Editas Medicine (NASDAQ:EDIT) Price Target Cut to $5.00 by Analysts at Barclays

Editas Medicine (NASDAQ:EDIT) had its target price reduced by Barclays from $7.00 to $5.00 in a report published on Tuesday morning, Benzinga reports. They currently have an equal weight rating on the stock.

EDIT has been the subject of several other reports. Evercore ISI dropped their target price on Editas Medicine from $7.00 to $3.00 and set an “in-line” rating for the company in a report on Wednesday, October 23rd. Royal Bank of Canada restated a “sector perform” rating and set a $8.00 price objective on shares of Editas Medicine in a research report on Thursday, September 19th. Bank of America upgraded shares of Editas Medicine from a “neutral” rating to a “buy” rating and boosted their target price for the company from $13.00 to $15.00 in a report on Thursday, August 8th. Truist Financial reduced their price target 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, Raymond James cut Editas Medicine from an “outperform” rating to a “market perform” rating in a report on Monday. 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’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $9.08.

Editas Medicine Stock Performance

Shares of EDIT stock opened at $3.12 on Tuesday. Editas Medicine has a fifty-two week low of $2.70 and a fifty-two week high of $11.69. The stock’s fifty day moving average is $3.42 and its two-hundred day moving average is $4.51. The firm has a market capitalization of $257.33 million, a P/E ratio of -1.22 and a beta of 2.01.

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, hitting analysts’ consensus estimates of ($0.75). Editas Medicine had a negative net margin of 288.59% and a negative return on equity of 62.61%. The firm had revenue of $0.06 million for the quarter, compared to analyst estimates of $3.93 million. During the same period in the previous year, the business posted ($0.55) earnings per share. Editas Medicine’s quarterly revenue was down 98.9% on a year-over-year basis. On average, equities analysts forecast that Editas Medicine will post -2.96 earnings per share for the current year.

Institutional Trading of Editas Medicine

Several hedge funds have recently made changes to their positions in the business. International Assets Investment Management LLC increased its stake in Editas Medicine by 10.5% during the 2nd quarter. International Assets Investment Management LLC now owns 31,457 shares of the company’s stock worth $147,000 after buying an additional 3,000 shares during the period. The Manufacturers Life Insurance Company raised its stake in shares of Editas Medicine by 10.1% in the second 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 in the last quarter. Rhumbline Advisers boosted its holdings in Editas Medicine by 2.9% in the second 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 period. Allspring Global Investments Holdings LLC grew its stake in Editas Medicine by 20.0% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 24,485 shares of the company’s stock worth $83,000 after purchasing an additional 4,089 shares in the last quarter. Finally, China Universal Asset Management Co. Ltd. raised its position in Editas Medicine by 64.2% in the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 15,863 shares of the company’s stock valued at $54,000 after purchasing an additional 6,202 shares in the last quarter. Institutional investors and hedge funds 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.