Editas Medicine (NASDAQ:EDIT) Price Target Cut to $8.00 by Analysts at Truist Financial

Editas Medicine (NASDAQ:EDIT) had its target price lowered by stock analysts at Truist Financial from $12.00 to $8.00 in a note issued to investors on Tuesday, Benzinga reports. The firm presently has a “buy” rating on the stock. Truist Financial’s price objective points to a potential upside of 143.90% from the stock’s current price.

A number of other research analysts also recently issued reports on the stock. Royal Bank of Canada restated a “sector perform” rating and set a $8.00 target price on shares of Editas Medicine in a research report on Thursday, September 19th. Wells Fargo & Company decreased their price objective on Editas Medicine from $27.00 to $9.00 and set an “overweight” rating for the company in a report on Wednesday, October 23rd. Bank of America raised Editas Medicine from a “neutral” rating to a “buy” rating and raised their target price for the stock from $13.00 to $15.00 in a report on Thursday, August 8th. Evercore ISI decreased their price target on Editas Medicine from $7.00 to $3.00 and set an “in-line” rating for the company in a report on Wednesday, October 23rd. Finally, Barclays dropped their price objective on shares of Editas Medicine from $7.00 to $5.00 and set an “equal weight” rating on the stock in a research note on Tuesday. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and seven have assigned a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $9.08.

Editas Medicine Price Performance

Shares of EDIT stock opened at $3.28 on Tuesday. The business has a fifty day moving average of $3.42 and a 200 day moving average of $4.50. Editas Medicine has a 1 year low of $2.70 and a 1 year high of $11.69. The firm has a market capitalization of $270.52 million, a price-to-earnings ratio of -1.28 and a beta of 2.01.

Editas Medicine (NASDAQ:EDIT) last announced its quarterly earnings data on Monday, November 4th. The company reported ($0.75) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.75). The firm had revenue of $0.06 million during the quarter, compared to analysts’ expectations of $3.93 million. Editas Medicine had a negative return on equity of 62.61% and a negative net margin of 288.59%. The company’s revenue for the quarter was down 98.9% compared to the same quarter last year. During the same period last year, the business posted ($0.55) earnings per share. As a group, equities research analysts expect that Editas Medicine will post -2.96 earnings per share for the current year.

Institutional Investors Weigh In On Editas Medicine

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Mirae Asset Global Investments Co. Ltd. increased its stake in shares of Editas Medicine by 59.0% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 314,774 shares of the company’s stock worth $2,246,000 after purchasing an additional 116,803 shares in the last quarter. Jennison Associates LLC increased its stake in Editas Medicine by 29.1% during the 1st quarter. Jennison Associates LLC now owns 106,520 shares of the company’s stock worth $790,000 after buying an additional 24,000 shares in the last quarter. Headlands Technologies LLC raised its holdings in shares of Editas Medicine by 481.7% during the first quarter. Headlands Technologies LLC now owns 9,493 shares of the company’s stock valued at $70,000 after acquiring an additional 7,861 shares during the last quarter. Russell Investments Group Ltd. lifted its position in shares of Editas Medicine by 147.4% in the first quarter. Russell Investments Group Ltd. now owns 12,838 shares of the company’s stock valued at $95,000 after acquiring an additional 7,648 shares in the last quarter. Finally, Vanguard Group Inc. boosted its stake in shares of Editas Medicine by 1.1% in the first quarter. Vanguard Group Inc. now owns 8,555,597 shares of the company’s stock worth $63,483,000 after acquiring an additional 93,740 shares during the last quarter. Hedge funds and other institutional investors own 71.90% of the company’s stock.

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.