Editas Medicine (NASDAQ:EDIT) Price Target Cut to $3.00 by Analysts at Barclays

Editas Medicine (NASDAQ:EDIT) had its target price reduced by Barclays from $5.00 to $3.00 in a research note issued on Friday,Benzinga reports. The firm presently has an “equal weight” rating on the stock. Barclays‘s price target points to a potential upside of 108.33% from the company’s current price.

Other analysts have also issued research reports about the company. Truist Financial lowered Editas Medicine from a “buy” rating to a “hold” rating in a research note on Friday. Wells Fargo & Company cut shares of Editas Medicine from an “overweight” rating to an “equal weight” rating and cut their price objective for the company from $7.00 to $4.00 in a research note on Wednesday. Evercore ISI upgraded shares of Editas Medicine from an “in-line” rating to an “outperform” rating in a research report on Wednesday, November 6th. Robert W. Baird lowered their price target on shares of Editas Medicine from $10.00 to $8.00 and set an “outperform” rating for the company in a research note on Friday. Finally, Royal Bank of Canada reduced their price objective on Editas Medicine from $8.00 to $5.00 and set a “sector perform” rating on the stock in a research note on Tuesday, November 5th. Two analysts have rated the stock with a sell rating, ten have given a hold rating and three have given a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $6.85.

Editas Medicine Price Performance

Shares of Editas Medicine stock opened at $1.44 on Friday. Editas Medicine has a 1 year low of $1.41 and a 1 year high of $11.58. The firm has a market cap of $118.87 million, a PE ratio of -0.56 and a beta of 1.86. The company has a 50 day simple moving average of $2.76 and a two-hundred day simple moving average of $3.90.

Editas Medicine (NASDAQ:EDIT) last released its earnings results on Monday, November 4th. The company reported ($0.75) EPS for the quarter, meeting analysts’ consensus estimates of ($0.75). Editas Medicine had a negative return on equity of 80.13% and a negative net margin of 340.96%. The business had revenue of $0.06 million for the quarter, compared to analysts’ expectations of $3.93 million. During the same quarter in the prior year, the firm earned ($0.55) earnings per share. The firm’s revenue was down 98.9% on a year-over-year basis. As a group, research analysts anticipate that Editas Medicine will post -2.59 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of EDIT. 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 worth $1,807,000 after buying an additional 302,652 shares during the last quarter. Integral Health Asset Management LLC raised its holdings in Editas Medicine by 50.0% in the 2nd quarter. Integral Health Asset Management LLC now owns 675,000 shares of the company’s stock worth $3,152,000 after purchasing an additional 225,000 shares in the last quarter. Millennium Management LLC lifted its position in shares of Editas Medicine by 10.0% in the 2nd 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. Raymond James & Associates boosted its stake in shares of Editas Medicine by 49.7% during the 2nd 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. Finally, Stifel Financial Corp increased its position in shares of Editas Medicine by 37.9% during the third quarter. Stifel Financial Corp now owns 624,876 shares of the company’s stock valued at $2,131,000 after buying an additional 171,656 shares during the period. Institutional investors own 71.90% of the company’s stock.

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.