Royal Bank of Canada Lowers Editas Medicine (NASDAQ:EDIT) Price Target to $4.00

Editas Medicine (NASDAQ:EDIT) had its price objective reduced by Royal Bank of Canada from $5.00 to $4.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage presently has a “sector perform” rating on the stock. Royal Bank of Canada’s price objective points to a potential upside of 177.78% from the stock’s current price.

A number of other research firms also recently commented on EDIT. Raymond James downgraded shares of Editas Medicine from an “outperform” rating to a “market perform” rating in a research note on Monday, November 4th. Chardan Capital reaffirmed a “neutral” rating on shares of Editas Medicine in a research report on Friday. Truist Financial cut shares of Editas Medicine from a “buy” rating to a “hold” rating in a research report on Friday. Barclays decreased their price target on shares of Editas Medicine from $5.00 to $3.00 and set an “equal weight” rating for the company in a research report on Friday. Finally, Stifel Nicolaus lowered shares of Editas Medicine from a “buy” rating to a “hold” rating and cut their target price for the company from $11.00 to $3.00 in a research note on Friday. Two research analysts have rated the stock with a sell rating, ten have issued a hold rating and three have assigned a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and an average target price of $6.85.

Editas Medicine Stock Performance

EDIT stock opened at $1.44 on Friday. The company has a 50 day moving average price of $2.76 and a two-hundred day moving average price of $3.90. The stock has a market capitalization of $118.87 million, a P/E ratio of -0.56 and a beta of 1.86. Editas Medicine has a one year low of $1.41 and a one year high of $11.58.

Editas Medicine (NASDAQ:EDIT) last announced its quarterly earnings data on Monday, November 4th. The company reported ($0.75) EPS for the quarter, meeting analysts’ consensus estimates of ($0.75). Editas Medicine had a negative return on equity of 80.13% and a negative net margin of 340.96%. The business had revenue of $0.06 million during the quarter, compared to the consensus estimate of $3.93 million. During the same quarter in the previous year, the business earned ($0.55) earnings per share. The business’s revenue for the quarter was down 98.9% on a year-over-year basis. Research analysts forecast that Editas Medicine will post -2.59 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Editas Medicine

A number of hedge funds have recently modified their holdings of EDIT. International Assets Investment Management LLC lifted its position in Editas Medicine by 10.5% in the 2nd quarter. International Assets Investment Management LLC now owns 31,457 shares of the company’s stock worth $147,000 after buying an additional 3,000 shares in the last quarter. The Manufacturers Life Insurance Company grew its stake in Editas Medicine by 10.1% in the second quarter. The Manufacturers Life Insurance Company now owns 33,599 shares of the company’s stock valued at $157,000 after purchasing an additional 3,089 shares in the last quarter. Rhumbline Advisers raised its stake in shares of Editas Medicine by 2.9% during the 2nd quarter. Rhumbline Advisers now owns 137,986 shares of the company’s stock worth $644,000 after purchasing an additional 3,862 shares in the last quarter. Allspring Global Investments Holdings LLC lifted its holdings in shares of Editas Medicine by 20.0% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 24,485 shares of the company’s stock valued at $83,000 after buying an additional 4,089 shares during the last quarter. Finally, China Universal Asset Management Co. Ltd. grew its stake in shares of Editas Medicine by 64.2% in the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 15,863 shares of the company’s stock valued at $54,000 after buying an additional 6,202 shares in the last quarter. 71.90% of the stock is currently owned by institutional investors and hedge funds.

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.