Editas Medicine (NASDAQ:EDIT) Rating Lowered to Underperform at Bank of America

Editas Medicine (NASDAQ:EDIT) was downgraded by equities research analysts at Bank of America from a “buy” rating to an “underperform” rating in a research note issued on Monday, MarketBeat Ratings reports. They presently have a $1.00 price objective on the stock, down from their prior price objective of $13.00. Bank of America‘s price target suggests a potential downside of 54.75% from the company’s previous close.

EDIT has been the subject of several other reports. Raymond James cut Editas Medicine from an “outperform” rating to a “market perform” rating in a report on Monday, November 4th. Truist Financial decreased their price objective on shares of Editas Medicine from $12.00 to $8.00 and set a “buy” rating on the stock in a research report on Tuesday, November 5th. Royal Bank of Canada lowered their price objective on shares of Editas Medicine from $8.00 to $5.00 and set a “sector perform” rating for the company in a research note on Tuesday, November 5th. Wells Fargo & Company cut their target price on Editas Medicine from $9.00 to $7.00 and set an “overweight” rating on the stock in a research note on Tuesday, November 5th. Finally, Evercore ISI raised Editas Medicine from an “in-line” rating to an “outperform” rating in a research report on Wednesday, November 6th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, Editas Medicine currently has a consensus rating of “Hold” and a consensus price target of $7.92.

Editas Medicine Stock Performance

EDIT stock opened at $2.21 on Monday. The company has a market capitalization of $182.43 million, a PE ratio of -0.86 and a beta of 2.01. Editas Medicine has a one year low of $2.13 and a one year high of $11.69. The company’s 50 day moving average price is $3.17 and its two-hundred day moving average price is $4.24.

Editas Medicine (NASDAQ:EDIT) last issued its earnings results on Monday, November 4th. The company reported ($0.75) EPS 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 80.13%. The company had revenue of $0.06 million for the quarter, compared to analysts’ expectations of $3.93 million. During the same quarter last year, the company earned ($0.55) EPS. The firm’s revenue was down 98.9% compared to the same quarter last year. On average, research analysts predict that Editas Medicine will post -2.69 EPS for the current year.

Institutional Trading of Editas Medicine

Several hedge funds and other institutional investors have recently made changes to their positions in EDIT. Vanguard Group Inc. boosted its holdings in 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 in the last quarter. Millennium Management LLC raised its holdings in Editas Medicine by 10.0% in the second quarter. Millennium Management LLC now owns 2,459,629 shares of the company’s stock worth $11,486,000 after buying an additional 223,012 shares during the last quarter. Integral Health Asset Management LLC lifted its stake in shares of Editas Medicine by 50.0% in the second quarter. Integral Health Asset Management LLC now owns 675,000 shares of the company’s stock worth $3,152,000 after buying an additional 225,000 shares in the last quarter. Stifel Financial Corp grew its holdings in shares of Editas Medicine by 37.9% during the third quarter. Stifel Financial Corp now owns 624,876 shares of the company’s stock valued at $2,131,000 after buying an additional 171,656 shares during the last quarter. Finally, Jacobs Levy Equity Management Inc. lifted its position in Editas Medicine by 133.2% in the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 529,834 shares of the company’s stock valued at $1,807,000 after acquiring an additional 302,652 shares in the last quarter. 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.