Brokerages Set Editas Medicine, Inc. (NASDAQ:EDIT) PT at $7.00

Editas Medicine, Inc. (NASDAQ:EDIT) has earned a consensus recommendation of “Hold” from the fourteen brokerages that are covering the stock, Marketbeat.com reports. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and three have issued a buy rating on the company. The average 12 month target price among brokerages that have issued ratings on the stock in the last year is $7.00.

A number of research analysts recently commented on EDIT shares. Wells Fargo & Company cut Editas Medicine from an “overweight” rating to an “equal weight” rating and decreased their price objective for the company from $7.00 to $4.00 in a report on Wednesday, December 11th. Raymond James cut Editas Medicine from an “outperform” rating to a “market perform” rating in a report on Monday, November 4th. Robert W. Baird decreased their target price on shares of Editas Medicine from $10.00 to $8.00 and set an “outperform” rating on the stock in a research report on Friday, December 13th. Stifel Nicolaus cut shares of Editas Medicine from a “buy” rating to a “hold” rating and dropped their price target for the company from $11.00 to $3.00 in a research report on Friday, December 13th. Finally, Truist Financial lowered shares of Editas Medicine from a “buy” rating to a “hold” rating in a report on Friday, December 13th.

Editas Medicine Stock Down 2.1 %

Shares of NASDAQ:EDIT opened at $1.38 on Tuesday. Editas Medicine has a 52-week low of $1.12 and a 52-week high of $11.58. The business has a fifty day moving average of $1.64 and a two-hundred day moving average of $3.10. The stock has a market cap of $113.92 million, a P/E ratio of -0.54 and a beta of 1.95.

Editas Medicine (NASDAQ:EDIT) last released its quarterly earnings data on Monday, November 4th. The company reported ($0.75) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.75). The firm had revenue of $0.06 million during the quarter, compared to analysts’ expectations of $3.93 million. Editas Medicine had a negative net margin of 340.96% and a negative return on equity of 80.13%. Editas Medicine’s revenue was down 98.9% compared to the same quarter last year. During the same period last year, the business earned ($0.55) earnings per share. On average, equities analysts anticipate that Editas Medicine will post -2.73 earnings per share for the current year.

Hedge Funds Weigh In On Editas Medicine

Several hedge funds and other institutional investors have recently made changes to their positions in EDIT. Signaturefd LLC raised its holdings in Editas Medicine by 494.8% in the third quarter. Signaturefd LLC now owns 9,326 shares of the company’s stock valued at $32,000 after acquiring an additional 7,758 shares in the last quarter. Ballentine Partners LLC purchased a new stake in shares of Editas Medicine during the 3rd quarter worth $36,000. Thrive Wealth Management LLC acquired a new position in shares of Editas Medicine during the fourth quarter worth $36,000. Arcadia Investment Management Corp MI purchased a new position in Editas Medicine in the third quarter valued at $39,000. Finally, Y Intercept Hong Kong Ltd acquired a new stake in Editas Medicine in the third quarter valued at $47,000. Hedge funds and other institutional investors own 71.90% of the company’s stock.

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.