Editas Medicine (NASDAQ:EDIT) Price Target Lowered to $5.00 at Evercore ISI

Editas Medicine (NASDAQ:EDIT) had its price objective lowered by research analysts at Evercore ISI from $7.00 to $5.00 in a report issued on Monday,Benzinga reports. The firm currently has an “outperform” rating on the stock. Evercore ISI’s price objective suggests a potential upside of 228.95% from the stock’s previous close.

A number of other equities analysts have also recently commented on the stock. JPMorgan Chase & Co. cut shares of Editas Medicine from a “neutral” rating to an “underweight” rating in a research report on Monday. Robert W. Baird lowered their price target on shares of Editas Medicine from $10.00 to $8.00 and set an “outperform” rating on the stock in a report on Friday, December 13th. Truist Financial cut Editas Medicine from a “buy” rating to a “hold” rating in a report on Friday, December 13th. Barclays lowered their target price on Editas Medicine from $5.00 to $3.00 and set an “equal weight” rating on the stock in a research note on Friday, December 13th. Finally, Raymond James downgraded Editas Medicine from an “outperform” rating to a “market perform” rating in a research note on Monday, November 4th. Three analysts have rated the stock with a sell rating, nine have assigned a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $7.00.

Editas Medicine Price Performance

Shares of EDIT stock opened at $1.52 on Monday. The company has a fifty day moving average price of $2.72 and a two-hundred day moving average price of $3.87. Editas Medicine has a one year low of $1.39 and a one year high of $11.58. The stock has a market cap of $125.47 million, a P/E ratio of -0.59 and a beta of 1.86.

Editas Medicine (NASDAQ:EDIT) last posted its quarterly earnings results on Monday, November 4th. The company reported ($0.75) EPS for the quarter, hitting 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 during the quarter, compared to analysts’ expectations of $3.93 million. During the same quarter last year, the company posted ($0.55) earnings per share. Editas Medicine’s quarterly revenue was down 98.9% on a year-over-year basis. As a group, equities research analysts anticipate that Editas Medicine will post -2.59 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. Signaturefd LLC boosted its holdings in shares of Editas Medicine by 494.8% in the 3rd quarter. Signaturefd LLC now owns 9,326 shares of the company’s stock valued at $32,000 after purchasing an additional 7,758 shares in the last quarter. Koss Olinger Consulting LLC acquired a new position in Editas Medicine during the second quarter worth about $47,000. Ballentine Partners LLC acquired a new position in Editas Medicine during the third quarter worth about $36,000. Arcadia Investment Management Corp MI acquired a new stake in shares of Editas Medicine in the 3rd quarter valued at approximately $39,000. Finally, Y Intercept Hong Kong Ltd acquired a new stake in shares of Editas Medicine in the 3rd quarter valued at approximately $47,000. 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.