Editas Medicine (NASDAQ:EDIT) Given New $3.00 Price Target at Evercore ISI

Editas Medicine (NASDAQ:EDIT) had its price objective cut by Evercore ISI from $7.00 to $3.00 in a report released on Wednesday, Benzinga reports. They currently have an in-line rating on the stock.

Other equities analysts have also recently issued research reports about the company. Wells Fargo & Company cut their price target on Editas Medicine from $27.00 to $9.00 and set an “overweight” rating for the company in a report on Wednesday. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $8.00 price target on shares of Editas Medicine in a report on Thursday, September 19th. Bank of America raised Editas Medicine from a “neutral” rating to a “buy” rating and upped their price target for the company from $13.00 to $15.00 in a report on Thursday, August 8th. Chardan Capital dropped their target price on Editas Medicine from $20.00 to $12.00 and set a “buy” rating for the company in a report on Tuesday. Finally, Truist Financial dropped their target price on Editas Medicine from $20.00 to $12.00 and set a “buy” rating for the company in a report on Thursday, August 8th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, Editas Medicine presently has an average rating of “Hold” and a consensus target price of $9.91.

Editas Medicine Stock Performance

NASDAQ EDIT opened at $3.21 on Wednesday. The stock has a 50-day simple moving average of $3.58 and a 200 day simple moving average of $4.71. The stock has a market capitalization of $263.98 million, a PE ratio of -1.53 and a beta of 1.99. Editas Medicine has a twelve month low of $2.91 and a twelve month high of $11.69.

Editas Medicine (NASDAQ:EDIT) last posted its quarterly earnings results on Wednesday, August 7th. The company reported ($0.82) EPS for the quarter, missing the consensus estimate of ($0.70) by ($0.12). The firm had revenue of $0.51 million during the quarter, compared to analyst estimates of $4.78 million. Editas Medicine had a negative net margin of 288.59% and a negative return on equity of 62.61%. The company’s revenue was down 82.2% on a year-over-year basis. During the same period last year, the company earned ($0.56) EPS. As a group, equities research analysts forecast that Editas Medicine will post -2.98 EPS for the current fiscal year.

Institutional Investors Weigh In On Editas Medicine

A number of large investors have recently bought and sold shares of the business. International Assets Investment Management LLC grew its position in Editas Medicine by 10.5% during the 2nd quarter. International Assets Investment Management LLC now owns 31,457 shares of the company’s stock worth $147,000 after acquiring an additional 3,000 shares during the last quarter. The Manufacturers Life Insurance Company grew its position in Editas Medicine by 10.1% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 33,599 shares of the company’s stock worth $157,000 after acquiring an additional 3,089 shares during the last quarter. Rhumbline Advisers grew its position in Editas Medicine by 2.9% during the 2nd quarter. Rhumbline Advisers now owns 137,986 shares of the company’s stock worth $644,000 after acquiring an additional 3,862 shares during the last quarter. Allspring Global Investments Holdings LLC boosted its position in Editas Medicine by 20.0% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 24,485 shares of the company’s stock valued at $83,000 after buying an additional 4,089 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD boosted its position in Editas Medicine by 16.9% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 49,704 shares of the company’s stock valued at $369,000 after buying an additional 7,174 shares during the last quarter. 71.90% of the stock is currently 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.