Editas Medicine, Inc. (NASDAQ:EDIT) Receives $9.08 Average Price Target from Analysts

Editas Medicine, Inc. (NASDAQ:EDIT) has been given an average recommendation of “Moderate Buy” by the thirteen analysts that are presently covering the company, Marketbeat.com reports. Six analysts have rated the stock with a hold recommendation and seven have assigned a buy recommendation to the company. The average 1 year target price among analysts that have issued ratings on the stock in the last year is $9.08.

Several research analysts recently weighed in on the stock. Royal Bank of Canada reduced their price target on shares of Editas Medicine from $8.00 to $5.00 and set a “sector perform” rating for the company in a research report on Tuesday, November 5th. Raymond James downgraded Editas Medicine from an “outperform” rating to a “market perform” rating in a research note on Monday, November 4th. Chardan Capital reaffirmed a “buy” rating and set a $12.00 target price on shares of Editas Medicine in a research note on Tuesday, November 5th. Bank of America upgraded shares of Editas Medicine from a “neutral” rating to a “buy” rating and increased their target price for the company from $13.00 to $15.00 in a research report on Thursday, August 8th. Finally, Evercore ISI raised shares of Editas Medicine from an “in-line” rating to an “outperform” rating in a research note on Wednesday, November 6th.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of EDIT. Mirae Asset Global Investments Co. Ltd. grew its position in Editas Medicine by 59.0% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 314,774 shares of the company’s stock valued at $2,246,000 after acquiring an additional 116,803 shares in the last quarter. Jennison Associates LLC raised its stake in Editas Medicine by 29.1% in the first quarter. Jennison Associates LLC now owns 106,520 shares of the company’s stock valued at $790,000 after buying an additional 24,000 shares in the last quarter. Headlands Technologies LLC lifted its holdings in Editas Medicine by 481.7% during the 1st quarter. Headlands Technologies LLC now owns 9,493 shares of the company’s stock worth $70,000 after buying an additional 7,861 shares during the last quarter. Russell Investments Group Ltd. boosted 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 worth $95,000 after acquiring an additional 7,648 shares in the last quarter. Finally, Vanguard Group Inc. increased its holdings in shares of Editas Medicine by 1.1% in the 1st quarter. Vanguard Group Inc. now owns 8,555,597 shares of the company’s stock valued at $63,483,000 after acquiring an additional 93,740 shares during the last quarter. Institutional investors and hedge funds own 71.90% of the company’s stock.

Editas Medicine Stock Down 3.6 %

NASDAQ:EDIT opened at $2.96 on Thursday. The stock has a market capitalization of $244.35 million, a PE ratio of -1.16 and a beta of 2.01. Editas Medicine has a 52 week low of $2.70 and a 52 week high of $11.69. The stock’s 50-day moving average price is $3.36 and its 200-day moving average price is $4.42.

Editas Medicine (NASDAQ:EDIT) last announced its earnings results on Monday, November 4th. The company reported ($0.75) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.75). The firm had revenue of $0.06 million for the quarter, compared to analyst estimates of $3.93 million. Editas Medicine had a negative return on equity of 80.13% and a negative net margin of 340.96%. The business’s revenue was down 98.9% on a year-over-year basis. During the same quarter last year, the firm posted ($0.55) EPS. Sell-side analysts expect that Editas Medicine will post -2.73 earnings per share for the current fiscal 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.