Analysts Set Editas Medicine, Inc. (NASDAQ:EDIT) Price Target at $6.83

Editas Medicine, Inc. (NASDAQ:EDIT) has been given a consensus recommendation of “Hold” by the fourteen analysts that are currently covering the company, MarketBeat reports. Two research analysts have rated the stock with a sell rating, nine have given a hold rating and three have issued a buy rating on the company. The average 1-year target price among analysts that have issued a report on the stock in the last year is $6.83.

EDIT has been the topic of a number of analyst reports. Evercore ISI decreased their price target on Editas Medicine from $7.00 to $5.00 and set an “outperform” rating on the stock in a research note on Monday, December 16th. Truist Financial cut Editas Medicine from a “buy” rating to a “hold” rating in a research note on Friday, December 13th. Chardan Capital reiterated a “neutral” rating on shares of Editas Medicine in a research report on Friday, December 13th. Wells Fargo & Company lowered Editas Medicine from an “overweight” rating to an “equal weight” rating and cut their price objective for the stock from $7.00 to $4.00 in a research report on Wednesday, December 11th. Finally, Royal Bank of Canada cut their price objective on Editas Medicine from $5.00 to $4.00 and set a “sector perform” rating on the stock in a research report on Friday, December 13th.

Editas Medicine Trading Up 6.6 %

Shares of NASDAQ EDIT opened at $1.46 on Wednesday. The stock has a market cap of $121.14 million, a price-to-earnings ratio of -0.57 and a beta of 1.88. Editas Medicine has a 1-year low of $1.12 and a 1-year high of $8.44. The stock’s 50-day moving average is $1.50 and its 200 day moving average is $2.32.

Editas Medicine (NASDAQ:EDIT) last announced its quarterly earnings results on Wednesday, March 5th. The company reported ($0.55) EPS for the quarter, missing analysts’ consensus estimates of ($0.39) by ($0.16). The company had revenue of $30.60 million during the quarter, compared to analysts’ expectations of $37.17 million. Editas Medicine had a negative return on equity of 80.13% and a negative net margin of 340.96%. During the same period last year, the firm earned ($0.23) earnings per share. On average, analysts forecast that Editas Medicine will post -2.71 EPS for the current fiscal year.

Institutional Investors Weigh In On Editas Medicine

Hedge funds have recently made changes to their positions in the company. Jacobs Levy Equity Management Inc. boosted its position in shares of Editas Medicine by 133.2% during the third quarter. Jacobs Levy Equity Management Inc. now owns 529,834 shares of the company’s stock valued at $1,807,000 after purchasing an additional 302,652 shares in the last quarter. Barclays PLC boosted its position in shares of Editas Medicine by 46.9% during the third quarter. Barclays PLC now owns 178,507 shares of the company’s stock valued at $607,000 after purchasing an additional 56,986 shares in the last quarter. BNP Paribas Financial Markets raised its stake in Editas Medicine by 37.3% during the third quarter. BNP Paribas Financial Markets now owns 54,787 shares of the company’s stock valued at $187,000 after buying an additional 14,888 shares during the last quarter. FMR LLC raised its stake in Editas Medicine by 110.7% during the third quarter. FMR LLC now owns 203,087 shares of the company’s stock valued at $693,000 after buying an additional 106,684 shares during the last quarter. Finally, Dynamic Technology Lab Private Ltd purchased a new position in Editas Medicine during the third quarter valued at $240,000. 71.90% of the stock is currently owned by 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.