Editas Medicine, Inc. (NASDAQ:EDIT) Receives Average Recommendation of “Hold” from Analysts

Shares of Editas Medicine, Inc. (NASDAQ:EDIT) have been assigned a consensus rating of “Hold” from the fourteen research firms that are presently covering the firm, MarketBeat Ratings reports. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and three have issued a buy rating on the company. The average 1 year price objective among brokerages that have issued ratings on the stock in the last year is $7.00.

A number of analysts recently weighed in on EDIT shares. Truist Financial cut shares of Editas Medicine from a “buy” rating to a “hold” rating in a report on Friday, December 13th. Evercore ISI cut their price target on Editas Medicine from $7.00 to $5.00 and set an “outperform” rating on the stock in a report on Monday, December 16th. Bank of America downgraded Editas Medicine from a “buy” rating to an “underperform” rating and reduced their price objective for the stock from $13.00 to $1.00 in a research report on Monday, November 25th. Stifel Nicolaus cut Editas Medicine from a “buy” rating to a “hold” rating and lowered their target price for the company from $11.00 to $3.00 in a research report on Friday, December 13th. Finally, Wells Fargo & Company lowered Editas Medicine from an “overweight” rating to an “equal weight” rating and reduced their price target for the stock from $7.00 to $4.00 in a research report on Wednesday, December 11th.

Hedge Funds Weigh In On Editas Medicine

Several large investors have recently made changes to their positions in EDIT. Millennium Management LLC lifted its position in shares of Editas Medicine by 10.0% during the 2nd quarter. Millennium Management LLC now owns 2,459,629 shares of the company’s stock valued at $11,486,000 after acquiring an additional 223,012 shares during the last quarter. Integral Health Asset Management LLC lifted its holdings in shares of Editas Medicine by 50.0% during the second quarter. Integral Health Asset Management LLC now owns 675,000 shares of the company’s stock valued at $3,152,000 after purchasing an additional 225,000 shares during the last quarter. Stifel Financial Corp boosted its position in shares of Editas Medicine by 37.9% in the 3rd quarter. Stifel Financial Corp now owns 624,876 shares of the company’s stock valued at $2,131,000 after purchasing an additional 171,656 shares during the period. Jacobs Levy Equity Management Inc. increased its stake in Editas Medicine by 133.2% in the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 529,834 shares of the company’s stock worth $1,807,000 after purchasing an additional 302,652 shares in the last quarter. Finally, Raymond James & Associates raised its holdings in Editas Medicine by 49.7% during the 2nd quarter. Raymond James & Associates now owns 526,815 shares of the company’s stock worth $2,460,000 after buying an additional 174,993 shares during the period. Institutional investors own 71.90% of the company’s stock.

Editas Medicine Trading Up 1.7 %

NASDAQ:EDIT opened at $1.23 on Friday. The stock has a 50 day moving average of $2.46 and a 200-day moving average of $3.67. The firm has a market capitalization of $101.53 million, a PE ratio of -0.48 and a beta of 1.87. Editas Medicine has a 52 week low of $1.16 and a 52 week high of $11.58.

Editas Medicine (NASDAQ:EDIT) last issued its quarterly earnings data on Monday, November 4th. The company reported ($0.75) EPS for the quarter, hitting analysts’ consensus estimates of ($0.75). The firm had revenue of $0.06 million during the quarter, compared to the consensus estimate of $3.93 million. Editas Medicine had a negative return on equity of 80.13% and a negative net margin of 340.96%. The firm’s revenue was down 98.9% on a year-over-year basis. During the same period in the prior year, the business earned ($0.55) EPS. As a group, analysts predict that Editas Medicine will post -2.59 EPS for the current fiscal year.

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.