Editas Medicine (NASDAQ:EDIT) PT Lowered to $12.00 at Truist Financial

Editas Medicine (NASDAQ:EDIT) had its target price reduced by Truist Financial from $20.00 to $12.00 in a research note issued to investors on Thursday, Benzinga reports. Truist Financial currently has a buy rating on the stock.

Several other brokerages also recently issued reports on EDIT. Barclays reduced their price objective on Editas Medicine from $11.00 to $9.00 and set an equal weight rating for the company in a research report on Thursday, May 9th. Citigroup reduced their price objective on Editas Medicine from $16.00 to $15.00 and set a buy rating for the company in a research report on Thursday, May 9th. Evercore ISI cut their target price on Editas Medicine from $15.00 to $7.00 and set an in-line rating for the company in a research report on Thursday, May 30th. Oppenheimer restated a market perform rating and issued a $12.00 target price on shares of Editas Medicine in a research report on Tuesday, June 18th. Finally, StockNews.com cut Editas Medicine from a hold rating to a sell rating in a report on Thursday, May 9th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of Hold and an average target price of $11.50.

Editas Medicine Trading Down 5.5 %

Shares of Editas Medicine stock opened at $3.97 on Thursday. Editas Medicine has a twelve month low of $3.92 and a twelve month high of $11.69. The stock has a market capitalization of $326.48 million, a P/E ratio of -1.89 and a beta of 2.01. The business’s fifty day moving average price is $5.13 and its 200 day moving average price is $6.33.

Editas Medicine (NASDAQ:EDIT) last released its quarterly earnings data on Wednesday, August 7th. The company reported ($0.82) EPS for the quarter, missing the consensus estimate of ($0.70) by ($0.12). Editas Medicine had a negative net margin of 239.36% and a negative return on equity of 47.34%. The company had revenue of $0.51 million during the quarter, compared to analysts’ expectations of $4.78 million. During the same period last year, the business earned ($0.56) earnings per share. The company’s revenue for the quarter was down 82.2% compared to the same quarter last year. As a group, sell-side analysts predict that Editas Medicine will post -2.7 EPS for the current year.

Insiders Place Their Bets

In related news, EVP Baisong Mei sold 6,619 shares of the 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 completion of the transaction, the executive vice president now owns 134,413 shares of the company’s stock, valued at approximately $700,291.73. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, EVP Baisong Mei sold 6,619 shares of the firm’s stock in a transaction dated Friday, July 19th. The shares were sold at an average price of $5.21, for a total transaction of $34,484.99. Following the transaction, the executive vice president now directly owns 134,413 shares of the company’s stock, valued at $700,291.73. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Linda Burkly sold 11,886 shares of Editas Medicine stock in a transaction dated Thursday, July 25th. The stock was sold at an average price of $5.42, for a total transaction of $64,422.12. Following the completion of the sale, the executive vice president now directly owns 73,136 shares in the company, valued at approximately $396,397.12. The disclosure for this sale can be found here. Insiders have sold a total of 31,207 shares of company stock worth $168,768 in the last quarter. Corporate insiders own 1.90% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of EDIT. Koss Olinger Consulting LLC bought a new stake in Editas Medicine during the 2nd quarter valued at approximately $47,000. Russell Investments Group Ltd. boosted its holdings in shares of Editas Medicine by 401.9% during the 4th quarter. Russell Investments Group Ltd. now owns 5,190 shares of the company’s stock valued at $53,000 after purchasing an additional 4,156 shares during the last quarter. Hoylecohen LLC bought a new position in shares of Editas Medicine in the 2nd quarter valued at about $55,000. Spectrum Planning & Advisory Services Inc. purchased a new stake in Editas Medicine in the 2nd quarter worth about $57,000. Finally, Aries Wealth Management purchased a new stake in Editas Medicine in the 2nd quarter worth about $65,000. Hedge funds and other institutional investors own 71.90% of the company’s stock.

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.