Royal Bank of Canada Reaffirms “Sector Perform” Rating for Editas Medicine (NASDAQ:EDIT)

Editas Medicine (NASDAQ:EDIT)‘s stock had its “sector perform” rating reiterated by research analysts at Royal Bank of Canada in a research note issued to investors on Thursday, Benzinga reports. They presently have a $8.00 price target on the stock. Royal Bank of Canada’s price target points to a potential upside of 106.19% from the company’s current price.

Other research analysts have also recently issued research reports about the stock. Barclays decreased their price target on shares of Editas Medicine from $9.00 to $7.00 and set an “equal weight” rating on the stock in a report on Thursday, August 8th. Oppenheimer restated a “market perform” rating and issued a $12.00 target price on shares of Editas Medicine in a research report on Tuesday, June 18th. Evercore ISI reduced 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 report on Thursday, May 30th. Truist Financial lowered their price objective on shares of Editas Medicine from $20.00 to $12.00 and set a “buy” rating for the company in a report on Thursday, August 8th. Finally, Bank of America raised shares of Editas Medicine from a “neutral” rating to a “buy” rating and increased their target price for the company from $13.00 to $15.00 in a report on Thursday, August 8th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and four have given a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $10.90.

Editas Medicine Stock Up 0.5 %

Shares of EDIT stock opened at $3.88 on Thursday. The company has a 50 day moving average of $4.41 and a 200-day moving average of $5.51. Editas Medicine has a 12-month low of $3.40 and a 12-month high of $11.69. The firm has a market cap of $319.08 million, a P/E ratio of -1.85 and a beta of 1.99.

Editas Medicine (NASDAQ:EDIT) last issued its earnings results on Wednesday, August 7th. The company reported ($0.82) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.70) by ($0.12). The business had revenue of $0.51 million for the quarter, compared to the consensus estimate of $4.78 million. Editas Medicine had a negative return on equity of 62.61% and a negative net margin of 288.59%. Editas Medicine’s revenue for the quarter was down 82.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.56) EPS. As a group, equities analysts expect that Editas Medicine will post -2.97 EPS for the current year.

Insider Activity at Editas Medicine

In other Editas Medicine news, EVP Linda Burkly sold 11,886 shares of the firm’s stock in a transaction on Thursday, July 25th. The shares were sold at an average price of $5.42, for a total value of $64,422.12. Following the sale, the executive vice president now owns 73,136 shares of the company’s stock, valued at approximately $396,397.12. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other news, EVP Linda Burkly sold 11,886 shares of the stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $5.42, for a total transaction of $64,422.12. Following the completion of the sale, the executive vice president now directly owns 73,136 shares in the company, valued at $396,397.12. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Baisong Mei sold 6,619 shares of the firm’s stock in a transaction dated Friday, July 19th. The stock was sold at an average price of $5.21, for a total value of $34,484.99. Following the completion of the sale, the executive vice president now directly owns 134,413 shares in the company, valued at $700,291.73. The disclosure for this sale can be found here. Insiders sold 20,578 shares of company stock worth $105,997 in the last three months. 1.90% of the stock is owned by insiders.

Hedge Funds Weigh In On Editas Medicine

Hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. lifted its stake in Editas Medicine by 1.1% in the first quarter. Vanguard Group Inc. now owns 8,555,597 shares of the company’s stock worth $63,483,000 after acquiring an additional 93,740 shares during the period. Millennium Management LLC lifted its position in shares of Editas Medicine by 10.0% in the 2nd quarter. Millennium Management LLC now owns 2,459,629 shares of the company’s stock worth $11,486,000 after purchasing an additional 223,012 shares during the period. Dimensional Fund Advisors LP boosted its stake in shares of Editas Medicine by 40.6% during the 4th quarter. Dimensional Fund Advisors LP now owns 2,392,396 shares of the company’s stock valued at $24,236,000 after purchasing an additional 690,366 shares in the last quarter. Integral Health Asset Management LLC increased its position in shares of Editas Medicine by 50.0% during the second quarter. Integral Health Asset Management LLC now owns 675,000 shares of the company’s stock valued at $3,152,000 after buying an additional 225,000 shares during the period. Finally, Raymond James & Associates raised its stake in Editas Medicine by 49.7% in 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. 71.90% of the stock is owned by hedge funds and other institutional investors.

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.