Barclays Lowers Editas Medicine (NASDAQ:EDIT) Price Target to $3.00

Editas Medicine (NASDAQ:EDIT) had its price target lowered by Barclays from $5.00 to $3.00 in a research report released on Friday,Benzinga reports. Barclays currently has an equal weight rating on the stock.

Several other research analysts have also recently issued reports on the stock. Raymond James cut shares of Editas Medicine from an “outperform” rating to a “market perform” rating in a report on Monday, November 4th. Robert W. Baird dropped their target price on Editas Medicine from $10.00 to $8.00 and set an “outperform” rating on the stock in a research report on Friday. Truist Financial cut Editas Medicine from a “buy” rating to a “hold” rating in a report on Friday. Evercore ISI upgraded Editas Medicine from an “in-line” rating to an “outperform” rating in a research note on Wednesday, November 6th. Finally, Wells Fargo & Company cut Editas Medicine from an “overweight” rating to an “equal weight” rating and cut their price objective for the stock from $7.00 to $4.00 in a research report on Wednesday, December 11th. Two analysts have rated the stock with a sell rating, ten have assigned a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, Editas Medicine presently has a consensus rating of “Hold” and an average target price of $6.85.

Editas Medicine Trading Down 23.8 %

NASDAQ:EDIT opened at $1.44 on Friday. Editas Medicine has a 12-month low of $1.41 and a 12-month high of $11.58. The stock’s 50 day simple moving average is $2.76 and its 200-day simple moving average is $3.89. The firm has a market cap of $118.87 million, a P/E ratio of -0.56 and a beta of 1.86.

Editas Medicine (NASDAQ:EDIT) last announced its quarterly earnings data on Monday, November 4th. The company reported ($0.75) earnings per share (EPS) for the quarter, meeting 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 for the quarter, compared to analysts’ expectations of $3.93 million. During the same period in the previous year, the company posted ($0.55) EPS. Editas Medicine’s revenue was down 98.9% compared to the same quarter last year. Research analysts forecast that Editas Medicine will post -2.59 EPS for the current fiscal year.

Hedge Funds Weigh In On Editas Medicine

Several hedge funds have recently added to or reduced their stakes in EDIT. Signaturefd LLC raised its position in Editas Medicine by 494.8% during the third quarter. Signaturefd LLC now owns 9,326 shares of the company’s stock worth $32,000 after acquiring an additional 7,758 shares during the last quarter. Ballentine Partners LLC purchased a new position in shares of Editas Medicine during the 3rd quarter worth approximately $36,000. Arcadia Investment Management Corp MI purchased a new position in shares of Editas Medicine during the 3rd quarter worth approximately $39,000. Koss Olinger Consulting LLC acquired a new position in shares of Editas Medicine during the 2nd quarter worth approximately $47,000. Finally, Y Intercept Hong Kong Ltd purchased a new stake in Editas Medicine in the 3rd quarter valued at approximately $47,000. 71.90% of the stock is currently owned by hedge funds and other institutional investors.

About Editas Medicine

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.