Editas Medicine (NASDAQ:EDIT) Stock Rating Lowered by Raymond James

Editas Medicine (NASDAQ:EDIT) was downgraded by Raymond James from an “outperform” rating to a “market perform” rating in a research report issued on Monday, MarketBeat Ratings reports.

EDIT has been the subject of a number of other research reports. Evercore ISI decreased their target price on Editas Medicine from $7.00 to $3.00 and set an “in-line” rating for the company in a report on Wednesday, October 23rd. Barclays reduced their target price on Editas Medicine from $9.00 to $7.00 and set an “equal weight” rating for the company in a research note on Thursday, August 8th. Chardan Capital dropped their price target on Editas Medicine from $20.00 to $12.00 and set a “buy” rating for the company in a research report on Tuesday, October 22nd. Royal Bank of Canada restated a “sector perform” rating and issued a $8.00 target price on shares of Editas Medicine in a report on Thursday, September 19th. Finally, Truist Financial lowered their price target on Editas Medicine from $20.00 to $12.00 and set a “buy” rating for the company in a report on Thursday, August 8th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Editas Medicine currently has a consensus rating of “Hold” and a consensus price target of $9.91.

Editas Medicine Price Performance

Shares of NASDAQ:EDIT traded up $0.08 on Monday, hitting $2.99. 2,288,178 shares of the company’s stock were exchanged, compared to its average volume of 1,915,380. Editas Medicine has a 12 month low of $2.70 and a 12 month high of $11.69. The stock has a market capitalization of $246.62 million, a price-to-earnings ratio of -1.27 and a beta of 2.01. The business’s 50 day simple moving average is $3.46 and its two-hundred day simple moving average is $4.54.

Editas Medicine (NASDAQ:EDIT) last released its quarterly earnings data on Wednesday, August 7th. The company reported ($0.82) earnings per share for the quarter, missing the consensus estimate of ($0.70) by ($0.12). Editas Medicine had a negative net margin of 288.59% and a negative return on equity of 62.61%. The firm had revenue of $0.51 million during the quarter, compared to the consensus estimate of $4.78 million. During the same quarter in the previous year, the firm earned ($0.56) earnings per share. The business’s revenue was down 82.2% compared to the same quarter last year. Equities analysts forecast that Editas Medicine will post -2.96 EPS for the current fiscal year.

Institutional Investors Weigh In On Editas Medicine

Several large investors have recently added to or reduced their stakes in EDIT. Signaturefd LLC grew its stake in shares of Editas Medicine by 494.8% in 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 purchased a new stake in shares of Editas Medicine during the third quarter valued at $36,000. Arcadia Investment Management Corp MI purchased a new stake in shares of Editas Medicine during the third quarter valued at $39,000. Koss Olinger Consulting LLC purchased a new stake in Editas Medicine in the 2nd quarter worth about $47,000. Finally, China Universal Asset Management Co. Ltd. lifted its stake in Editas Medicine by 64.2% in the 3rd 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 in the last quarter. 71.90% of the stock is owned by institutional investors and hedge funds.

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.