Editas Medicine (NASDAQ:EDIT) Rating Lowered to Hold at Truist Financial

Truist Financial downgraded shares of Editas Medicine (NASDAQ:EDIT) from a buy rating to a hold rating in a research note issued to investors on Friday, Marketbeat Ratings reports.

Several other brokerages have also recently issued reports on EDIT. Wells Fargo & Company cut Editas Medicine from an “overweight” rating to an “equal weight” rating and decreased their price objective for the company from $7.00 to $4.00 in a research note on Wednesday, December 11th. Royal Bank of Canada decreased their price target on shares of Editas Medicine from $8.00 to $5.00 and set a “sector perform” rating for the company in a research note on Tuesday, November 5th. Evercore ISI raised shares of Editas Medicine from an “in-line” rating to an “outperform” rating in a research report on Wednesday, November 6th. Raymond James cut shares of Editas Medicine from an “outperform” rating to a “market perform” rating in a research report on Monday, November 4th. Finally, Chardan Capital reissued a “buy” rating and issued a $12.00 target price on shares of Editas Medicine in a report on Tuesday, November 5th. Two research 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. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $6.85.

Editas Medicine Price Performance

Shares of NASDAQ:EDIT opened at $1.44 on Friday. The firm has a market capitalization of $118.87 million, a PE ratio of -0.56 and a beta of 1.86. Editas Medicine has a 1 year low of $1.41 and a 1 year high of $11.58. The firm’s 50-day moving average is $2.76 and its two-hundred day moving average is $3.89.

Editas Medicine (NASDAQ:EDIT) last issued its quarterly earnings results on Monday, November 4th. The company reported ($0.75) 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 during the quarter, compared to analysts’ expectations of $3.93 million. During the same quarter last year, the company posted ($0.55) EPS. The firm’s revenue was down 98.9% compared to the same quarter last year. Analysts expect that Editas Medicine will post -2.59 EPS for the current fiscal year.

Institutional Trading of Editas Medicine

A number of large investors have recently made changes to their positions in the company. Millennium Management LLC lifted its stake in Editas Medicine by 10.0% in the second quarter. Millennium Management LLC now owns 2,459,629 shares of the company’s stock valued at $11,486,000 after buying an additional 223,012 shares during the last quarter. Integral Health Asset Management LLC grew its position in shares of Editas Medicine by 50.0% during the second quarter. Integral Health Asset Management LLC now owns 675,000 shares of the company’s stock worth $3,152,000 after acquiring an additional 225,000 shares during the last quarter. Stifel Financial Corp increased its holdings in shares of Editas Medicine by 37.9% in the 3rd quarter. Stifel Financial Corp now owns 624,876 shares of the company’s stock valued at $2,131,000 after acquiring an additional 171,656 shares during the period. Jacobs Levy Equity Management Inc. raised its position in Editas Medicine by 133.2% in the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 529,834 shares of the company’s stock valued at $1,807,000 after purchasing an additional 302,652 shares during the last quarter. Finally, Raymond James & Associates boosted its stake in Editas Medicine by 49.7% during the 2nd 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. 71.90% of the stock is owned by institutional investors and hedge funds.

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.