Editas Medicine (NASDAQ:EDIT) Lowered to “Hold” Rating by Stifel Nicolaus

Stifel Nicolaus cut shares of Editas Medicine (NASDAQ:EDIT) from a buy rating to a hold rating in a report issued on Friday morning, MarketBeat Ratings reports. Stifel Nicolaus currently has $3.00 price objective on the stock, down from their previous price objective of $11.00.

Several other research analysts have also commented on the company. Royal Bank of Canada decreased their target price on Editas Medicine from $8.00 to $5.00 and set a “sector perform” rating for the company in a research report on Tuesday, November 5th. Truist Financial cut Editas Medicine from a “buy” rating to a “hold” rating in a research note on Friday. Bank of America lowered shares of Editas Medicine from a “buy” rating to an “underperform” rating and lowered their target price for the company from $13.00 to $1.00 in a research note on Monday, November 25th. Evercore ISI upgraded shares of Editas Medicine from an “in-line” rating to an “outperform” rating in a research report on Wednesday, November 6th. Finally, Chardan Capital reaffirmed a “buy” rating and issued a $12.00 price target on shares of Editas Medicine in a report on Tuesday, November 5th. Two analysts have rated the stock with a sell rating, ten have assigned a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $6.85.

Editas Medicine Price Performance

NASDAQ EDIT opened at $1.44 on Friday. The company has a market capitalization of $118.87 million, a price-to-earnings ratio of -0.56 and a beta of 1.86. Editas Medicine has a 12 month low of $1.41 and a 12 month high of $11.58. The company’s fifty day moving average price is $2.76 and its two-hundred day moving average price is $3.89.

Editas Medicine (NASDAQ:EDIT) last issued its earnings results on Monday, November 4th. The company reported ($0.75) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.75). The business had revenue of $0.06 million for the quarter, compared to analyst estimates of $3.93 million. Editas Medicine had a negative net margin of 340.96% and a negative return on equity of 80.13%. The company’s revenue for the quarter was down 98.9% on a year-over-year basis. During the same quarter in the prior year, the business posted ($0.55) EPS. As a group, analysts anticipate that Editas Medicine will post -2.59 EPS for the current year.

Institutional Investors Weigh In On Editas Medicine

A number of hedge funds have recently made changes to their positions in the business. Price T Rowe Associates Inc. MD increased its position in Editas Medicine by 16.9% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 49,704 shares of the company’s stock valued at $369,000 after acquiring an additional 7,174 shares during the period. Hoylecohen LLC bought a new stake in shares of Editas Medicine during the second quarter valued at about $55,000. Raymond James & Associates lifted its holdings in Editas Medicine by 49.7% in the second quarter. Raymond James & Associates now owns 526,815 shares of the company’s stock worth $2,460,000 after purchasing an additional 174,993 shares during the period. Hennion & Walsh Asset Management Inc. bought a new position in Editas Medicine in the 2nd quarter valued at about $786,000. Finally, Aries Wealth Management bought a new position in Editas Medicine in the 2nd quarter valued at about $65,000. Institutional investors own 71.90% of the company’s stock.

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.