Barclays Cuts Editas Medicine (NASDAQ:EDIT) Price Target to $3.00

Editas Medicine (NASDAQ:EDIT) had its target price cut by analysts at Barclays from $5.00 to $3.00 in a report released on Friday,Benzinga reports. The firm presently has an “equal weight” rating on the stock. Barclays‘s target price indicates a potential upside of 92.93% from the stock’s previous close.

Several other brokerages also recently weighed in on EDIT. Royal Bank of Canada dropped their target price on shares of Editas Medicine from $8.00 to $5.00 and set a “sector perform” rating for the company in a report on Tuesday, November 5th. Chardan Capital reissued a “neutral” rating on shares of Editas Medicine in a report on Friday. Stifel Nicolaus cut shares of Editas Medicine from a “buy” rating to a “hold” rating and decreased their target price for the company from $11.00 to $3.00 in a research report on Friday. Wells Fargo & Company downgraded Editas Medicine from an “overweight” rating to an “equal weight” rating and dropped their target price for the stock from $7.00 to $4.00 in a research note on Wednesday. Finally, Raymond James lowered Editas Medicine from an “outperform” rating to a “market perform” rating in a research note on Monday, November 4th. Two research analysts have rated the stock with a sell rating, ten have given a hold rating and three have given a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $6.92.

Editas Medicine Stock Down 17.7 %

NASDAQ:EDIT traded down $0.34 during mid-day trading on Friday, hitting $1.56. 2,496,672 shares of the stock traded hands, compared to its average volume of 1,982,176. Editas Medicine has a 12-month low of $1.54 and a 12-month high of $11.58. The business’s 50-day moving average price is $2.80 and its 200 day moving average price is $3.94. The company has a market cap of $128.37 million, a PE ratio of -0.61 and a beta of 1.86.

Editas Medicine (NASDAQ:EDIT) last announced its earnings results on Monday, November 4th. The company reported ($0.75) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.75). Editas Medicine had a negative net margin of 340.96% and a negative return on equity of 80.13%. The firm had revenue of $0.06 million for the quarter, compared to analyst estimates of $3.93 million. During the same quarter in the previous year, the firm posted ($0.55) EPS. The company’s revenue for the quarter was down 98.9% compared to the same quarter last year. Analysts anticipate that Editas Medicine will post -2.59 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Editas Medicine

A number of large investors have recently made changes to their positions in the company. Price T Rowe Associates Inc. MD grew its holdings in Editas Medicine by 16.9% during the first quarter. Price T Rowe Associates Inc. MD now owns 49,704 shares of the company’s stock worth $369,000 after buying an additional 7,174 shares in the last quarter. Hoylecohen LLC bought a new position in shares of Editas Medicine in the 2nd quarter worth approximately $55,000. Raymond James & Associates lifted its position in Editas Medicine by 49.7% during the 2nd 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. Hennion & Walsh Asset Management Inc. purchased a new stake in Editas Medicine during the 2nd quarter valued at about $786,000. Finally, Aries Wealth Management purchased a new stake in shares of Editas Medicine during the 2nd quarter valued at about $65,000. 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.