Editas Medicine (NASDAQ:EDIT) PT Lowered to $12.00 at Chardan Capital

Editas Medicine (NASDAQ:EDIT) had its price objective cut by Chardan Capital from $20.00 to $12.00 in a report released on Tuesday, Benzinga reports. They currently have a buy rating on the stock.

EDIT has been the topic of several other research reports. Bank of America upgraded Editas Medicine from a “neutral” rating to a “buy” rating and raised their price target for the company from $13.00 to $15.00 in a report on Thursday, August 8th. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $8.00 price target on shares of Editas Medicine in a research report on Thursday, September 19th. Truist Financial decreased their target price on shares of Editas Medicine from $20.00 to $12.00 and set a “buy” rating for the company in a research note on Thursday, August 8th. Finally, Barclays reduced their target price on Editas Medicine from $9.00 to $7.00 and set an “equal weight” rating for the company in a research note on Thursday, August 8th. One analyst has rated the stock with a sell rating, six have issued a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $9.91.

Editas Medicine Trading Down 0.9 %

Shares of Editas Medicine stock opened at $3.18 on Tuesday. The company’s fifty day simple moving average is $3.57 and its 200-day simple moving average is $4.70. Editas Medicine has a 1 year low of $2.91 and a 1 year high of $11.69. The company has a market cap of $261.52 million, a price-to-earnings ratio of -1.51 and a beta of 1.99.

Editas Medicine (NASDAQ:EDIT) last posted its earnings results on Wednesday, August 7th. The company reported ($0.82) EPS for the quarter, missing the consensus estimate of ($0.70) by ($0.12). Editas Medicine had a negative return on equity of 62.61% and a negative net margin of 288.59%. The company had revenue of $0.51 million for the quarter, compared to the consensus estimate of $4.78 million. During the same quarter last year, the business earned ($0.56) EPS. Editas Medicine’s quarterly revenue was down 82.2% compared to the same quarter last year. As a group, research analysts forecast that Editas Medicine will post -2.98 earnings per share for the current fiscal year.

Institutional Trading of Editas Medicine

Several institutional investors and hedge funds have recently made changes to their positions in the stock. HB Wealth Management LLC bought a new position in Editas Medicine in the first quarter worth about $76,000. Mirae Asset Global Investments Co. Ltd. boosted its stake in shares of Editas Medicine by 59.0% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 314,774 shares of the company’s stock worth $2,246,000 after acquiring an additional 116,803 shares during the period. Jennison Associates LLC raised its position in shares of Editas Medicine by 29.1% during the first quarter. Jennison Associates LLC now owns 106,520 shares of the company’s stock valued at $790,000 after buying an additional 24,000 shares during the last quarter. Headlands Technologies LLC lifted its stake in Editas Medicine by 481.7% in the 1st quarter. Headlands Technologies LLC now owns 9,493 shares of the company’s stock worth $70,000 after purchasing an additional 7,861 shares in the last quarter. Finally, Russell Investments Group Ltd. grew its holdings in Editas Medicine by 147.4% during the 1st quarter. Russell Investments Group Ltd. now owns 12,838 shares of the company’s stock valued at $95,000 after buying an additional 7,648 shares in the last quarter. Hedge funds and other 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.