Editas Medicine (NASDAQ:EDIT) PT Lowered to $12.00

Editas Medicine (NASDAQ:EDIT) had its price target dropped by analysts at Chardan Capital from $20.00 to $12.00 in a research note issued on Tuesday, Benzinga reports. The firm presently has a “buy” rating on the stock. Chardan Capital’s price target would suggest a potential upside of 273.83% from the company’s current price.

Other equities analysts have also recently issued research reports about the company. Truist Financial cut their price target on Editas Medicine from $20.00 to $12.00 and set a “buy” rating for the company in a report on Thursday, August 8th. Royal Bank of Canada reissued a “sector perform” rating and issued a $8.00 target price on shares of Editas Medicine in a report on Thursday, September 19th. Barclays decreased their price target on shares of Editas Medicine from $9.00 to $7.00 and set an “equal weight” rating on the stock in a research note on Thursday, August 8th. Finally, Bank of America raised shares of Editas Medicine from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $13.00 to $15.00 in a research note on Thursday, August 8th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $9.91.

Editas Medicine Stock Performance

EDIT stock opened at $3.21 on Tuesday. The company’s fifty day moving average price is $3.58 and its 200-day moving average price is $4.71. Editas Medicine has a one year low of $2.91 and a one year high of $11.69. The company has a market capitalization of $263.98 million, a PE ratio of -1.53 and a beta of 1.99.

Editas Medicine (NASDAQ:EDIT) last announced its quarterly earnings results on Wednesday, August 7th. The company reported ($0.82) EPS for the quarter, missing the consensus estimate of ($0.70) by ($0.12). Editas Medicine had a negative return on equity of 62.61% and a negative net margin of 288.59%. The company had revenue of $0.51 million during the quarter, compared to analysts’ expectations of $4.78 million. During the same quarter in the previous year, the firm earned ($0.56) EPS. The firm’s revenue for the quarter was down 82.2% compared to the same quarter last year. On average, research analysts predict that Editas Medicine will post -2.98 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the business. Ballentine Partners LLC bought a new stake in shares of Editas Medicine during the 3rd quarter worth approximately $36,000. Hennion & Walsh Asset Management Inc. lifted its position in shares of Editas Medicine by 34.7% during the third quarter. Hennion & Walsh Asset Management Inc. now owns 226,756 shares of the company’s stock worth $773,000 after purchasing an additional 58,385 shares during the last quarter. International Assets Investment Management LLC boosted its stake in shares of Editas Medicine by 262.0% during the third quarter. International Assets Investment Management LLC now owns 113,863 shares of the company’s stock valued at $388,000 after purchasing an additional 82,406 shares during the period. Signaturefd LLC grew its holdings in shares of Editas Medicine by 494.8% in the third quarter. Signaturefd LLC now owns 9,326 shares of the company’s stock worth $32,000 after purchasing an additional 7,758 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC increased its stake in Editas Medicine by 20.0% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 24,485 shares of the company’s stock worth $83,000 after buying an additional 4,089 shares during the period. Hedge funds and other 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.