Editas Medicine (NASDAQ:EDIT) Lowered to “Hold” Rating by Truist Financial

Editas Medicine (NASDAQ:EDIT) was downgraded by Truist Financial from a “buy” rating to a “hold” rating in a research report issued on Friday, Marketbeat Ratings reports.

Other research analysts have also recently issued reports about the company. Raymond James cut Editas Medicine from an “outperform” rating to a “market perform” rating in a research report on Monday, November 4th. Bank of America downgraded Editas Medicine from a “buy” rating to an “underperform” rating and cut their price objective for the company from $13.00 to $1.00 in a report on Monday, November 25th. Royal Bank of Canada lowered their target price on shares of Editas Medicine from $8.00 to $5.00 and set a “sector perform” rating on the stock in a report on Tuesday, November 5th. Barclays cut their price target on shares of Editas Medicine from $7.00 to $5.00 and set an “equal weight” rating for the company in a research note on Tuesday, November 5th. Finally, Stifel Nicolaus decreased their price objective on shares of Editas Medicine from $17.00 to $11.00 and set a “buy” rating for the company in a research report on Tuesday, November 5th. Two research analysts have rated the stock with a sell rating, ten have assigned a hold rating and three have assigned a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $6.85.

Editas Medicine Stock Down 23.8 %

Shares of EDIT stock opened at $1.44 on Friday. Editas Medicine has a 12 month low of $1.41 and a 12 month high of $11.58. The company’s fifty day simple moving average is $2.76 and its 200-day simple moving average is $3.90. The firm has a market cap of $118.87 million, a PE ratio of -0.56 and a beta of 1.86.

Editas Medicine (NASDAQ:EDIT) last issued its quarterly earnings results on Monday, November 4th. The company reported ($0.75) EPS for the quarter, hitting the consensus estimate of ($0.75). The firm had revenue of $0.06 million for 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%. The company’s revenue for the quarter was down 98.9% on a year-over-year basis. During the same period in the previous year, the firm posted ($0.55) EPS. On average, equities analysts predict that Editas Medicine will post -2.59 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Editas Medicine

Several hedge funds have recently bought and sold shares of EDIT. Barclays PLC lifted its holdings in Editas Medicine by 46.9% during the 3rd quarter. Barclays PLC now owns 178,507 shares of the company’s stock worth $607,000 after purchasing an additional 56,986 shares during the last quarter. Public Employees Retirement System of Ohio increased its position in Editas Medicine by 172.1% during the 3rd quarter. Public Employees Retirement System of Ohio now owns 33,203 shares of the company’s stock worth $113,000 after buying an additional 21,000 shares during the period. Y Intercept Hong Kong Ltd acquired a new stake in shares of Editas Medicine during the third quarter worth $47,000. XTX Topco Ltd bought a new stake in shares of Editas Medicine in the third quarter valued at about $179,000. Finally, Stifel Financial Corp grew its stake in shares of Editas Medicine by 37.9% in the third quarter. Stifel Financial Corp now owns 624,876 shares of the company’s stock valued at $2,131,000 after acquiring an additional 171,656 shares in the last quarter. 71.90% of the stock is currently owned by institutional investors and hedge funds.

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.