Editas Medicine (NASDAQ:EDIT) Raised to Outperform at Evercore ISI

Editas Medicine (NASDAQ:EDIT) was upgraded by research analysts at Evercore ISI from an “in-line” rating to an “outperform” rating in a report issued on Wednesday, Marketbeat Ratings reports.

EDIT has been the subject of a number of other research reports. Truist Financial cut their price target on Editas Medicine from $12.00 to $8.00 and set a “buy” rating for the company in a research note on Tuesday. Raymond James lowered shares of Editas Medicine from an “outperform” rating to a “market perform” rating in a research report on Monday. Wells Fargo & Company cut 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. Bank of America upgraded shares of Editas Medicine from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $13.00 to $15.00 in a research report on Thursday, August 8th. Finally, Royal Bank of Canada decreased their price target on Editas Medicine from $8.00 to $5.00 and set a “sector perform” rating for the company in a research note on Tuesday. One analyst has rated the stock with a sell rating, six have issued a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $9.08.

Editas Medicine Price Performance

EDIT stock traded up $0.24 during trading on Wednesday, hitting $3.36. 2,715,612 shares of the stock traded hands, compared to its average volume of 1,927,277. The stock has a market cap of $277.12 million, a price-to-earnings ratio of -1.30 and a beta of 2.01. Editas Medicine has a 1 year low of $2.70 and a 1 year high of $11.69. The firm’s 50 day moving average is $3.42 and its two-hundred day moving average is $4.51.

Editas Medicine (NASDAQ:EDIT) last posted its quarterly 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 288.59% and a negative return on equity of 62.61%. The firm had revenue of $0.06 million for the quarter, compared to analysts’ expectations of $3.93 million. During the same quarter in the prior year, the company posted ($0.55) earnings per share. The business’s revenue for the quarter was down 98.9% on a year-over-year basis. As a group, analysts anticipate that Editas Medicine will post -2.96 EPS for the current fiscal year.

Hedge Funds Weigh In On Editas Medicine

Several hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. lifted its holdings in Editas Medicine by 1.1% in the first quarter. Vanguard Group Inc. now owns 8,555,597 shares of the company’s stock valued at $63,483,000 after acquiring an additional 93,740 shares during the period. Millennium Management LLC lifted its holdings 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 in the last quarter. Integral Health Asset Management LLC boosted its stake in Editas Medicine by 50.0% during the 2nd quarter. Integral Health Asset Management LLC now owns 675,000 shares of the company’s stock worth $3,152,000 after purchasing an additional 225,000 shares during the last quarter. Raymond James & Associates grew its holdings in shares of Editas Medicine by 49.7% during the second quarter. Raymond James & Associates now owns 526,815 shares of the company’s stock worth $2,460,000 after buying an additional 174,993 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. raised its position in shares of Editas Medicine by 59.0% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 314,774 shares of the company’s stock valued at $2,246,000 after buying an additional 116,803 shares during the last quarter. Institutional investors and hedge funds own 71.90% of the company’s stock.

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.