Editas Medicine (NASDAQ:EDIT) Downgraded by JPMorgan Chase & Co. to “Underweight”

JPMorgan Chase & Co. lowered shares of Editas Medicine (NASDAQ:EDIT) from a neutral rating to an underweight rating in a research note published on Monday morning, MarketBeat Ratings reports.

Several other equities analysts also recently issued reports on EDIT. Robert W. Baird cut their target price on Editas Medicine from $10.00 to $8.00 and set an “outperform” rating on the stock in a research report on Friday. Bank of America cut shares of Editas Medicine from a “buy” rating to an “underperform” rating and decreased their price objective for the company from $13.00 to $1.00 in a research note on Monday, November 25th. Truist Financial lowered shares of Editas Medicine from a “buy” rating to a “hold” rating in a report on Friday. Barclays dropped their target price on Editas Medicine from $5.00 to $3.00 and set an “equal weight” rating on the stock in a report on Friday. Finally, Royal Bank of Canada decreased their price objective on shares of Editas Medicine from $5.00 to $4.00 and set a “sector perform” rating for the company in a research report on Friday. Three research analysts have rated the stock with a sell rating, nine have given a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $7.00.

Editas Medicine Stock Performance

Editas Medicine stock opened at $1.48 on Monday. The stock has a market cap of $122.17 million, a PE ratio of -0.58 and a beta of 1.86. The stock has a 50-day moving average of $2.76 and a two-hundred day moving average of $3.89. Editas Medicine has a one year low of $1.39 and a one year high of $11.58.

Editas Medicine (NASDAQ:EDIT) last announced its quarterly earnings data on Monday, November 4th. The company reported ($0.75) EPS for the quarter, meeting the consensus estimate of ($0.75). The firm had revenue of $0.06 million during the quarter, compared to analyst estimates 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% on a year-over-year basis. During the same period last year, the firm posted ($0.55) EPS. As a group, sell-side analysts predict that Editas Medicine will post -2.59 EPS for the current fiscal year.

Hedge Funds Weigh In On Editas Medicine

Institutional investors and hedge funds have recently bought and sold shares of the business. Signaturefd LLC increased its stake in shares of Editas Medicine by 494.8% in the 3rd quarter. Signaturefd LLC now owns 9,326 shares of the company’s stock worth $32,000 after acquiring an additional 7,758 shares during the last quarter. Ballentine Partners LLC acquired a new stake in shares of Editas Medicine during the 3rd quarter worth approximately $36,000. Arcadia Investment Management Corp MI purchased a new stake in shares of Editas Medicine during the 3rd quarter valued at approximately $39,000. Koss Olinger Consulting LLC acquired a new position in Editas Medicine in the second quarter valued at approximately $47,000. Finally, Y Intercept Hong Kong Ltd purchased a new stake in Editas Medicine in the 3rd quarter valued at about $47,000. 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.