Editas Medicine, Inc. (NASDAQ:EDIT) Receives $7.00 Consensus PT from Analysts

Shares of Editas Medicine, Inc. (NASDAQ:EDIT) have received a consensus recommendation of “Hold” from the fourteen research firms that are covering the stock, MarketBeat Ratings reports. Two research analysts have rated the stock with a sell rating, nine have issued a hold rating and three have issued a buy rating on the company. The average 12-month price objective among analysts that have issued ratings on the stock in the last year is $7.00.

Several equities research analysts recently issued reports on EDIT shares. Barclays lowered their price objective on Editas Medicine from $5.00 to $3.00 and set an “equal weight” rating on the stock in a report on Friday, December 13th. JPMorgan Chase & Co. cut Editas Medicine from a “neutral” rating to an “underweight” rating in a research report on Monday, December 16th. Truist Financial lowered Editas Medicine from a “buy” rating to a “hold” rating in a report on Friday, December 13th. Evercore ISI dropped their target price on shares of Editas Medicine from $7.00 to $5.00 and set an “outperform” rating for the company in a report on Monday, December 16th. Finally, Bank of America downgraded shares of Editas Medicine from a “buy” rating to an “underperform” rating and decreased their price target for the stock from $13.00 to $1.00 in a research note on Monday, November 25th.

Hedge Funds Weigh In On Editas Medicine

Large investors have recently modified their holdings of the business. Millennium Management LLC increased its stake in Editas Medicine by 10.0% during the second quarter. Millennium Management LLC now owns 2,459,629 shares of the company’s stock worth $11,486,000 after purchasing an additional 223,012 shares during the period. Integral Health Asset Management LLC boosted its holdings in Editas Medicine by 50.0% in the second quarter. Integral Health Asset Management LLC now owns 675,000 shares of the company’s stock valued at $3,152,000 after purchasing an additional 225,000 shares in the last quarter. Stifel Financial Corp increased its stake in 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 purchasing an additional 171,656 shares during the last quarter. Jacobs Levy Equity Management Inc. grew its position in shares of Editas Medicine by 133.2% in the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 529,834 shares of the company’s stock valued at $1,807,000 after buying an additional 302,652 shares during the last quarter. Finally, Hennion & Walsh Asset Management Inc. increased its position in shares of Editas Medicine by 18.1% during the fourth quarter. Hennion & Walsh Asset Management Inc. now owns 267,758 shares of the company’s stock worth $340,000 after purchasing an additional 41,002 shares in the last quarter. Institutional investors and hedge funds own 71.90% of the company’s stock.

Editas Medicine Price Performance

Shares of NASDAQ:EDIT opened at $1.41 on Tuesday. The business’s 50 day moving average price is $1.70 and its 200-day moving average price is $3.15. Editas Medicine has a 1 year low of $1.12 and a 1 year high of $11.58. The firm has a market capitalization of $116.40 million, a price-to-earnings ratio of -0.55 and a beta of 1.95.

Editas Medicine (NASDAQ:EDIT) last posted its quarterly earnings data on Monday, November 4th. The company reported ($0.75) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.75). The business had revenue of $0.06 million for the quarter, compared to the consensus estimate 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 was down 98.9% compared to the same quarter last year. During the same period last year, the firm posted ($0.55) earnings per share. On average, sell-side analysts expect that Editas Medicine will post -2.73 earnings per share 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.