Editas Medicine (NASDAQ:EDIT) Raised to Outperform at Evercore ISI

Editas Medicine (NASDAQ:EDIT) was upgraded by equities research analysts at Evercore ISI from an “in-line” rating to an “outperform” rating in a research note issued to investors on Wednesday, Marketbeat.com reports.

Several other research analysts also recently issued reports on EDIT. Truist Financial reduced their price objective on Editas Medicine from $12.00 to $8.00 and set a “buy” rating on the stock in a report on Tuesday. Royal Bank of Canada cut their price target on Editas Medicine from $8.00 to $5.00 and set a “sector perform” rating on the stock in a research note on Tuesday. 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 report on Tuesday. Raymond James cut Editas Medicine from an “outperform” rating to a “market perform” rating in a report on Monday. Finally, Barclays reduced their target price on shares of Editas Medicine from $7.00 to $5.00 and set an “equal weight” rating on the stock in a research note on Tuesday. One analyst has rated the stock with a sell rating, six have issued a hold rating and seven have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $9.08.

Editas Medicine Stock Down 3.4 %

Editas Medicine stock opened at $3.17 on Wednesday. Editas Medicine has a 12-month low of $2.70 and a 12-month high of $11.69. The stock has a 50-day simple moving average of $3.40 and a 200 day simple moving average of $4.49. The stock has a market capitalization of $261.46 million, a price-to-earnings ratio of -1.24 and a beta of 2.01.

Editas Medicine (NASDAQ:EDIT) last announced its earnings results on Monday, November 4th. The company reported ($0.75) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.75). Editas Medicine had a negative net margin of 340.96% and a negative return on equity of 72.15%. The company had revenue of $0.06 million during the quarter, compared to the consensus estimate of $3.93 million. During the same period in the previous year, the firm posted ($0.55) earnings per share. The company’s revenue was down 98.9% on a year-over-year basis. As a group, sell-side analysts anticipate that Editas Medicine will post -2.96 EPS for the current year.

Institutional Investors Weigh In On Editas Medicine

Several hedge funds have recently bought and sold shares of EDIT. Vanguard Group Inc. grew its holdings in shares of Editas Medicine by 1.1% in the 1st quarter. Vanguard Group Inc. now owns 8,555,597 shares of the company’s stock valued at $63,483,000 after buying an additional 93,740 shares during the period. Millennium Management LLC lifted its holdings in Editas Medicine by 10.0% during the second quarter. Millennium Management LLC now owns 2,459,629 shares of the company’s stock worth $11,486,000 after acquiring an additional 223,012 shares in the last quarter. Integral Health Asset Management LLC lifted its holdings in Editas Medicine by 50.0% during the second quarter. Integral Health Asset Management LLC now owns 675,000 shares of the company’s stock worth $3,152,000 after acquiring an additional 225,000 shares in the last quarter. Raymond James & Associates grew its stake in Editas Medicine by 49.7% in the second quarter. Raymond James & Associates now owns 526,815 shares of the company’s stock valued at $2,460,000 after acquiring an additional 174,993 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of Editas Medicine by 59.0% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 314,774 shares of the company’s stock worth $2,246,000 after acquiring an additional 116,803 shares in the last quarter. 71.90% of the stock is currently owned by institutional investors and hedge funds.

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.