Editas Medicine (NASDAQ:EDIT) Rating Increased to Outperform at Evercore ISI

Evercore ISI upgraded shares of Editas Medicine (NASDAQ:EDIT) from an in-line rating to an outperform rating in a research note issued to investors on Wednesday, Marketbeat.com reports.

Several other research firms have also commented on EDIT. Bank of America raised Editas Medicine from a “neutral” rating to a “buy” rating and raised their price objective for the company from $13.00 to $15.00 in a research report on Thursday, August 8th. Wells Fargo & Company dropped their target price on Editas Medicine from $9.00 to $7.00 and set an “overweight” rating on the stock in a report on Tuesday. Royal Bank of Canada reduced their price target on Editas Medicine from $8.00 to $5.00 and set a “sector perform” rating on the stock in a research report on Tuesday. Chardan Capital reaffirmed a “buy” rating and issued a $12.00 price objective on shares of Editas Medicine in a research report on Tuesday. Finally, Truist Financial dropped their price objective on shares of Editas Medicine from $12.00 to $8.00 and set a “buy” rating on the stock in a research note on Tuesday. One 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’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $9.08.

Editas Medicine Price Performance

EDIT opened at $3.32 on Wednesday. Editas Medicine has a 1 year low of $2.70 and a 1 year high of $11.69. The firm has a 50 day moving average price of $3.42 and a 200 day moving average price of $4.50.

Editas Medicine (NASDAQ:EDIT) last released 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). Editas Medicine had a negative net margin of 340.96% and a negative return on equity of 72.15%. The company had revenue of $0.06 million during the quarter, compared to analyst estimates of $3.93 million. During the same quarter in the prior year, the business earned ($0.55) earnings per share. The business’s quarterly revenue was down 98.9% compared to the same quarter last year. As a group, analysts forecast that Editas Medicine will post -2.96 earnings per share for the current fiscal year.

Institutional Trading of Editas Medicine

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Signaturefd LLC boosted its stake in Editas Medicine by 494.8% during the 3rd quarter. Signaturefd LLC now owns 9,326 shares of the company’s stock valued at $32,000 after acquiring an additional 7,758 shares during the last quarter. Headlands Technologies LLC lifted its position 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 worth $70,000 after purchasing an additional 7,861 shares during the last quarter. EntryPoint Capital LLC acquired a new position in Editas Medicine in the first quarter worth about $72,000. Koss Olinger Consulting LLC acquired a new position in Editas Medicine in the second quarter worth about $47,000. Finally, Ballentine Partners LLC bought a new stake in Editas Medicine in the third quarter valued at about $36,000. Institutional investors own 71.90% of the company’s stock.

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.