Editas Medicine, Inc. (NASDAQ:EDIT) Receives $9.08 Consensus Target Price from Brokerages

Shares of Editas Medicine, Inc. (NASDAQ:EDIT) have earned a consensus rating of “Moderate Buy” from the thirteen research firms that are presently covering the stock, MarketBeat reports. Six equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. The average twelve-month price objective among brokers that have issued ratings on the stock in the last year is $9.08.

Several analysts have commented on EDIT shares. Truist Financial lowered their price objective on shares of Editas Medicine from $12.00 to $8.00 and set a “buy” rating on the stock in a research report on Tuesday, November 5th. Royal Bank of Canada lowered their price target on shares of Editas Medicine from $8.00 to $5.00 and set a “sector perform” rating on the stock in a report on Tuesday, November 5th. Raymond James downgraded Editas Medicine from an “outperform” rating to a “market perform” rating in a research note on Monday, November 4th. Wells Fargo & Company decreased their target price on Editas Medicine from $9.00 to $7.00 and set an “overweight” rating for the company in a research report on Tuesday, November 5th. Finally, Barclays dropped their price target on Editas Medicine from $7.00 to $5.00 and set an “equal weight” rating on the stock in a research report on Tuesday, November 5th.

Editas Medicine Trading Down 1.6 %

Shares of EDIT opened at $3.12 on Thursday. The stock has a 50 day moving average of $3.39 and a 200 day moving average of $4.47. The company has a market capitalization of $257.55 million, a price-to-earnings ratio of -1.22 and a beta of 2.01. Editas Medicine has a 12 month low of $2.70 and a 12 month high of $11.69.

Editas Medicine (NASDAQ:EDIT) last announced its earnings results on Monday, November 4th. The company reported ($0.75) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.75). The firm had revenue of $0.06 million during the quarter, compared to analyst estimates of $3.93 million. Editas Medicine had a negative return on equity of 80.13% and a negative net margin of 340.96%. The business’s revenue was down 98.9% compared to the same quarter last year. During the same period last year, the firm posted ($0.55) EPS. As a group, equities research analysts predict that Editas Medicine will post -2.9 earnings per share for the current year.

Institutional Trading of Editas Medicine

Institutional investors and hedge funds have recently bought and sold shares of the company. Integral Health Asset Management LLC raised its holdings in shares of Editas Medicine by 50.0% in the 2nd quarter. Integral Health Asset Management LLC now owns 675,000 shares of the company’s stock valued at $3,152,000 after acquiring an additional 225,000 shares in the last quarter. Millennium Management LLC lifted its position in Editas Medicine by 10.0% during the second 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 during the last quarter. Raymond James & Associates grew its stake in Editas Medicine by 49.7% in the 2nd 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. Hennion & Walsh Asset Management Inc. purchased a new position in Editas Medicine in the 2nd quarter worth approximately $786,000. Finally, Kennedy Capital Management LLC bought a new position in shares of Editas Medicine in the 1st quarter worth $988,000. 71.90% of the stock is currently 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.