Editas Medicine (NASDAQ:EDIT) Stock Rating Reaffirmed by Royal Bank of Canada

Editas Medicine (NASDAQ:EDIT)‘s stock had its “sector perform” rating reissued by stock analysts at Royal Bank of Canada in a research report issued on Thursday, Benzinga reports. They presently have a $8.00 price target on the stock. Royal Bank of Canada’s price target would indicate a potential upside of 112.20% from the company’s current price.

A number of other equities research analysts have also issued reports on the stock. Truist Financial cut their price target on shares of Editas Medicine from $20.00 to $12.00 and set a “buy” rating on the stock in a report on Thursday, August 8th. Oppenheimer reissued a “market perform” rating and issued a $12.00 target price on shares of Editas Medicine in a research note on Tuesday, June 18th. Bank of America upgraded Editas Medicine from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $13.00 to $15.00 in a report on Thursday, August 8th. Barclays dropped their price objective on Editas Medicine from $9.00 to $7.00 and set an “equal weight” rating for the company in a report on Thursday, August 8th. Finally, Evercore ISI reduced their target price on Editas Medicine from $15.00 to $7.00 and set an “in-line” rating on the stock in a research note on Thursday, May 30th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $10.90.

Editas Medicine Trading Down 3.6 %

NASDAQ EDIT opened at $3.77 on Thursday. The firm has a market cap of $310.04 million, a PE ratio of -1.80 and a beta of 1.99. Editas Medicine has a 1-year low of $3.40 and a 1-year high of $11.69. The stock has a 50-day moving average of $4.34 and a 200-day moving average of $5.46.

Editas Medicine (NASDAQ:EDIT) last announced 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 company 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 posted ($0.56) EPS. The business’s revenue for the quarter was down 82.2% compared to the same quarter last year. As a group, equities research analysts forecast that Editas Medicine will post -2.97 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Editas Medicine news, EVP Baisong Mei sold 6,619 shares of the firm’s stock in a transaction on Friday, July 19th. The stock was sold at an average price of $5.21, for a total transaction of $34,484.99. Following the completion of the transaction, the executive vice president now owns 134,413 shares of the company’s stock, valued at $700,291.73. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In related news, EVP Linda Burkly sold 11,886 shares of the company’s stock in a transaction that occurred on Thursday, July 25th. The stock was sold at an average price of $5.42, for a total value of $64,422.12. Following the sale, the executive vice president now owns 73,136 shares in the company, valued at approximately $396,397.12. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Baisong Mei sold 6,619 shares of the firm’s stock in a transaction that occurred on Friday, July 19th. The shares were sold at an average price of $5.21, for a total value of $34,484.99. Following the transaction, the executive vice president now directly owns 134,413 shares of the company’s stock, valued at approximately $700,291.73. The disclosure for this sale can be found here. Insiders have sold a total of 20,578 shares of company stock valued at $105,997 over the last ninety days. Company insiders own 1.90% of the company’s stock.

Institutional Trading of Editas Medicine

Several institutional investors have recently bought and sold shares of EDIT. Russell Investments Group Ltd. lifted its stake in shares of Editas Medicine by 401.9% in the fourth quarter. Russell Investments Group Ltd. now owns 5,190 shares of the company’s stock worth $53,000 after buying an additional 4,156 shares in the last quarter. Headlands Technologies LLC lifted its position in Editas Medicine by 481.7% in the 1st quarter. Headlands Technologies LLC now owns 9,493 shares of the company’s stock valued at $70,000 after acquiring an additional 7,861 shares in the last quarter. EntryPoint Capital LLC purchased a new stake in Editas Medicine during the 1st quarter valued at $72,000. Koss Olinger Consulting LLC bought a new stake in shares of Editas Medicine in the 2nd quarter worth $47,000. Finally, HB Wealth Management LLC purchased a new position in shares of Editas Medicine in the first quarter worth $76,000. 71.90% of the stock is 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.