Editas Medicine, Inc. (NASDAQ:EDIT) Receives Consensus Recommendation of “Hold” from Analysts

Editas Medicine, Inc. (NASDAQ:EDIT) has received an average recommendation of “Hold” from the fourteen research firms that are presently covering the firm, MarketBeat Ratings reports. Two analysts have rated the stock with a sell rating, nine have given a hold rating and three have issued a buy rating on the company. The average twelve-month price objective among brokers that have issued ratings on the stock in the last year is $6.83.

EDIT has been the subject of a number of research analyst reports. Wells Fargo & Company cut Editas Medicine from an “overweight” rating to an “equal weight” rating and lowered their price target for the stock from $7.00 to $4.00 in a report on Wednesday, December 11th. Bank of America lowered Editas Medicine from a “buy” rating to an “underperform” rating and cut their price objective for the stock from $13.00 to $1.00 in a research report on Monday, November 25th. Robert W. Baird lowered their target price on Editas Medicine from $10.00 to $8.00 and set an “outperform” rating for the company in a research note on Friday, December 13th. Evercore ISI cut 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 note on Monday, December 16th. Finally, Chardan Capital reaffirmed a “neutral” rating on shares of Editas Medicine in a report on Friday, December 13th.

Editas Medicine Stock Down 6.7 %

Shares of NASDAQ:EDIT opened at $1.32 on Wednesday. The stock has a market cap of $109.11 million, a P/E ratio of -0.51 and a beta of 1.88. Editas Medicine has a 52-week low of $1.12 and a 52-week high of $8.44. The business has a fifty day moving average of $1.50 and a two-hundred day moving average of $2.29.

Editas Medicine (NASDAQ:EDIT) last released its quarterly earnings results on Wednesday, March 5th. The company reported ($0.55) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.39) by ($0.16). The business had revenue of $30.60 million for the quarter, compared to analysts’ expectations of $37.17 million. Editas Medicine had a negative return on equity of 80.13% and a negative net margin of 340.96%. During the same quarter in the prior year, the company posted ($0.23) earnings per share. On average, equities analysts anticipate that Editas Medicine will post -2.71 earnings per share for the current year.

Hedge Funds Weigh In On Editas Medicine

Hedge funds have recently modified their holdings of the business. Ieq Capital LLC purchased a new position in Editas Medicine in the 4th quarter valued at $31,000. Thrive Wealth Management LLC acquired a new position in Editas Medicine in the 4th quarter valued at about $36,000. Dark Forest Capital Management LP raised its stake in Editas Medicine by 66.9% in the 4th quarter. Dark Forest Capital Management LP now owns 32,787 shares of the company’s stock valued at $42,000 after purchasing an additional 13,138 shares during the last quarter. Freestone Grove Partners LP acquired a new position in Editas Medicine in the 4th quarter valued at about $46,000. Finally, Y Intercept Hong Kong Ltd purchased a new stake in Editas Medicine in the 3rd quarter valued at about $47,000. 71.90% of the stock is currently owned by hedge funds and other 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.