Royal Bank of Canada Lowers Editas Medicine (NASDAQ:EDIT) Price Target to $4.00

Editas Medicine (NASDAQ:EDIT) had its price target cut by Royal Bank of Canada from $5.00 to $4.00 in a research note published on Friday morning,Benzinga reports. They currently have a sector perform rating on the stock.

Several other research analysts have also issued reports on EDIT. Robert W. Baird decreased their price target on shares of Editas Medicine from $10.00 to $8.00 and set an “outperform” rating on the stock in a research report on Friday. Wells Fargo & Company lowered Editas Medicine from an “overweight” rating to an “equal weight” rating and reduced their price objective for the stock from $7.00 to $4.00 in a research note on Wednesday, December 11th. Truist Financial lowered Editas Medicine from a “buy” rating to a “hold” rating in a research report on Friday. Evercore ISI raised Editas Medicine from an “in-line” rating to an “outperform” rating in a report on Wednesday, November 6th. Finally, Bank of America cut Editas Medicine from a “buy” rating to an “underperform” rating and dropped their price target for the stock from $13.00 to $1.00 in a research note on Monday, November 25th. Two equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has an average 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. The stock has a 50-day simple moving average of $2.76 and a 200 day simple moving average of $3.89. Editas Medicine has a fifty-two week low of $1.41 and a fifty-two week high of $11.58. The stock has a market capitalization of $118.87 million, a P/E ratio of -0.56 and a beta of 1.86.

Editas Medicine (NASDAQ:EDIT) last posted its quarterly earnings data on Monday, November 4th. The company reported ($0.75) earnings per share 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 business’s revenue for the quarter was down 98.9% on a year-over-year basis. During the same quarter last year, the firm posted ($0.55) EPS. On average, sell-side analysts anticipate that Editas Medicine will post -2.59 earnings per share for the current year.

Institutional Investors Weigh In On Editas Medicine

A number of institutional investors have recently bought and sold shares of the business. Jacobs Levy Equity Management Inc. increased its holdings 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 purchasing an additional 302,652 shares during the period. Integral Health Asset Management LLC grew its position in Editas Medicine by 50.0% during 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. Millennium Management LLC increased its stake in Editas Medicine by 10.0% in the 2nd 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 period. Raymond James & Associates lifted its position in Editas Medicine by 49.7% in the 2nd quarter. Raymond James & Associates now owns 526,815 shares of the company’s stock worth $2,460,000 after buying an additional 174,993 shares in the last quarter. Finally, Stifel Financial Corp lifted its position in Editas Medicine by 37.9% in the 3rd quarter. Stifel Financial Corp now owns 624,876 shares of the company’s stock worth $2,131,000 after buying 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.