Analysts Set Editas Medicine, Inc. (NASDAQ:EDIT) PT at $7.00

Shares of Editas Medicine, Inc. (NASDAQ:EDIT) have received a consensus recommendation of “Hold” from the fourteen brokerages that are presently covering the company, Marketbeat.com reports. Two investment 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. The average twelve-month price target among brokers that have issued ratings on the stock in the last year is $7.00.

Several equities analysts recently commented on EDIT shares. Truist Financial downgraded shares of Editas Medicine from a “buy” rating to a “hold” rating in a research note on Friday, December 13th. Barclays dropped their price target on shares of Editas Medicine from $5.00 to $3.00 and set an “equal weight” rating for the company in a research report on Friday, December 13th. Evercore ISI reduced their price target on Editas Medicine from $7.00 to $5.00 and set an “outperform” rating on the stock in a research report on Monday, December 16th. Bank of America downgraded Editas Medicine from a “buy” rating to an “underperform” rating and cut their target price for the company from $13.00 to $1.00 in a research report on Monday, November 25th. Finally, JPMorgan Chase & Co. cut Editas Medicine from a “neutral” rating to an “underweight” rating in a research report on Monday, December 16th.

Institutional Trading of Editas Medicine

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. International Assets Investment Management LLC boosted its holdings in shares of Editas Medicine by 10.5% during the 2nd quarter. International Assets Investment Management LLC now owns 31,457 shares of the company’s stock valued at $147,000 after acquiring an additional 3,000 shares in the last quarter. The Manufacturers Life Insurance Company raised its position in Editas Medicine by 10.1% in the second quarter. The Manufacturers Life Insurance Company now owns 33,599 shares of the company’s stock valued at $157,000 after purchasing an additional 3,089 shares during the last quarter. Rhumbline Advisers boosted its stake in shares of Editas Medicine by 2.9% during the second quarter. Rhumbline Advisers now owns 137,986 shares of the company’s stock valued at $644,000 after purchasing an additional 3,862 shares in the last quarter. Allspring Global Investments Holdings LLC grew its holdings in shares of Editas Medicine by 20.0% during the third quarter. Allspring Global Investments Holdings LLC now owns 24,485 shares of the company’s stock worth $83,000 after purchasing an additional 4,089 shares during the last quarter. Finally, China Universal Asset Management Co. Ltd. grew its holdings 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 purchasing an additional 6,202 shares during the last quarter. Institutional investors own 71.90% of the company’s stock.

Editas Medicine Stock Up 5.8 %

Editas Medicine stock opened at $1.27 on Friday. The company’s 50-day moving average price is $2.28 and its two-hundred day moving average price is $3.54. The stock has a market cap of $104.84 million, a P/E ratio of -0.50 and a beta of 1.87. Editas Medicine has a twelve month low of $1.16 and a twelve month high of $11.58.

Editas Medicine (NASDAQ:EDIT) last announced its earnings results on Monday, November 4th. The company reported ($0.75) earnings per share 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 company had revenue of $0.06 million for the quarter, compared to analyst estimates of $3.93 million. During the same quarter last year, the company earned ($0.55) earnings per share. The firm’s quarterly revenue was down 98.9% compared to the same quarter last year. Equities analysts anticipate that Editas Medicine will post -2.59 earnings per share for the current fiscal year.

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.