Brokerages Set Editas Medicine, Inc. (NASDAQ:EDIT) Price Target at $7.00

Editas Medicine, Inc. (NASDAQ:EDIT) has earned an average rating of “Hold” from the fourteen analysts that are currently covering the stock, MarketBeat reports. Two research analysts have rated the stock with a sell recommendation, nine have assigned a hold recommendation and three have assigned a buy recommendation to the company. The average 12 month price objective among brokers that have issued a report on the stock in the last year is $7.00.

A number of equities analysts have recently issued reports on EDIT shares. Truist Financial downgraded shares of Editas Medicine from a “buy” rating to a “hold” rating in a report on Friday, December 13th. Bank of America downgraded shares of Editas Medicine from a “buy” rating to an “underperform” rating and reduced their price target for the company from $13.00 to $1.00 in a research report on Monday, November 25th. Chardan Capital restated a “neutral” rating on shares of Editas Medicine in a report on Friday, December 13th. Stifel Nicolaus cut Editas Medicine from a “buy” rating to a “hold” rating and reduced their price objective for the stock from $11.00 to $3.00 in a report on Friday, December 13th. Finally, Barclays decreased their target price on Editas Medicine from $5.00 to $3.00 and set an “equal weight” rating on the stock in a research report on Friday, December 13th.

Institutional Trading of Editas Medicine

Hedge funds have recently bought and sold shares of the company. Millennium Management LLC lifted its stake in shares of Editas Medicine by 10.0% during the 2nd quarter. Millennium Management LLC now owns 2,459,629 shares of the company’s stock worth $11,486,000 after purchasing an additional 223,012 shares during the period. Jacobs Levy Equity Management Inc. increased its stake in Editas Medicine by 133.2% in the third quarter. Jacobs Levy Equity Management Inc. now owns 529,834 shares of the company’s stock valued at $1,807,000 after purchasing an additional 302,652 shares during the last quarter. Integral Health Asset Management LLC lifted its position in Editas Medicine by 50.0% during the second quarter. Integral Health Asset Management LLC now owns 675,000 shares of the company’s stock worth $3,152,000 after buying an additional 225,000 shares during the period. BNP Paribas Financial Markets boosted its stake in Editas Medicine by 37.3% in the 3rd quarter. BNP Paribas Financial Markets now owns 54,787 shares of the company’s stock worth $187,000 after buying an additional 14,888 shares during the last quarter. Finally, FMR LLC grew its holdings in Editas Medicine by 110.7% in the 3rd quarter. FMR LLC now owns 203,087 shares of the company’s stock valued at $693,000 after buying an additional 106,684 shares during the period. Institutional investors and hedge funds own 71.90% of the company’s stock.

Editas Medicine Trading Up 3.1 %

Shares of EDIT opened at $1.31 on Friday. The stock’s 50 day moving average is $2.20 and its two-hundred day moving average is $3.51. Editas Medicine has a twelve month low of $1.16 and a twelve month high of $11.58. The firm has a market capitalization of $108.14 million, a PE ratio of -0.51 and a beta of 1.87.

Editas Medicine (NASDAQ:EDIT) last posted its quarterly earnings results on Monday, November 4th. The company reported ($0.75) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.75). The firm had revenue of $0.06 million for the quarter, compared to the consensus estimate of $3.93 million. Editas Medicine had a negative return on equity of 80.13% and a negative net margin of 340.96%. The company’s revenue for the quarter was down 98.9% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.55) earnings per share. On average, sell-side analysts predict that Editas Medicine will post -2.59 EPS for the current year.

Editas Medicine Company Profile

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.