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

Shares of Editas Medicine, Inc. (NASDAQ:EDIT) have been given a consensus recommendation of “Hold” by the fourteen analysts that are presently covering the firm, Marketbeat.com reports. Two research analysts have rated the stock with a sell rating, nine have issued a hold rating and three have assigned a buy rating to the company. The average twelve-month price objective among analysts that have issued a report on the stock in the last year is $7.00.

EDIT has been the topic of several recent analyst reports. Wells Fargo & Company downgraded 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 report on Wednesday, December 11th. Evercore ISI cut their price objective on Editas Medicine from $7.00 to $5.00 and set an “outperform” rating for the company in a report on Monday, December 16th. JPMorgan Chase & Co. downgraded Editas Medicine from a “neutral” rating to an “underweight” rating in a report on Monday, December 16th. Raymond James downgraded Editas Medicine from an “outperform” rating to a “market perform” rating in a research note on Monday, November 4th. Finally, Chardan Capital reiterated a “neutral” rating on shares of Editas Medicine in a research note on Friday, December 13th.

Institutional Investors Weigh In On Editas Medicine

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in EDIT. Signaturefd LLC boosted its position in 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 buying an additional 7,758 shares during the period. Koss Olinger Consulting LLC bought a new position in Editas Medicine in the second quarter worth approximately $47,000. Ballentine Partners LLC purchased a new position in Editas Medicine during the 3rd quarter worth $36,000. Arcadia Investment Management Corp MI bought a new stake in Editas Medicine during the 3rd quarter valued at $39,000. Finally, Y Intercept Hong Kong Ltd bought a new stake in Editas Medicine during the 3rd quarter valued at $47,000. 71.90% of the stock is currently owned by hedge funds and other institutional investors.

Editas Medicine Stock Performance

Shares of EDIT stock opened at $1.21 on Friday. The firm has a market cap of $99.88 million, a P/E ratio of -0.47 and a beta of 1.86. The business’s 50 day moving average price is $2.37 and its 200-day moving average price is $3.60. Editas Medicine has a fifty-two week low of $1.16 and a fifty-two week high of $11.58.

Editas Medicine (NASDAQ:EDIT) last announced 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 net margin of 340.96% and a negative return on equity of 80.13%. The firm had revenue of $0.06 million for the quarter, compared to analysts’ expectations of $3.93 million. During the same quarter in the previous year, the business posted ($0.55) EPS. The company’s quarterly revenue was down 98.9% on a year-over-year basis. As a group, equities analysts predict that Editas Medicine will post -2.59 EPS for the current year.

Editas Medicine Company Profile

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.