Editas Medicine (NASDAQ:EDIT) Price Target Cut to $8.00 by Analysts at Truist Financial

Editas Medicine (NASDAQ:EDIT) had its target price cut by Truist Financial from $12.00 to $8.00 in a report issued on Tuesday,Benzinga reports. They currently have a buy rating on the stock.

Other research analysts also recently issued research reports about the company. Wells Fargo & Company reduced their target price on Editas Medicine from $27.00 to $9.00 and set an “overweight” rating on the stock in a report on Wednesday, October 23rd. Barclays reduced their price objective on Editas Medicine from $7.00 to $5.00 and set an “equal weight” rating on the stock in a research note on Tuesday. 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 research note on Thursday, August 8th. Raymond James downgraded shares of Editas Medicine from an “outperform” rating to a “market perform” rating in a research report on Monday. Finally, Evercore ISI lowered their price objective on shares of Editas Medicine from $7.00 to $3.00 and set an “in-line” rating for the company in a research report on Wednesday, October 23rd. One analyst has rated the stock with a sell rating, six have assigned a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $9.08.

Editas Medicine Stock Down 3.4 %

EDIT opened at $3.17 on Tuesday. The firm’s 50 day moving average is $3.40 and its 200-day moving average is $4.49. Editas Medicine has a 52-week low of $2.70 and a 52-week high of $11.69. The firm has a market capitalization of $261.46 million, a P/E ratio of -1.24 and a beta of 2.01.

Editas Medicine (NASDAQ:EDIT) last issued its quarterly earnings data 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 during the quarter, compared to analyst estimates of $3.93 million. Editas Medicine had a negative return on equity of 72.15% and a negative net margin of 340.96%. Editas Medicine’s quarterly revenue was down 98.9% on a year-over-year basis. During the same quarter last year, the firm earned ($0.55) EPS. Equities analysts expect that Editas Medicine will post -2.96 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Editas Medicine

Several institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its position in Editas Medicine by 1.1% during the 1st quarter. Vanguard Group Inc. now owns 8,555,597 shares of the company’s stock worth $63,483,000 after acquiring an additional 93,740 shares during the last quarter. Millennium Management LLC raised its position in Editas Medicine by 10.0% in the 2nd quarter. Millennium Management LLC now owns 2,459,629 shares of the company’s stock valued at $11,486,000 after purchasing an additional 223,012 shares during the last quarter. Integral Health Asset Management LLC boosted its stake in Editas Medicine by 50.0% in the second quarter. Integral Health Asset Management LLC now owns 675,000 shares of the company’s stock worth $3,152,000 after purchasing an additional 225,000 shares in the last quarter. Raymond James & Associates grew its holdings in shares of Editas Medicine by 49.7% during the second quarter. Raymond James & Associates now owns 526,815 shares of the company’s stock worth $2,460,000 after purchasing an additional 174,993 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. increased its stake in shares of Editas Medicine by 59.0% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 314,774 shares of the company’s stock valued at $2,246,000 after buying an additional 116,803 shares in the last quarter. 71.90% of the stock is 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.