Wells Fargo & Company lowers its target price for Editas Medicine … – Best Stocks

Written by Amanda

Wells Fargo & Company lowers its target price for Editas Medicine …  Best Stocks

In a report released on Wednesday, research analysts at Wells Fargo & Company lowered their target price for Editas Medicine (NASDAQ: EDIT), as reported by Benzinga. The previous price target of $50.00 has been revised to $36.00. The stock is currently rated as “overweight” by the company, which indicates that the rating is current. According to the price objective provided by Wells Fargo & Company, the company’s share price can increase by 326.54% from where it is currently sitting.
In recent months, EDIT has received inquiries from several new research firms. In a research note distributed on November 17th, Chardan Capital lowered its “buy” rating and its target price for Editas Medicine, which had previously been $43.00, to $35.00. The research note discussed the company’s decision to do so. In addition, SVB Leerink characterized the company’s operations as “market perform” in a report on the company’s status published on November 17th. Due to this evaluation, the firm lowered its target price for Editas Medicine from $14.00 to $7.00.
Additionally, they awarded the company with this rating. According to the findings of a research report distributed by the Royal Bank of Canada on November 18th, the company rated the stock as “sector perform.” Still, they lowered their price objective for Editas Medicine from $32.00 to $14.00. The report’s subject matter was the shares of the company. Evercore ISI stated in a research report released on November 21st that they had decreased their target price for Editas Medicine to $8.00. The report was published. Robert W. Baird lowered their price objective on Editas Medicine from $25.00 to $18.00 and gave the company an “outperform” rating in a research report published on Friday, November 18th. This was the final change, but certainly not the least important one. There have been a total of three research analysts who have suggested selling the stock, eight research analysts who have suggested keeping the stock, and four research analysts who have suggested purchasing the stock. According to Bloomberg, the consensus recommendation for Editas Medicine stock is currently “Hold,” and the price target has been established at $16.93.
EDIT’s share price hit an all-time high of $8.44 on Wednesday, marking a new record for the company. The company’s market capitalization is currently valued at $580.33 million, its price-to-earnings ratio is currently valued at -2.87, and its beta is currently valued at 1.90. The stock price has a moving average of $10.48 over the past 50 days and a moving average of $13.12 over the past 200 days, respectively. The cost of an Editas Medicine prescription can fluctuate anywhere between $8.21 and $27.58 over a single year.
Editas Medicine (NASDAQ: EDIT) updated the public regarding the outcomes of its most recent quarterly financial report on November 2nd, a Wednesday. The company reported earnings per share (EPS) for the quarter at $0.81, which is $0.06 higher than the consensus estimate of $0.87 from market analysts. The actual revenue the company brought in during the quarter was only $0.04 million, which is a significant difference compared to the average prediction, which was $5.86 million. The return on equity for Editas Medicine was negative by 41.33%, and the company’s net margin was negative by 784.32 percent. Editas Medicine is expected to report a loss of $3.21 per share for the current fiscal year, as this is the opinion shared by the vast majority of financial experts.
The functions that hedge funds perform in the industry have been subject to recent changes. The value of Covestor Ltd.’s holdings in Editas Medicine increased by 9,693.3% during the first three months of 2018. Covestor Ltd. now has 1,469 shares of the company’s stock, valued at $28,000, after purchasing an additional 1,454 shares during the most recent period. These shares were acquired through the most recent transaction. During the second quarter, Total Clarity Wealth Management Inc. provided Editas Medicine with a monetary contribution of $27,000. During the first three months of 2018, Quantbot Technologies LP made a fresh financial commitment to Editas Medicine. The value of this investment was $44,000 in total. During the second quarter of 2018, The Russell Investments Group Ltd. paid $32,000 to acquire a new interest in Editas Medicine. During the third quarter of 2018, Great West Life Assurance Company of Canada spent $48,000 to acquire a new interest in Editas Medicine. A total of 69.67% of the market capitalization of the company’s stock is held by hedge funds and other institutional investors.
Editas Medicine, Inc., a company whose genome editing business is currently in the clinical development stage, is working to produce transformative genomic medicines to treat a wide variety of serious diseases. It develops its platform for editing genes based on CRISPR technology. The company is currently in the Phase 1/2 clinical research stage of developing EDIT-101, a therapy for Leber congenital amaurosis 10, an inherited form of infantile blindness. Leber congenital amaurosis type 10 is a form of infantile blindness.

Source: news.google.com

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Hi there, I am Amanda and I work as an editor at impactinvesting.ai;  if you are interested in my services, please reach me at amanda.impactinvesting.ai

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