Evercore ISI Trims Editas Medicine (NASDAQ:EDIT) Target Price to $3.00

Editas Medicine (NASDAQ:EDIT) had its price target trimmed by Evercore ISI from $7.00 to $3.00 in a research report report published on Wednesday morning, Benzinga reports. The brokerage currently has an in-line rating on the stock.

Several other brokerages also recently weighed in on EDIT. Barclays lowered their target price on Editas Medicine from $9.00 to $7.00 and set an “equal weight” rating for the company in a research note on Thursday, August 8th. Royal Bank of Canada restated a “sector perform” rating and set a $8.00 price objective on shares of Editas Medicine in a report on Thursday, September 19th. Truist Financial reduced their target price on Editas Medicine from $20.00 to $12.00 and set a “buy” rating for the company in a research note on Thursday, August 8th. Wells Fargo & Company dropped their price target on shares of Editas Medicine from $27.00 to $9.00 and set an “overweight” rating for the company in a research note on Wednesday. Finally, Bank of America upgraded shares of Editas Medicine from a “neutral” rating to a “buy” rating and increased their price objective for the company from $13.00 to $15.00 in a research note on Thursday, August 8th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $9.91.

Editas Medicine Stock Performance

Editas Medicine stock opened at $3.18 on Wednesday. The firm has a market capitalization of $261.52 million, a PE ratio of -1.51 and a beta of 1.99. Editas Medicine has a one year low of $2.91 and a one year high of $11.69. The stock’s 50 day moving average price is $3.55 and its 200 day moving average price is $4.68.

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

Institutional Investors Weigh In On Editas Medicine

Several institutional investors and hedge funds have recently bought and sold shares of EDIT. China Universal Asset Management Co. Ltd. grew its holdings in shares of Editas Medicine by 64.2% during the third quarter. China Universal Asset Management Co. Ltd. now owns 15,863 shares of the company’s stock valued at $54,000 after purchasing an additional 6,202 shares during the last quarter. Ballentine Partners LLC bought a new position in Editas Medicine during the 3rd quarter worth $36,000. Hennion & Walsh Asset Management Inc. increased its position in Editas Medicine by 34.7% in the third quarter. Hennion & Walsh Asset Management Inc. now owns 226,756 shares of the company’s stock worth $773,000 after buying an additional 58,385 shares during the period. International Assets Investment Management LLC lifted its stake in Editas Medicine by 262.0% in the third quarter. International Assets Investment Management LLC now owns 113,863 shares of the company’s stock valued at $388,000 after buying an additional 82,406 shares during the last quarter. Finally, Signaturefd LLC boosted its holdings in shares of Editas Medicine by 494.8% during the third quarter. Signaturefd LLC now owns 9,326 shares of the company’s stock valued at $32,000 after acquiring an additional 7,758 shares during the period. 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.