Royal Bank of Canada Issues Pessimistic Forecast for Editas Medicine (NASDAQ:EDIT) Stock Price

Editas Medicine (NASDAQ:EDIT) had its price target decreased by stock analysts at Royal Bank of Canada from $8.00 to $5.00 in a report released on Tuesday, Benzinga reports. The firm currently has a “sector perform” rating on the stock. Royal Bank of Canada’s target price suggests a potential upside of 52.44% from the company’s current price.

A number of other research analysts also recently commented on the company. Chardan Capital lowered their target price on Editas Medicine from $20.00 to $12.00 and set a “buy” rating for the company in a research report on Tuesday, October 22nd. Wells Fargo & Company lowered their price objective on shares of Editas Medicine from $9.00 to $7.00 and set an “overweight” rating for the company in a research report on Tuesday. Truist Financial reduced their target price on shares of Editas Medicine from $12.00 to $8.00 and set a “buy” rating on the stock in a report on Tuesday. Evercore ISI decreased their target price on shares of Editas Medicine from $7.00 to $3.00 and set an “in-line” rating on the stock in a research report on Wednesday, October 23rd. Finally, Raymond James lowered Editas Medicine from an “outperform” rating to a “market perform” rating in a research report on Monday. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and seven have given a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and an average target price of $9.08.

Editas Medicine Stock Up 5.1 %

Shares of Editas Medicine stock opened at $3.28 on Tuesday. Editas Medicine has a 52 week low of $2.70 and a 52 week high of $11.69. The stock’s 50-day simple moving average is $3.42 and its 200-day simple moving average is $4.50. The company has a market capitalization of $270.52 million, a price-to-earnings ratio of -1.28 and a beta of 2.01.

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

Institutional Trading of Editas Medicine

Hedge funds and other institutional investors have recently bought and sold shares of the business. International Assets Investment Management LLC increased its stake in Editas Medicine by 10.5% in the 2nd quarter. International Assets Investment Management LLC now owns 31,457 shares of the company’s stock worth $147,000 after buying an additional 3,000 shares during the period. The Manufacturers Life Insurance Company grew its stake 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 worth $157,000 after acquiring an additional 3,089 shares in the last quarter. Rhumbline Advisers increased its position in shares of Editas Medicine by 2.9% during the second quarter. Rhumbline Advisers now owns 137,986 shares of the company’s stock worth $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 in the last quarter. Finally, China Universal Asset Management Co. Ltd. boosted its holdings in shares of Editas Medicine by 64.2% in the third quarter. China Universal Asset Management Co. Ltd. now owns 15,863 shares of the company’s stock valued at $54,000 after purchasing an additional 6,202 shares during the period. Hedge funds and other institutional investors own 71.90% of the company’s stock.

Editas Medicine Company Profile

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.