Editas Medicine (NASDAQ:EDIT) Downgraded to “Underperform” Rating by Bank of America

Bank of America downgraded shares of Editas Medicine (NASDAQ:EDIT) from a buy rating to an underperform rating in a report published on Monday, Marketbeat.com reports. Bank of America currently has $1.00 price target on the stock, down from their previous price target of $13.00.

Other equities analysts have also recently issued research reports about the stock. Wells Fargo & Company lowered their target price on shares of Editas Medicine from $9.00 to $7.00 and set an “overweight” rating on the stock in a research note on Tuesday, November 5th. Evercore ISI upgraded Editas Medicine from an “in-line” rating to an “outperform” rating in a research report on Wednesday, November 6th. Royal Bank of Canada decreased their price target on 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. Barclays dropped their price objective on Editas Medicine from $7.00 to $5.00 and set an “equal weight” rating on the stock in a research note on Tuesday, November 5th. Finally, Raymond James cut Editas Medicine from an “outperform” rating to a “market perform” rating in a research note on Monday, November 4th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and six have given a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $7.92.

Editas Medicine Price Performance

Shares of EDIT stock opened at $2.20 on Monday. Editas Medicine has a 12-month low of $2.13 and a 12-month high of $11.69. The firm has a market capitalization of $181.61 million, a price-to-earnings ratio of -0.86 and a beta of 2.01. The business has a 50 day simple moving average of $3.14 and a 200 day simple moving average of $4.22.

Editas Medicine (NASDAQ:EDIT) last released its quarterly earnings results on Monday, November 4th. The company reported ($0.75) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.75). Editas Medicine had a negative return on equity of 80.13% and a negative net margin of 340.96%. The company had revenue of $0.06 million during the quarter, compared to analysts’ expectations of $3.93 million. During the same quarter in the prior year, the business posted ($0.55) earnings per share. The company’s revenue for the quarter was down 98.9% compared to the same quarter last year. On average, equities analysts anticipate that Editas Medicine will post -2.63 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in EDIT. Signaturefd LLC boosted its stake in Editas Medicine by 494.8% in the 3rd quarter. Signaturefd LLC now owns 9,326 shares of the company’s stock worth $32,000 after purchasing an additional 7,758 shares during the period. Ballentine Partners LLC acquired a new stake in shares of Editas Medicine in the third quarter worth $36,000. Arcadia Investment Management Corp MI purchased a new position in shares of Editas Medicine during the third quarter valued at $39,000. Koss Olinger Consulting LLC acquired a new position in Editas Medicine during the second quarter valued at $47,000. Finally, Y Intercept Hong Kong Ltd acquired a new position in Editas Medicine during the third quarter valued at $47,000. 71.90% of the stock is owned by hedge funds and other institutional investors.

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.