Medicine in the 4th quarter valued at about $36,000. Arcadia Investment Management Corp MI acquired a new position in Editas Medicine during the 3rd quarter valued at about $39,000. Finally, Y Intercept Hong Kong Ltd bought a new stake in shares of Editas Medicine during the 3rd quarter worth about $47,000. Institutional investors and hedge funds own 71.90% of the company’s stock.

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.