Editas Medicine (NASDAQ:EDIT) Lowered to Underweight Rating by JPMorgan Chase & Co.

Editas Medicine (NASDAQ:EDIT) was downgraded by research analysts at JPMorgan Chase & Co. from a “neutral” rating to an “underweight” rating in a note issued to investors on Monday, Marketbeat reports.

EDIT has been the topic of a number of other reports. Truist Financial lowered shares of Editas Medicine from a “buy” rating to a “hold” rating in a report on Friday, December 13th. Chardan Capital reissued a “neutral” rating on shares of Editas Medicine in a research note on Friday, December 13th. Raymond James downgraded Editas Medicine from an “outperform” rating to a “market perform” rating in a report on Monday, November 4th. Robert W. Baird cut their target price on Editas Medicine from $10.00 to $8.00 and set an “outperform” rating on the stock in a report on Friday, December 13th. Finally, Barclays decreased their price target on Editas Medicine from $5.00 to $3.00 and set an “equal weight” rating for the company in a research note on Friday, December 13th. Three analysts have rated the stock with a sell rating, nine have issued a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat, Editas Medicine has an average rating of “Hold” and an average target price of $7.00.

Editas Medicine Stock Up 2.7 %

NASDAQ EDIT opened at $1.52 on Monday. The company has a market cap of $125.47 million, a price-to-earnings ratio of -0.59 and a beta of 1.86. Editas Medicine has a twelve month low of $1.39 and a twelve month high of $11.58. The business’s fifty day moving average is $2.72 and its 200 day moving average is $3.87.

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

Institutional Investors Weigh In On Editas Medicine

A number of large investors have recently bought and sold shares of the stock. International Assets Investment Management LLC grew its stake in shares of Editas Medicine by 10.5% in the 2nd quarter. International Assets Investment Management LLC now owns 31,457 shares of the company’s stock valued at $147,000 after buying an additional 3,000 shares during the period. The Manufacturers Life Insurance Company boosted its holdings 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 worth $157,000 after acquiring an additional 3,089 shares in the last quarter. Rhumbline Advisers grew its stake in Editas Medicine by 2.9% in the second quarter. Rhumbline Advisers now owns 137,986 shares of the company’s stock valued at $644,000 after acquiring an additional 3,862 shares during the period. Allspring Global Investments Holdings LLC increased its holdings in shares of Editas Medicine by 20.0% during the third quarter. Allspring Global Investments Holdings LLC now owns 24,485 shares of the company’s stock valued at $83,000 after acquiring an additional 4,089 shares in the last quarter. Finally, China Universal Asset Management Co. Ltd. raised its position in shares of Editas Medicine by 64.2% during the third quarter. China Universal Asset Management Co. Ltd. now owns 15,863 shares of the company’s stock worth $54,000 after purchasing an additional 6,202 shares during the period. 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.