Editas Medicine (NASDAQ:EDIT) Given New $4.00 Price Target at Royal Bank of Canada

Editas Medicine (NASDAQ:EDIT) had its price target decreased by Royal Bank of Canada from $5.00 to $4.00 in a research report released on Friday,Benzinga reports. Royal Bank of Canada currently has a sector perform rating on the stock.

Other research analysts also recently issued reports about the company. Chardan Capital reiterated a “neutral” rating on shares of Editas Medicine in a report on Friday. Raymond James downgraded shares of Editas Medicine from an “outperform” rating to a “market perform” rating in a report on Monday, November 4th. Truist Financial cut shares of Editas Medicine from a “buy” rating to a “hold” rating in a report on Friday. Barclays reduced their price objective on shares of Editas Medicine from $5.00 to $3.00 and set an “equal weight” rating for the company in a research note on Friday. Finally, Wells Fargo & Company lowered shares of Editas Medicine from an “overweight” rating to an “equal weight” rating and cut their price target for the stock from $7.00 to $4.00 in a report on Wednesday. Two research analysts have rated the stock with a sell rating, ten have assigned a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $6.85.

Editas Medicine Trading Down 23.8 %

EDIT opened at $1.44 on Friday. The business’s fifty day simple moving average is $2.76 and its 200-day simple moving average is $3.91. The company has a market capitalization of $118.87 million, a price-to-earnings ratio of -0.56 and a beta of 1.86. Editas Medicine has a 12-month low of $1.41 and a 12-month high of $11.58.

Editas Medicine (NASDAQ:EDIT) last posted its earnings results on Monday, November 4th. The company reported ($0.75) EPS for the quarter, meeting analysts’ consensus estimates of ($0.75). Editas Medicine had a negative net margin of 340.96% and a negative return on equity of 80.13%. The business had revenue of $0.06 million for the quarter, compared to the consensus estimate of $3.93 million. During the same quarter last year, the firm posted ($0.55) EPS. The company’s revenue for the quarter was down 98.9% on a year-over-year basis. On average, equities research analysts predict that Editas Medicine will post -2.59 EPS for the current year.

Institutional Investors Weigh In On Editas Medicine

Large investors have recently bought and sold shares of the company. Signaturefd LLC boosted its holdings in Editas Medicine by 494.8% in the third quarter. Signaturefd LLC now owns 9,326 shares of the company’s stock valued at $32,000 after purchasing an additional 7,758 shares during the last quarter. Ballentine Partners LLC acquired a new position in shares of Editas Medicine in the 3rd quarter valued at about $36,000. Arcadia Investment Management Corp MI purchased a new stake in shares of Editas Medicine in the third quarter worth about $39,000. Koss Olinger Consulting LLC acquired a new stake in Editas Medicine during the second quarter worth about $47,000. Finally, Y Intercept Hong Kong Ltd purchased a new position in Editas Medicine during the third quarter valued at approximately $47,000. Hedge funds and other 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.