Editas Medicine, Inc. (NASDAQ:EDIT) Receives Consensus Rating of “Hold” from Brokerages

Editas Medicine, Inc. (NASDAQ:EDIT) has earned an average rating of “Hold” from the thirteen brokerages that are currently covering the stock, Marketbeat reports. One research analyst has rated the stock with a sell rating, six have issued a hold rating and six have assigned a buy rating to the company. The average twelve-month target price among brokerages that have covered the stock in the last year is $7.92.

A number of research firms have recently weighed in on EDIT. Evercore ISI raised shares of Editas Medicine from an “in-line” rating to an “outperform” rating in a research report on Wednesday, November 6th. Raymond James downgraded shares of Editas Medicine from an “outperform” rating to a “market perform” rating in a research report on Monday, November 4th. Chardan Capital reaffirmed a “buy” rating and issued a $12.00 price objective on shares of Editas Medicine in a report on Tuesday, November 5th. Royal Bank of Canada decreased 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 report on Tuesday, November 5th. Finally, Wells Fargo & Company decreased their price objective on shares of Editas Medicine from $9.00 to $7.00 and set an “overweight” rating for the company in a report on Tuesday, November 5th.

Institutional Investors Weigh In On Editas Medicine

Hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its stake in shares of Editas Medicine by 1.1% during the first quarter. Vanguard Group Inc. now owns 8,555,597 shares of the company’s stock valued at $63,483,000 after purchasing an additional 93,740 shares in the last quarter. Price T Rowe Associates Inc. MD raised its stake in shares of 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 valued at $369,000 after purchasing an additional 7,174 shares in the last quarter. Spectrum Planning & Advisory Services Inc. bought a new stake in shares of Editas Medicine during the second quarter valued at about $57,000. Hoylecohen LLC bought a new stake in shares of Editas Medicine during the second quarter valued at about $55,000. Finally, Raymond James & Associates raised its stake in shares of Editas Medicine by 49.7% during the second quarter. Raymond James & Associates now owns 526,815 shares of the company’s stock valued at $2,460,000 after purchasing an additional 174,993 shares in the last quarter. 71.90% of the stock is currently owned by institutional investors.

Editas Medicine Trading Up 1.8 %

EDIT stock opened at $2.24 on Monday. Editas Medicine has a twelve month low of $2.13 and a twelve month high of $11.69. The company has a market capitalization of $184.91 million, a P/E ratio of -0.88 and a beta of 2.01. The firm has a 50 day simple moving average of $3.04 and a 200-day simple moving average of $4.15.

Editas Medicine (NASDAQ:EDIT) last released its quarterly earnings results on Monday, November 4th. The company reported ($0.75) earnings per share 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 business had revenue of $0.06 million during the quarter, compared to the consensus estimate of $3.93 million. During the same quarter last year, the company earned ($0.55) earnings per share. The business’s quarterly revenue was down 98.9% compared to the same quarter last year. On average, research analysts predict that Editas Medicine will post -2.63 EPS for the current year.

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.