Editas Medicine (NASDAQ:EDIT) Price Target Lowered to $12.00 at Chardan Capital

Editas Medicine (NASDAQ:EDIT) had its price target reduced by Chardan Capital from $20.00 to $12.00 in a research note released on Tuesday, Benzinga reports. They currently have a buy rating on the stock.

Other analysts have also recently issued research reports about the company. Bank of America upgraded Editas Medicine from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $13.00 to $15.00 in a research report on Thursday, August 8th. Royal Bank of Canada restated a “sector perform” rating and set a $8.00 target price on shares of Editas Medicine in a research report on Thursday, September 19th. Truist Financial lowered their price objective on shares of Editas Medicine from $20.00 to $12.00 and set a “buy” rating on the stock in a research report on Thursday, August 8th. Finally, Barclays reduced their target price on shares of Editas Medicine from $9.00 to $7.00 and set an “equal weight” rating for the company in a report on Thursday, August 8th. One analyst has rated the stock with a sell rating, six have issued a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $9.91.

Editas Medicine Stock Performance

Shares of NASDAQ EDIT opened at $3.18 on Tuesday. The stock’s 50-day simple moving average is $3.55 and its 200-day simple moving average is $4.68. The firm has a market capitalization of $261.52 million, a PE ratio of -1.51 and a beta of 1.99. Editas Medicine has a fifty-two week low of $2.91 and a fifty-two week high of $11.69.

Editas Medicine (NASDAQ:EDIT) last issued 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). The company had revenue of $0.51 million for the quarter, compared to analysts’ expectations of $4.78 million. Editas Medicine had a negative return on equity of 62.61% and a negative net margin of 288.59%. The firm’s quarterly revenue was down 82.2% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($0.56) EPS. On average, sell-side analysts forecast that Editas Medicine will post -2.98 earnings per share for the current fiscal year.

Institutional Trading of Editas Medicine

Several hedge funds have recently modified their holdings of the business. HB Wealth Management LLC acquired a new stake in Editas Medicine in the first quarter valued at $76,000. Mirae Asset Global Investments Co. Ltd. boosted its holdings in Editas Medicine by 59.0% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 314,774 shares of the company’s stock worth $2,246,000 after buying an additional 116,803 shares in the last quarter. Jennison Associates LLC grew its position in Editas Medicine by 29.1% during the first quarter. Jennison Associates LLC now owns 106,520 shares of the company’s stock worth $790,000 after buying an additional 24,000 shares during the period. Headlands Technologies LLC increased its holdings in Editas Medicine by 481.7% in the first quarter. Headlands Technologies LLC now owns 9,493 shares of the company’s stock valued at $70,000 after buying an additional 7,861 shares in the last quarter. Finally, Russell Investments Group Ltd. lifted its position in shares of Editas Medicine by 147.4% during the 1st quarter. Russell Investments Group Ltd. now owns 12,838 shares of the company’s stock valued at $95,000 after acquiring an additional 7,648 shares during the period. 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.