Editas Medicine (NASDAQ:EDIT) Price Target Lowered to $5.00 at Evercore ISI

Editas Medicine (NASDAQ:EDIT) had its price objective decreased by analysts at Evercore ISI from $7.00 to $5.00 in a report issued on Monday,Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Evercore ISI’s target price would suggest a potential upside of 247.22% from the company’s previous close.

A number of other research firms have also recently weighed in on EDIT. Barclays dropped their price objective on shares of Editas Medicine from $5.00 to $3.00 and set an “equal weight” rating on the stock in a report on Friday. Royal Bank of Canada reduced their price objective on Editas Medicine from $5.00 to $4.00 and set a “sector perform” rating for the company in a research note on Friday. JPMorgan Chase & Co. downgraded Editas Medicine from a “neutral” rating to an “underweight” rating in a research note on Monday. Bank of America lowered shares of Editas Medicine from a “buy” rating to an “underperform” rating and reduced their price objective for the company from $13.00 to $1.00 in a research note on Monday, November 25th. Finally, Truist Financial downgraded Editas Medicine from a “buy” rating to a “hold” rating in a report on Friday. Three research analysts have rated the stock with a sell rating, nine have issued a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $7.00.

Editas Medicine Trading Down 23.8 %

Shares of EDIT opened at $1.44 on Monday. Editas Medicine has a twelve month low of $1.41 and a twelve month high of $11.58. The stock’s fifty day simple moving average is $2.76 and its 200 day simple moving average is $3.89. The firm has a market capitalization of $118.87 million, a P/E ratio of -0.56 and a beta of 1.86.

Editas Medicine (NASDAQ:EDIT) last issued its quarterly earnings data on Monday, November 4th. The company reported ($0.75) EPS for the quarter, hitting 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 net margin of 340.96% and a negative return on equity of 80.13%. The firm’s revenue was down 98.9% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.55) EPS. Sell-side analysts predict that Editas Medicine will post -2.59 earnings per share for the current year.

Hedge Funds Weigh In On Editas Medicine

Several institutional investors have recently bought and sold shares of EDIT. Signaturefd LLC grew its holdings in shares of Editas Medicine by 494.8% in the third quarter. Signaturefd LLC now owns 9,326 shares of the company’s stock worth $32,000 after purchasing an additional 7,758 shares during the last quarter. Ballentine Partners LLC bought a new stake in shares of Editas Medicine in the third quarter worth approximately $36,000. Arcadia Investment Management Corp MI purchased a new stake in Editas Medicine during the third quarter valued at $39,000. Koss Olinger Consulting LLC purchased a new position in shares of Editas Medicine during the 2nd quarter worth $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.