Editas Medicine (NASDAQ:EDIT) Stock Rating Lowered by Stifel Nicolaus

Editas Medicine (NASDAQ:EDIT) was downgraded by analysts at Stifel Nicolaus from a “buy” rating to a “hold” rating in a report released on Friday, Marketbeat Ratings reports. They presently have a $3.00 price objective on the stock, down from their previous price objective of $11.00. Stifel Nicolaus’ price objective would suggest a potential upside of 108.33% from the company’s previous close.

A number of other brokerages have also recently commented on EDIT. Truist Financial cut Editas Medicine from a “buy” rating to a “hold” rating in a research report on Friday. Evercore ISI upgraded Editas Medicine from an “in-line” rating to an “outperform” rating in a research report on Wednesday, November 6th. Barclays reduced their price objective on Editas Medicine from $7.00 to $5.00 and set an “equal weight” rating on the stock in a research note on Tuesday, November 5th. Royal Bank of Canada lowered their target price on Editas Medicine from $8.00 to $5.00 and set a “sector perform” rating for the company in a research report on Tuesday, November 5th. Finally, Chardan Capital reiterated a “buy” rating and set a $12.00 price objective on shares of Editas Medicine in a research report on Tuesday, November 5th. Two equities research analysts have rated the stock with a sell rating, ten have given a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat, Editas Medicine has a consensus rating of “Hold” and a consensus target price of $6.85.

Editas Medicine Stock Performance

Editas Medicine stock opened at $1.44 on Friday. The stock has a market cap of $118.87 million, a PE ratio of -0.56 and a beta of 1.86. The stock has a fifty day moving average of $2.76 and a 200 day moving average of $3.90. Editas Medicine has a one year low of $1.41 and a one year high of $11.58.

Editas Medicine (NASDAQ:EDIT) last announced its earnings results on Monday, November 4th. The company reported ($0.75) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.75). The company had revenue of $0.06 million during the quarter, compared to analyst estimates of $3.93 million. Editas Medicine had a negative net margin of 340.96% and a negative return on equity of 80.13%. The firm’s quarterly revenue was down 98.9% compared to the same quarter last year. During the same period in the previous year, the business posted ($0.55) earnings per share. As a group, sell-side analysts predict that Editas Medicine will post -2.59 EPS for the current fiscal year.

Hedge Funds Weigh In On Editas Medicine

Institutional investors and hedge funds have recently bought and sold shares of the company. Jacobs Levy Equity Management Inc. lifted its holdings in shares of Editas Medicine by 133.2% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 529,834 shares of the company’s stock valued at $1,807,000 after purchasing an additional 302,652 shares during the last quarter. Integral Health Asset Management LLC increased its position in Editas Medicine by 50.0% during the 2nd quarter. Integral Health Asset Management LLC now owns 675,000 shares of the company’s stock valued at $3,152,000 after buying an additional 225,000 shares in the last quarter. Millennium Management LLC raised its stake in Editas Medicine by 10.0% in the second quarter. Millennium Management LLC now owns 2,459,629 shares of the company’s stock valued at $11,486,000 after buying an additional 223,012 shares during the last quarter. Raymond James & Associates boosted its holdings in Editas Medicine by 49.7% in the second quarter. Raymond James & Associates now owns 526,815 shares of the company’s stock worth $2,460,000 after acquiring an additional 174,993 shares in the last quarter. Finally, Stifel Financial Corp boosted its holdings in Editas Medicine by 37.9% in the third quarter. Stifel Financial Corp now owns 624,876 shares of the company’s stock worth $2,131,000 after acquiring an additional 171,656 shares in the last quarter. 71.90% of the stock is 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.