Editas Medicine (NASDAQ:EDIT) Downgraded to Underperform Rating by Bank of America

Bank of America lowered shares of Editas Medicine (NASDAQ:EDIT) from a buy rating to an underperform rating in a research note published on Monday morning, MarketBeat Ratings reports. The firm currently has $1.00 target price on the stock, down from their previous target price of $13.00.

A number of other brokerages have also commented on EDIT. Royal Bank of Canada dropped their target price on Editas Medicine from $8.00 to $5.00 and set a “sector perform” rating on the stock in a research report on Tuesday, November 5th. Raymond James downgraded shares of Editas Medicine from an “outperform” rating to a “market perform” rating in a report on Monday, November 4th. Wells Fargo & Company decreased their price objective on shares of Editas Medicine from $9.00 to $7.00 and set an “overweight” rating for the company in a research report on Tuesday, November 5th. Truist Financial cut their price target on Editas Medicine from $12.00 to $8.00 and set a “buy” rating for the company in a research note on Tuesday, November 5th. Finally, Barclays dropped their price objective on Editas Medicine from $7.00 to $5.00 and set an “equal weight” rating on the stock in a report on Tuesday, November 5th. Two research analysts have rated the stock with a sell rating, six have given a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat.com, Editas Medicine presently has an average rating of “Hold” and a consensus target price of $7.92.

Editas Medicine Stock Performance

Shares of EDIT stock opened at $2.38 on Monday. Editas Medicine has a fifty-two week low of $2.30 and a fifty-two week high of $11.69. The firm has a market capitalization of $196.47 million, a price-to-earnings ratio of -0.97 and a beta of 2.01. The stock’s 50-day simple moving average is $3.20 and its 200-day simple moving average is $4.27.

Editas Medicine (NASDAQ:EDIT) last released 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). Editas Medicine had a negative return on equity of 80.13% and a negative net margin of 340.96%. The firm had revenue of $0.06 million for the quarter, compared to the consensus estimate of $3.93 million. During the same period in the prior year, the firm earned ($0.55) EPS. The firm’s revenue was down 98.9% on a year-over-year basis. As a group, equities analysts forecast that Editas Medicine will post -2.69 earnings per share for the current year.

Institutional Investors Weigh In On Editas Medicine

Large investors have recently made changes to their positions in the stock. Jacobs Levy Equity Management Inc. grew its holdings in shares of Editas Medicine by 133.2% in the third 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 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 valued at $3,152,000 after buying an additional 225,000 shares during the period. Millennium Management LLC boosted its stake in Editas Medicine by 10.0% during the second quarter. Millennium Management LLC now owns 2,459,629 shares of the company’s stock worth $11,486,000 after buying an additional 223,012 shares during the period. Raymond James & Associates increased its position in shares of Editas Medicine by 49.7% during the second quarter. Raymond James & Associates now owns 526,815 shares of the company’s stock valued at $2,460,000 after acquiring an additional 174,993 shares during the last quarter. Finally, Stifel Financial Corp raised its stake in shares of Editas Medicine by 37.9% in the 3rd quarter. Stifel Financial Corp now owns 624,876 shares of the company’s stock valued at $2,131,000 after acquiring an additional 171,656 shares during the period. 71.90% of the stock is currently owned by hedge funds and other institutional investors.

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.