Editas Medicine (NASDAQ:EDIT) Price Target Cut to $5.00 by Analysts at Royal Bank of Canada

Editas Medicine (NASDAQ:EDIT) had its target price decreased by research analysts at Royal Bank of Canada from $8.00 to $5.00 in a report issued on Tuesday, Benzinga reports. The firm presently has a “sector perform” rating on the stock. Royal Bank of Canada’s target price would indicate a potential upside of 60.77% from the stock’s current price.

Other research analysts have also recently issued research reports about the company. Raymond James cut Editas Medicine from an “outperform” rating to a “market perform” rating in a research report on Monday. Stifel Nicolaus cut their target price on Editas Medicine from $17.00 to $11.00 and set a “buy” rating on the stock in a research report on Tuesday. Wells Fargo & Company cut their price objective on Editas Medicine from $9.00 to $7.00 and set an “overweight” rating on the stock in a research report on Tuesday. Truist Financial cut their price objective on Editas Medicine from $12.00 to $8.00 and set a “buy” rating on the stock in a research report on Tuesday. Finally, Barclays cut their price objective on Editas Medicine from $7.00 to $5.00 and set an “equal weight” rating on the stock in a research report on Tuesday. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $9.08.

Editas Medicine Stock Up 8.0 %

Shares of EDIT traded up $0.23 during trading hours on Tuesday, hitting $3.11. 831,343 shares of the company were exchanged, compared to its average volume of 1,917,189. The firm’s fifty day moving average is $3.44 and its 200 day moving average is $4.52. The company has a market cap of $256.51 million, a price-to-earnings ratio of -1.30 and a beta of 2.01. Editas Medicine has a fifty-two week low of $2.70 and a fifty-two week high of $11.69.

Editas Medicine (NASDAQ:EDIT) last issued its quarterly earnings data on Monday, November 4th. The company reported ($0.75) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.75). The company 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 62.61% and a negative net margin of 288.59%. The firm’s revenue was down 98.9% compared to the same quarter last year. During the same period last year, the company earned ($0.55) earnings per share. Analysts anticipate that Editas Medicine will post -2.96 EPS for the current year.

Institutional Trading of Editas Medicine

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. International Assets Investment Management LLC raised its stake 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 purchasing an additional 3,000 shares during the period. The Manufacturers Life Insurance Company boosted its holdings in Editas Medicine by 10.1% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 33,599 shares of the company’s stock valued at $157,000 after acquiring an additional 3,089 shares during the period. Rhumbline Advisers raised its position in Editas Medicine by 2.9% during the 2nd quarter. Rhumbline Advisers now owns 137,986 shares of the company’s stock valued at $644,000 after purchasing an additional 3,862 shares during the last quarter. Allspring Global Investments Holdings LLC raised its position in shares of Editas Medicine by 20.0% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 24,485 shares of the company’s stock worth $83,000 after acquiring an additional 4,089 shares in the last quarter. Finally, China Universal Asset Management Co. Ltd. increased its position in Editas Medicine by 64.2% during the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 15,863 shares of the company’s stock valued at $54,000 after buying an additional 6,202 shares in the last quarter. 71.90% of the stock is currently owned by 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.