Editas Medicine (NASDAQ:EDIT) Downgraded by Bank of America to Underperform

Bank of America lowered shares of Editas Medicine (NASDAQ:EDIT) from a buy rating to an underperform rating in a report issued on Monday, Marketbeat Ratings reports. Bank of America currently has $1.00 price objective on the stock, down from their prior price objective of $13.00.

A number of other research analysts have also recently commented on the company. Wells Fargo & Company decreased their price target on Editas Medicine from $9.00 to $7.00 and set an “overweight” rating on the stock in a research report on Tuesday, November 5th. Raymond James cut shares of Editas Medicine from an “outperform” rating to a “market perform” rating in a research report on Monday, November 4th. Royal Bank of Canada decreased their price objective on shares of Editas Medicine from $8.00 to $5.00 and set a “sector perform” rating on the stock in a research note on Tuesday, November 5th. Barclays cut their target price on Editas Medicine from $7.00 to $5.00 and set an “equal weight” rating for the company in a research note on Tuesday, November 5th. Finally, Stifel Nicolaus decreased their price target on Editas Medicine from $17.00 to $11.00 and set a “buy” rating on the stock in a research note on Tuesday, November 5th. Two analysts have rated the stock with a sell rating, six have issued a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average price target of $7.92.

Editas Medicine Stock Down 0.5 %

NASDAQ EDIT opened at $2.20 on Monday. The firm has a 50-day moving average price of $3.07 and a two-hundred day moving average price of $4.19. Editas Medicine has a 12-month low of $2.13 and a 12-month high of $11.69. The company has a market capitalization of $181.61 million, a P/E ratio of -0.86 and a beta of 2.01.

Editas Medicine (NASDAQ:EDIT) last issued its quarterly earnings results on Monday, November 4th. The company reported ($0.75) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.75). The business 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 80.13% and a negative net margin of 340.96%. The firm’s revenue for the quarter was down 98.9% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.55) earnings per share. Equities analysts expect that Editas Medicine will post -2.63 EPS for the current year.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Jacobs Levy Equity Management Inc. increased its stake in shares of Editas Medicine by 133.2% in the third quarter. Jacobs Levy Equity Management Inc. now owns 529,834 shares of the company’s stock valued at $1,807,000 after buying an additional 302,652 shares during the period. Integral Health Asset Management LLC raised its holdings in Editas Medicine by 50.0% during the 2nd quarter. Integral Health Asset Management LLC now owns 675,000 shares of the company’s stock worth $3,152,000 after purchasing an additional 225,000 shares during the last quarter. Millennium Management LLC raised its holdings in Editas Medicine by 10.0% during the 2nd quarter. Millennium Management LLC now owns 2,459,629 shares of the company’s stock worth $11,486,000 after purchasing an additional 223,012 shares during the last quarter. Raymond James & Associates lifted its position in shares of Editas Medicine by 49.7% in the 2nd quarter. Raymond James & Associates now owns 526,815 shares of the company’s stock worth $2,460,000 after purchasing an additional 174,993 shares during the period. Finally, Stifel Financial Corp boosted its stake in shares of Editas Medicine by 37.9% in the 3rd quarter. Stifel Financial Corp now owns 624,876 shares of the company’s stock valued at $2,131,000 after purchasing an additional 171,656 shares during the last quarter. 71.90% of the stock is owned by 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 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.