Wells Fargo & Company Has Lowered Expectations for Editas Medicine (NASDAQ:EDIT) Stock Price

Editas Medicine (NASDAQ:EDITGet Free Report) had its target price decreased by equities research analysts at Wells Fargo & Company from $9.00 to $7.00 in a report issued on Tuesday, Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Wells Fargo & Company‘s target price suggests a potential upside of 113.41% from the stock’s current price.

A number of other analysts have also commented on EDIT. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $8.00 price objective on shares of Editas Medicine in a research note on Thursday, September 19th. Barclays dropped their target price on Editas Medicine from $7.00 to $5.00 and set an “equal weight” rating on the stock in a research report on Tuesday. Bank of America raised shares of Editas Medicine from a “neutral” rating to a “buy” rating and raised their price objective for the company from $13.00 to $15.00 in a research report on Thursday, August 8th. Truist Financial decreased their target price on shares of Editas Medicine from $12.00 to $8.00 and set a “buy” rating for the company in a research report on Tuesday. Finally, Evercore ISI cut their price target on shares of Editas Medicine from $7.00 to $3.00 and set an “in-line” rating on the stock in a report on Wednesday, October 23rd. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $9.08.

Check Out Our Latest Stock Report on EDIT

Editas Medicine Stock Up 5.1 %

Shares of EDIT opened at $3.28 on Tuesday. The firm has a market capitalization of $270.52 million, a PE ratio of -1.28 and a beta of 2.01. The firm has a 50-day moving average price of $3.42 and a 200 day moving average price of $4.50. Editas Medicine has a 52-week low of $2.70 and a 52-week high of $11.69.

Editas Medicine (NASDAQ:EDITGet Free Report) last posted its quarterly earnings data on Monday, November 4th. The company reported ($0.75) EPS for the quarter, meeting analysts’ consensus estimates of ($0.75). Editas Medicine had a negative net margin of 288.59% and a negative return on equity of 62.61%. The business had revenue of $0.06 million for the quarter, compared to analyst estimates of $3.93 million. During the same quarter last year, the business earned ($0.55) earnings per share. The business’s revenue for the quarter was down 98.9% on a year-over-year basis. On average, equities analysts expect that Editas Medicine will post -2.96 EPS for the current year.

Hedge Funds Weigh In On Editas Medicine

Several large investors have recently made changes to their positions in EDIT. Signaturefd LLC increased 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 period. Ballentine Partners LLC acquired a new stake in Editas Medicine in the 3rd quarter worth $36,000. Arcadia Investment Management Corp MI bought a new position in shares of Editas Medicine during the 3rd quarter worth about $39,000. Koss Olinger Consulting LLC bought a new position in Editas Medicine during the second quarter valued at about $47,000. Finally, China Universal Asset Management Co. Ltd. raised its stake in shares of Editas Medicine by 64.2% in the third quarter. China Universal Asset Management Co. Ltd. now owns 15,863 shares of the company’s stock valued at $54,000 after purchasing an additional 6,202 shares in the last quarter. Institutional investors and hedge funds own 71.90% of the company’s stock.

Editas Medicine Company Profile

(Get Free Report)

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.

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Analyst Recommendations for Editas Medicine (NASDAQ:EDIT)

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