Robert W. Baird Cuts Editas Medicine (NASDAQ:EDIT) Price Target to $8.00

Editas Medicine (NASDAQ:EDIT) had its target price cut by Robert W. Baird from $10.00 to $8.00 in a research note issued to investors on Friday,Benzinga reports. They currently have an outperform rating on the stock.

A number of other analysts have also issued reports on the company. Chardan Capital reissued a “buy” rating and issued a $12.00 price target on shares of Editas Medicine in a research note on Tuesday, November 5th. Raymond James cut shares of Editas Medicine from an “outperform” rating to a “market perform” rating in a research report on Monday, November 4th. Wells Fargo & Company lowered shares of Editas Medicine from an “overweight” rating to an “equal weight” rating and dropped their price target for the stock from $7.00 to $4.00 in a research report on Wednesday, December 11th. Barclays decreased their price target on shares of Editas Medicine from $7.00 to $5.00 and set an “equal weight” rating on the stock in a report on Tuesday, November 5th. Finally, Bank of America downgraded Editas Medicine from a “buy” rating to an “underperform” rating and dropped their price objective for the stock from $13.00 to $1.00 in a report on Monday, November 25th. Two analysts have rated the stock with a sell rating, ten have assigned a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $6.85.

Editas Medicine Price Performance

Shares of NASDAQ EDIT opened at $1.44 on Friday. The company has a 50-day simple moving average of $2.76 and a 200-day simple moving average of $3.89. The company has a market cap of $118.87 million, a PE ratio of -0.56 and a beta of 1.86. Editas Medicine has a 12 month low of $1.41 and a 12 month high of $11.58.

Editas Medicine (NASDAQ:EDIT) last released its 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 during 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%. Editas Medicine’s revenue for the quarter was down 98.9% on a year-over-year basis. During the same period in the previous year, the company earned ($0.55) EPS. On average, analysts anticipate that Editas Medicine will post -2.59 EPS for the current year.

Institutional Investors Weigh In On Editas Medicine

Several hedge funds have recently modified their holdings of the stock. Signaturefd LLC lifted its holdings in 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 buying an additional 7,758 shares in the last quarter. Ballentine Partners LLC acquired a new position in shares of Editas Medicine in the third quarter worth about $36,000. Arcadia Investment Management Corp MI purchased a new position in Editas Medicine in the third quarter valued at about $39,000. Koss Olinger Consulting LLC acquired a new stake in Editas Medicine during the 2nd quarter valued at approximately $47,000. Finally, Y Intercept Hong Kong Ltd acquired a new stake in Editas Medicine during the 3rd quarter valued at approximately $47,000. 71.90% of the stock is currently owned by hedge funds and other institutional investors.

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.