Editas Medicine (NASDAQ:EDIT) Price Target Cut to $3.00

Editas Medicine (NASDAQ:EDIT) had its price target reduced by analysts at Evercore ISI from $7.00 to $3.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The brokerage presently has an “in-line” rating on the stock. Evercore ISI’s target price would indicate a potential downside of 7.12% from the company’s current price.

A number of other analysts have also recently issued reports on the stock. Bank of America upgraded shares of 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 research note on Thursday, August 8th. Truist Financial cut their price objective on shares of Editas Medicine from $20.00 to $12.00 and set a “buy” rating for the company in a research report on Thursday, August 8th. Chardan Capital decreased their target price on Editas Medicine from $20.00 to $12.00 and set a “buy” rating on the stock in a research report on Tuesday. Wells Fargo & Company dropped their price target on Editas Medicine from $27.00 to $9.00 and set an “overweight” rating for the company in a report on Wednesday. Finally, Barclays decreased their price objective on Editas Medicine from $9.00 to $7.00 and set an “equal weight” rating on the stock in a report on Thursday, August 8th. One analyst has rated the stock with a sell rating, six have given a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $9.91.

Editas Medicine Price Performance

NASDAQ EDIT traded down $0.06 during trading on Wednesday, reaching $3.23. 600,687 shares of the company’s stock were exchanged, compared to its average volume of 1,911,984. The business has a 50 day moving average price of $3.59 and a 200-day moving average price of $4.73. The stock has a market capitalization of $265.63 million, a P/E ratio of -1.53 and a beta of 1.99. Editas Medicine has a fifty-two week low of $2.91 and a fifty-two week high of $11.69.

Editas Medicine (NASDAQ:EDIT) last posted its earnings results on Wednesday, August 7th. The company reported ($0.82) earnings per share for the quarter, missing analysts’ consensus estimates 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 business had revenue of $0.51 million for the quarter, compared to analyst estimates of $4.78 million. During the same period in the previous year, the firm posted ($0.56) earnings per share. The firm’s revenue was down 82.2% compared to the same quarter last year. On average, analysts forecast that Editas Medicine will post -2.98 earnings per share for the current year.

Insiders Place Their Bets

In other news, EVP Linda Burkly sold 11,886 shares of the business’s stock in a transaction that occurred on Thursday, July 25th. The shares were sold at an average price of $5.42, for a total value of $64,422.12. Following the completion of the transaction, the executive vice president now directly owns 73,136 shares in the company, valued at approximately $396,397.12. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders have sold 13,959 shares of company stock worth $71,512 over the last ninety days. Corporate insiders own 1.90% of the company’s stock.

Institutional Trading of Editas Medicine

Large investors have recently bought and sold shares of the business. International Assets Investment Management LLC boosted its position in Editas Medicine by 10.5% in the second quarter. International Assets Investment Management LLC now owns 31,457 shares of the company’s stock valued at $147,000 after buying an additional 3,000 shares in the last quarter. The Manufacturers Life Insurance Company boosted its holdings in shares of Editas Medicine by 10.1% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 33,599 shares of the company’s stock valued at $157,000 after acquiring an additional 3,089 shares in the last quarter. Rhumbline Advisers boosted its holdings in shares of Editas Medicine by 2.9% during the 2nd quarter. Rhumbline Advisers now owns 137,986 shares of the company’s stock valued at $644,000 after acquiring an additional 3,862 shares in the last quarter. Allspring Global Investments Holdings LLC grew its position in Editas Medicine by 20.0% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 24,485 shares of the company’s stock worth $83,000 after acquiring an additional 4,089 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD increased its holdings in Editas Medicine by 16.9% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 49,704 shares of the company’s stock worth $369,000 after purchasing an additional 7,174 shares in the last quarter. 71.90% of the stock is owned by institutional investors and hedge funds.

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.