Chardan Capital Reiterates Buy Rating for Editas Medicine (NASDAQ:EDIT)

Editas Medicine (NASDAQ:EDIT)‘s stock had its “buy” rating restated by analysts at Chardan Capital in a research note issued on Tuesday, Benzinga reports. They currently have a $12.00 price target on the stock. Chardan Capital’s price objective points to a potential upside of 284.62% from the stock’s current price.

Several other equities research analysts have also issued reports on EDIT. Bank of America upgraded shares of Editas Medicine from a “neutral” rating to a “buy” rating and lifted their price target for the company from $13.00 to $15.00 in a research note on Thursday, August 8th. Royal Bank of Canada dropped their target price on Editas Medicine from $8.00 to $5.00 and set a “sector perform” rating on the stock in a report on Tuesday. Wells Fargo & Company decreased their price target on Editas Medicine from $9.00 to $7.00 and set an “overweight” rating for the company in a research note on Tuesday. Barclays dropped their price objective on Editas Medicine from $7.00 to $5.00 and set an “equal weight” rating on the stock in a research note on Tuesday. Finally, Stifel Nicolaus decreased their target price on shares of Editas Medicine from $17.00 to $11.00 and set a “buy” rating for the company in a research note on Tuesday. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $9.08.

Editas Medicine Stock Up 8.3 %

NASDAQ EDIT traded up $0.24 during trading on Tuesday, reaching $3.12. 2,129,497 shares of the stock traded hands, compared to its average volume of 1,924,155. Editas Medicine has a fifty-two week low of $2.70 and a fifty-two week high of $11.69. The firm has a market cap of $257.33 million, a price-to-earnings ratio of -1.22 and a beta of 2.01. The stock’s 50-day moving average price is $3.44 and its 200 day moving average price is $4.52.

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

Hedge Funds Weigh In On Editas Medicine

Several hedge funds have recently bought and sold shares of the company. Mirae Asset Global Investments Co. Ltd. increased its stake in shares of Editas Medicine by 59.0% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 314,774 shares of the company’s stock valued at $2,246,000 after purchasing an additional 116,803 shares during the last quarter. Jennison Associates LLC grew its position in Editas Medicine by 29.1% in the first quarter. Jennison Associates LLC now owns 106,520 shares of the company’s stock valued at $790,000 after acquiring an additional 24,000 shares during the last quarter. Headlands Technologies LLC raised its stake in Editas Medicine by 481.7% during the first quarter. Headlands Technologies LLC now owns 9,493 shares of the company’s stock worth $70,000 after acquiring an additional 7,861 shares in the last quarter. Russell Investments Group Ltd. raised its stake in Editas Medicine by 147.4% during the first quarter. Russell Investments Group Ltd. now owns 12,838 shares of the company’s stock worth $95,000 after acquiring an additional 7,648 shares in the last quarter. Finally, Vanguard Group Inc. lifted its holdings in shares of Editas Medicine by 1.1% in the first quarter. Vanguard Group Inc. now owns 8,555,597 shares of the company’s stock worth $63,483,000 after acquiring an additional 93,740 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.