Editas Medicine (NASDAQ:EDIT) Price Target Cut to $8.00 by Analysts at Robert W. Baird

Editas Medicine (NASDAQ:EDIT) had its target price cut by Robert W. Baird from $10.00 to $8.00 in a note issued to investors on Friday,Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Robert W. Baird’s price objective would suggest a potential upside of 323.28% from the stock’s current price.

EDIT has been the subject of several other research reports. Barclays decreased their price target on Editas Medicine from $7.00 to $5.00 and set an “equal weight” rating for the company in a research note on Tuesday, November 5th. Raymond James lowered shares of Editas Medicine from an “outperform” rating to a “market perform” rating in a report on Monday, November 4th. Stifel Nicolaus downgraded shares of Editas Medicine from a “buy” rating to a “hold” rating and dropped their price target for the stock from $11.00 to $3.00 in a research report on Friday. Chardan Capital reiterated a “buy” rating and set a $12.00 price objective on shares of Editas Medicine in a research report on Tuesday, November 5th. Finally, Truist Financial lowered shares of Editas Medicine from a “buy” rating to a “hold” rating in a report on Friday. Two research analysts have rated the stock with a sell rating, nine have issued a hold rating and four have issued a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $7.08.

Editas Medicine Price Performance

EDIT opened at $1.89 on Friday. Editas Medicine has a fifty-two week low of $1.86 and a fifty-two week high of $11.58. The company’s 50 day moving average price is $2.80 and its two-hundred day moving average price is $3.94. The firm has a market capitalization of $156.02 million, a price-to-earnings ratio of -0.74 and a beta of 1.86.

Editas Medicine (NASDAQ:EDIT) last issued its quarterly earnings results on Monday, November 4th. The company reported ($0.75) EPS for the quarter, hitting analysts’ consensus estimates of ($0.75). The company had revenue of $0.06 million for the quarter, compared to analyst estimates of $3.93 million. Editas Medicine had a negative net margin of 340.96% and a negative return on equity of 80.13%. Editas Medicine’s revenue was down 98.9% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($0.55) earnings per share. As a group, equities research analysts predict that Editas Medicine will post -2.59 EPS for the current year.

Institutional Trading of Editas Medicine

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in EDIT. Millennium Management LLC grew 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 period. Jacobs Levy Equity Management Inc. increased its position in shares of Editas Medicine by 133.2% during the third quarter. Jacobs Levy Equity Management Inc. now owns 529,834 shares of the company’s stock worth $1,807,000 after acquiring an additional 302,652 shares in the last quarter. Integral Health Asset Management LLC raised its holdings in shares of Editas Medicine by 50.0% in the 2nd quarter. Integral Health Asset Management LLC now owns 675,000 shares of the company’s stock worth $3,152,000 after acquiring an additional 225,000 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its stake in Editas Medicine by 16.9% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 49,704 shares of the company’s stock valued at $369,000 after purchasing an additional 7,174 shares during the last quarter. Finally, Dynamic Technology Lab Private Ltd bought a new stake in Editas Medicine during the 3rd quarter worth approximately $240,000. 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.