Wells Fargo & Company Issues Pessimistic Forecast for Editas Medicine (NASDAQ:EDIT) Stock Price

Editas Medicine (NASDAQ:EDIT) had its price target decreased by stock analysts at Wells Fargo & Company from $9.00 to $7.00 in a research report issued to clients and investors on Tuesday, Benzinga reports. The firm currently has an “overweight” rating on the stock. Wells Fargo & Company‘s target price would suggest a potential upside of 137.29% from the stock’s current price.

Several other brokerages have also recently commented on EDIT. Royal Bank of Canada reissued a “sector perform” rating and set a $8.00 price target on shares of Editas Medicine in a research report on Thursday, September 19th. Barclays reduced their price objective on Editas Medicine from $7.00 to $5.00 and set an “equal weight” rating for the company in a report on Tuesday. Bank of America raised shares of Editas Medicine from a “neutral” rating to a “buy” rating and raised their price target for the stock from $13.00 to $15.00 in a research report on Thursday, August 8th. Evercore ISI dropped their price objective on Editas Medicine from $7.00 to $3.00 and set an “in-line” rating for the company in a report on Wednesday, October 23rd. Finally, Raymond James downgraded shares of Editas Medicine from an “outperform” rating to a “market perform” rating in a report on Monday. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $9.18.

Editas Medicine Stock Performance

NASDAQ:EDIT traded up $0.07 during trading hours on Tuesday, hitting $2.95. The stock had a trading volume of 457,889 shares, compared to its average volume of 1,916,022. The company has a market cap of $243.32 million, a price-to-earnings ratio of -1.25 and a beta of 2.01. The business’s 50 day moving average is $3.44 and its 200-day moving average is $4.52. Editas Medicine has a one year low of $2.70 and a one year high of $11.69.

Editas Medicine (NASDAQ:EDIT) last posted its quarterly earnings data on Monday, November 4th. The company reported ($0.75) earnings per share for the quarter, hitting the consensus estimate of ($0.75). The company had revenue of $0.06 million during the quarter, compared to analysts’ expectations of $3.93 million. Editas Medicine had a negative return on equity of 62.61% and a negative net margin of 288.59%. Editas Medicine’s revenue for the quarter was down 98.9% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.55) earnings per share. On average, sell-side analysts anticipate that Editas Medicine will post -2.96 EPS for the current fiscal year.

Hedge Funds Weigh In On Editas Medicine

A number of institutional investors and hedge funds have recently bought and sold shares of EDIT. International Assets Investment Management LLC increased its stake in shares of 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 during the period. The Manufacturers Life Insurance Company increased its position in Editas Medicine by 10.1% in 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 during the period. Rhumbline Advisers increased its position in Editas Medicine by 2.9% in 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 during the period. Allspring Global Investments Holdings LLC raised its stake in shares of Editas Medicine by 20.0% during the third quarter. Allspring Global Investments Holdings LLC now owns 24,485 shares of the company’s stock valued at $83,000 after acquiring an additional 4,089 shares during the last quarter. Finally, China Universal Asset Management Co. Ltd. lifted its holdings in shares of Editas Medicine by 64.2% during the third quarter. China Universal Asset Management Co. Ltd. now owns 15,863 shares of the company’s stock worth $54,000 after purchasing an additional 6,202 shares during the period. Institutional investors and hedge funds 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.