Analysts Set Editas Medicine, Inc. (NASDAQ:EDIT) PT at $7.92

Editas Medicine, Inc. (NASDAQ:EDIT) has received an average recommendation of “Hold” from the thirteen analysts that are currently covering the stock, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, six have issued a hold recommendation and six have issued a buy recommendation on the company. The average twelve-month price objective among analysts that have issued a report on the stock in the last year is $7.92.

A number of analysts recently weighed in on the company. Barclays dropped their target price on Editas Medicine from $7.00 to $5.00 and set an “equal weight” rating for the company in a research report on Tuesday, November 5th. Truist Financial lowered their price objective on shares of Editas Medicine from $12.00 to $8.00 and set a “buy” rating for the company in a report on Tuesday, November 5th. Chardan Capital reiterated a “buy” rating and issued a $12.00 target price on shares of Editas Medicine in a research report on Tuesday, November 5th. Wells Fargo & Company lowered their price target on shares of Editas Medicine from $9.00 to $7.00 and set an “overweight” rating for the company in a research note on Tuesday, November 5th. Finally, Stifel Nicolaus reduced their price objective on Editas Medicine from $17.00 to $11.00 and set a “buy” rating on the stock in a research note on Tuesday, November 5th.

Hedge Funds Weigh In On Editas Medicine

Several hedge funds and other institutional investors have recently added to or reduced their stakes in EDIT. Signaturefd LLC boosted its holdings in Editas Medicine by 494.8% in the third quarter. Signaturefd LLC now owns 9,326 shares of the company’s stock worth $32,000 after purchasing an additional 7,758 shares during the last quarter. Ballentine Partners LLC bought a new position in shares of Editas Medicine during the 3rd quarter valued at $36,000. Arcadia Investment Management Corp MI purchased a new position in shares of Editas Medicine in the 3rd quarter worth $39,000. Koss Olinger Consulting LLC bought a new stake in shares of Editas Medicine in the second quarter worth $47,000. Finally, Y Intercept Hong Kong Ltd purchased a new stake in Editas Medicine during the third quarter valued at $47,000. 71.90% of the stock is owned by institutional investors.

Editas Medicine Price Performance

Shares of Editas Medicine stock opened at $1.99 on Monday. Editas Medicine has a 1 year low of $1.95 and a 1 year high of $11.69. The firm has a market cap of $164.27 million, a PE ratio of -0.78 and a beta of 1.86. The company has a 50 day simple moving average of $2.95 and a two-hundred day simple moving average of $4.08.

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, hitting the consensus estimate of ($0.75). Editas Medicine had a negative net margin of 340.96% and a negative return on equity of 80.13%. The company had revenue of $0.06 million during the quarter, compared to analyst estimates of $3.93 million. During the same period in the previous year, the business earned ($0.55) earnings per share. The firm’s quarterly revenue was down 98.9% compared to the same quarter last year. As a group, research analysts anticipate that Editas Medicine will post -2.63 earnings per share for the current year.

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.