Oppenheimer Reiterates Market Perform Rating for Editas Medicine (NASDAQ:EDIT)

Editas Medicine (NASDAQ:EDIT)‘s stock had its “market perform” rating restated by research analysts at Oppenheimer in a report issued on Tuesday, Benzinga reports. They currently have a $12.00 target price on the stock. Oppenheimer’s target price would indicate a potential upside of 138.10% from the stock’s previous close.

Other equities research analysts have also recently issued reports about the stock. Evercore ISI decreased their price target on shares of Editas Medicine from $15.00 to $7.00 and set an “in-line” rating on the stock in a research note on Thursday, May 30th. Morgan Stanley raised shares of Editas Medicine from an “underweight” rating to an “equal weight” rating and set a $7.00 price objective on the stock in a research note on Thursday, May 9th. Barclays decreased their target price on shares of Editas Medicine from $11.00 to $9.00 and set an “equal weight” rating on the stock in a research report on Thursday, May 9th. Citigroup reduced their price target on Editas Medicine from $16.00 to $15.00 and set a “buy” rating on the stock in a research note on Thursday, May 9th. Finally, JPMorgan Chase & Co. lifted their price objective on Editas Medicine from $8.00 to $9.00 and gave the company a “neutral” rating in a research report on Tuesday, February 27th. One analyst has rated the stock with a sell rating, six have given a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, Editas Medicine has a consensus rating of “Hold” and an average target price of $12.90.

Editas Medicine Stock Performance

EDIT stock opened at $5.04 on Tuesday. The stock’s 50 day moving average price is $5.53 and its 200 day moving average price is $7.59. The firm has a market cap of $414.49 million, a P/E ratio of -2.40 and a beta of 2.06. Editas Medicine has a 1 year low of $4.82 and a 1 year high of $11.69.

Editas Medicine (NASDAQ:EDIT) last released its quarterly earnings results on Wednesday, May 8th. The company reported ($0.76) earnings per share for the quarter, missing the consensus estimate of ($0.63) by ($0.13). Editas Medicine had a negative return on equity of 47.34% and a negative net margin of 239.36%. The company had revenue of $1.10 million for the quarter, compared to analysts’ expectations of $11.14 million. During the same period in the previous year, the business posted ($0.71) EPS. The business’s quarterly revenue was down 88.9% on a year-over-year basis. On average, research analysts predict that Editas Medicine will post -2.7 earnings per share for the current year.

Insider Transactions at Editas Medicine

In other news, Director Jessica Hopfield bought 45,000 shares of Editas Medicine stock in a transaction that occurred on Monday, May 13th. The shares were purchased at an average price of $5.64 per share, for a total transaction of $253,800.00. Following the completion of the acquisition, the director now owns 67,700 shares of the company’s stock, valued at $381,828. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other Editas Medicine news, Director Jessica Hopfield bought 45,000 shares of the company’s stock in a transaction that occurred on Monday, May 13th. The stock was purchased at an average price of $5.64 per share, with a total value of $253,800.00. Following the transaction, the director now owns 67,700 shares in the company, valued at $381,828. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Gilmore Neil O’neill sold 12,191 shares of the firm’s stock in a transaction that occurred on Tuesday, June 4th. The shares were sold at an average price of $5.50, for a total transaction of $67,050.50. Following the completion of the transaction, the chief executive officer now owns 315,279 shares in the company, valued at approximately $1,734,034.50. The disclosure for this sale can be found here. Insiders own 1.90% of the company’s stock.

Hedge Funds Weigh In On Editas Medicine

Hedge funds and other institutional investors have recently made changes to their positions in the business. Dimensional Fund Advisors LP lifted its stake in shares of Editas Medicine by 40.6% during the fourth quarter. Dimensional Fund Advisors LP now owns 2,392,396 shares of the company’s stock worth $24,236,000 after purchasing an additional 690,366 shares in the last quarter. Vanguard Group Inc. lifted its position in Editas Medicine by 4.5% during the 3rd quarter. Vanguard Group Inc. now owns 8,536,208 shares of the company’s stock worth $66,582,000 after acquiring an additional 370,734 shares in the last quarter. International Assets Investment Management LLC boosted its holdings in Editas Medicine by 1,183.6% in the 4th quarter. International Assets Investment Management LLC now owns 288,269 shares of the company’s stock worth $28,457,000 after acquiring an additional 265,812 shares during the period. Charles Schwab Investment Management Inc. grew its position in Editas Medicine by 32.9% in the third quarter. Charles Schwab Investment Management Inc. now owns 688,964 shares of the company’s stock valued at $5,374,000 after acquiring an additional 170,694 shares in the last quarter. Finally, Los Angeles Capital Management LLC purchased a new stake in shares of Editas Medicine during the first quarter valued at approximately $1,097,000. Institutional investors and hedge funds 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.