Editas Medicine (NASDAQ:EDIT – Get Rating) had its price objective lowered by analysts at SVB Leerink from $7.00 to $6.00 in a report issued on Tuesday, Benzinga reports. The firm presently has a “market perform” rating on the stock. SVB Leerink’s price target indicates a potential downside of 27.01% from the company’s current price.
Several other research firms have also commented on EDIT. StockNews.com began coverage on shares of Editas Medicine in a report on Wednesday, October 12th. They set a “sell” rating on the stock. Bank of America reduced their price objective on Editas Medicine from $18.00 to $15.00 and set a “neutral” rating on the stock in a research note on Friday, November 18th. Royal Bank of Canada lowered their target price on Editas Medicine from $32.00 to $14.00 and set a “sector perform” rating for the company in a research note on Friday, November 18th. Citigroup initiated coverage on Editas Medicine in a research report on Tuesday, December 13th. They set a “neutral” rating and a $11.00 price target on the stock. Finally, Credit Suisse Group reiterated a “neutral” rating and issued a $13.00 price objective on shares of Editas Medicine in a research report on Tuesday, December 6th. Three investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, Editas Medicine has an average rating of “Hold” and a consensus price target of $16.86.
Editas Medicine Stock Down 8.7 %
Shares of EDIT stock opened at $8.22 on Tuesday. The firm has a market cap of $565.21 million, a P/E ratio of -2.80 and a beta of 1.90. The business has a 50-day moving average price of $10.20 and a two-hundred day moving average price of $13.04. Editas Medicine has a 12-month low of $7.70 and a 12-month high of $26.49.
Editas Medicine (NASDAQ:EDIT – Get Rating) last released its earnings results on Wednesday, November 2nd. The company reported ($0.81) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.87) by $0.06. Editas Medicine had a negative return on equity of 41.33% and a negative net margin of 784.32%. The company had revenue of $0.04 million during the quarter, compared to the consensus estimate of $5.86 million. As a group, research analysts expect that Editas Medicine will post -3.21 EPS for the current fiscal year.
Institutional Investors Weigh In On Editas Medicine
Institutional investors and hedge funds have recently modified their holdings of the stock. Bank of New York Mellon Corp raised its stake in Editas Medicine by 0.4% in the first quarter. Bank of New York Mellon Corp now owns 288,878 shares of the company’s stock worth $5,494,000 after buying an additional 1,060 shares in the last quarter. US Bancorp DE boosted its position in shares of Editas Medicine by 13.6% during the first quarter. US Bancorp DE now owns 12,699 shares of the company’s stock valued at $243,000 after purchasing an additional 1,520 shares in the last quarter. PNC Financial Services Group Inc. grew its stake in Editas Medicine by 88.2% in the first quarter. PNC Financial Services Group Inc. now owns 41,811 shares of the company’s stock worth $795,000 after purchasing an additional 19,594 shares during the period. Bank of Montreal Can purchased a new position in Editas Medicine during the first quarter valued at $1,011,000. Finally, MetLife Investment Management LLC grew its position in shares of Editas Medicine by 57.4% in the 1st quarter. MetLife Investment Management LLC now owns 37,148 shares of the company’s stock worth $707,000 after buying an additional 13,546 shares during the period. 69.67% of the stock is owned by hedge funds and other 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 clinical trial for Leber Congenital Amaurosis 10 that leads to inherited childhood blindness.
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