Stifel Nicolaus Cuts Editas Medicine (NASDAQ:EDIT) Price Target to $11.00

Editas Medicine (NASDAQ:EDIT) had its target price lowered by investment analysts at Stifel Nicolaus from $17.00 to $11.00 in a note issued to investors on Tuesday, Benzinga reports. The firm currently has a “buy” rating on the stock. Stifel Nicolaus’ price objective indicates a potential upside of 264.24% from the stock’s current price.

EDIT has been the subject of several other reports. Wells Fargo & Company reduced their target price on shares of Editas Medicine from $9.00 to $7.00 and set an “overweight” rating for the company in a report on Tuesday. Truist Financial reduced their price objective on Editas Medicine from $12.00 to $8.00 and set a “buy” rating on the stock in a research note on Tuesday. Bank of America raised shares of Editas Medicine from a “neutral” rating to a “buy” rating and raised their target price for the company from $13.00 to $15.00 in a report on Thursday, August 8th. Barclays decreased their price target on shares of Editas Medicine from $7.00 to $5.00 and set an “equal weight” rating on the stock in a research note on Tuesday. Finally, Royal Bank of Canada reissued a “sector perform” rating and issued a $8.00 price objective on shares of Editas Medicine in a research note on Thursday, September 19th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $9.33.

Editas Medicine Price Performance

NASDAQ EDIT traded up $0.14 during mid-day trading on Tuesday, reaching $3.02. The stock had a trading volume of 537,491 shares, compared to its average volume of 1,916,715. Editas Medicine has a 1 year low of $2.70 and a 1 year high of $11.69. The company has a fifty day moving average price of $3.44 and a 200 day moving average price of $4.52. The stock has a market cap of $249.09 million, a PE ratio of -1.28 and a beta of 2.01.

Editas Medicine (NASDAQ:EDIT) last released its quarterly earnings results on Monday, November 4th. The company reported ($0.75) earnings per share for the quarter, hitting the consensus estimate of ($0.75). Editas Medicine had a negative net margin of 288.59% and a negative return on equity of 62.61%. The business had revenue of $0.06 million for the quarter, compared to the consensus estimate of $3.93 million. During the same period last year, the firm earned ($0.55) earnings per share. The company’s quarterly revenue was down 98.9% on a year-over-year basis. As a group, equities research analysts expect that Editas Medicine will post -2.96 earnings per share for the current year.

Institutional Investors Weigh In On Editas Medicine

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Signaturefd LLC boosted its stake 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 buying an additional 7,758 shares during the last quarter. Ballentine Partners LLC acquired a new stake in shares of Editas Medicine in the third quarter valued at about $36,000. Arcadia Investment Management Corp MI acquired a new stake in shares of Editas Medicine in the third quarter valued at about $39,000. Koss Olinger Consulting LLC purchased a new stake in shares of Editas Medicine during the second quarter worth about $47,000. Finally, China Universal Asset Management Co. Ltd. raised its position in shares of Editas Medicine by 64.2% during the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 15,863 shares of the company’s stock worth $54,000 after purchasing an additional 6,202 shares during the last quarter. 71.90% of the stock is owned by institutional investors and hedge funds.

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.