Editas Medicine (NASDAQ:EDIT) Downgraded by Wells Fargo & Company to Equal Weight

Editas Medicine (NASDAQ:EDIT) was downgraded by equities researchers at Wells Fargo & Company from an “overweight” rating to an “equal weight” rating in a research report issued to clients and investors on Wednesday,Finviz reports. They currently have a $4.00 price objective on the stock, down from their previous price objective of $7.00. Wells Fargo & Company‘s target price points to a potential upside of 90.48% from the stock’s previous close.

Several other research firms have also recently commented on EDIT. Barclays reduced their target price on Editas Medicine from $7.00 to $5.00 and set an “equal weight” rating for the company in a research report on Tuesday, November 5th. Chardan Capital reissued a “buy” rating and set a $12.00 price objective on shares of Editas Medicine in a report on Tuesday, November 5th. Bank of America downgraded shares of Editas Medicine from a “buy” rating to an “underperform” rating and lowered their target price for the company from $13.00 to $1.00 in a research note on Monday, November 25th. Evercore ISI raised shares of Editas Medicine from an “in-line” rating to an “outperform” rating in a research note on Wednesday, November 6th. Finally, Stifel Nicolaus lowered their price objective on shares of Editas Medicine from $17.00 to $11.00 and set a “buy” rating on the stock in a research report on Tuesday, November 5th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $7.67.

Editas Medicine Stock Down 5.8 %

Shares of NASDAQ EDIT opened at $2.10 on Wednesday. The company has a market cap of $173.36 million, a P/E ratio of -0.82 and a beta of 1.87. Editas Medicine has a 52 week low of $1.89 and a 52 week high of $11.58. The business has a 50-day simple moving average of $2.85 and a two-hundred day simple moving average of $3.97.

Editas Medicine (NASDAQ:EDIT) last issued its quarterly earnings data on Monday, November 4th. The company reported ($0.75) EPS for the quarter, meeting the consensus estimate of ($0.75). Editas Medicine had a negative net margin of 340.96% and a negative return on equity of 80.13%. The company had revenue of $0.06 million during the quarter, compared to analysts’ expectations of $3.93 million. During the same quarter in the previous year, the company earned ($0.55) earnings per share. Editas Medicine’s revenue for the quarter was down 98.9% on a year-over-year basis. Equities research analysts anticipate that Editas Medicine will post -2.62 EPS for the current year.

Hedge Funds Weigh In On Editas Medicine

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Price T Rowe Associates Inc. MD increased its holdings in shares of Editas Medicine by 16.9% during the first quarter. Price T Rowe Associates Inc. MD now owns 49,704 shares of the company’s stock valued at $369,000 after acquiring an additional 7,174 shares in the last quarter. Spectrum Planning & Advisory Services Inc. purchased a new position in Editas Medicine in the second quarter worth about $57,000. Hoylecohen LLC bought a new position in shares of Editas Medicine in the second quarter worth approximately $55,000. 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 valued at $2,460,000 after buying an additional 174,993 shares during the last quarter. Finally, Hennion & Walsh Asset Management Inc. bought a new stake in shares of Editas Medicine during the second quarter valued at approximately $786,000. Institutional investors own 71.90% of the company’s stock.

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.