Editas Medicine (NASDAQ:EDIT) Rating Increased to Buy at Zacks Investment Research

Editas Medicine (NASDAQ:EDIT) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Tuesday, Zacks.com reports. The firm currently has a $34.00 price target on the stock. Zacks Investment Research‘s price objective suggests a potential upside of 6.82% from the company’s current price.

According to Zacks, “Editas' lead candidate EDIT-101, which uses CRISPR gene editing to treat LCA10, a genetic illness that causes blindness, is being developed in partnership with Allergan. The disease has a significant unmet need as no therapies are presently approved. A phase I/II dose escalation study on EDIT-101 initiated patient enrolment in July 2019. Editas has some high-profile collaborations with big pharma companies for its CRISPR technology, which provide research support and funds to pursue its pipeline development. It is also developing EDIT-301 for sickle cell disease and beta-thalassemia. However, due to lack of a marketed product, Editas is heavily dependent on its partners for collaboration revenues, which remains a concern. Shares have outperformed the industry in the past year.”

EDIT has been the topic of a number of other research reports. ValuEngine downgraded Editas Medicine from a “buy” rating to a “hold” rating in a report on Saturday, December 21st. BidaskClub upgraded Editas Medicine from a “sell” rating to a “hold” rating in a report on Tuesday, December 10th. Finally, Chardan Capital reiterated a “buy” rating and set a $55.00 target price on shares of Editas Medicine in a report on Tuesday, December 10th. Five research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. The stock has a consensus rating of “Buy” and an average price target of $37.00.

NASDAQ:EDIT traded down $0.95 during mid-day trading on Tuesday, reaching $31.83. 363,241 shares of the company’s stock traded hands, compared to its average volume of 662,321. Editas Medicine has a 12-month low of $19.00 and a 12-month high of $34.37. The firm has a market capitalization of $1.67 billion, a price-to-earnings ratio of -13.66 and a beta of 2.63. The company has a debt-to-equity ratio of 0.06, a current ratio of 5.08 and a quick ratio of 5.08. The company has a 50 day moving average price of $30.64 and a 200-day moving average price of $25.35.

Editas Medicine (NASDAQ:EDIT) last announced its quarterly earnings results on Tuesday, November 12th. The company reported ($0.66) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.73) by $0.07. Editas Medicine had a negative return on equity of 56.53% and a negative net margin of 842.47%. The company had revenue of $3.90 million for the quarter, compared to the consensus estimate of $4.72 million. During the same quarter in the previous year, the business earned ($0.32) EPS. Editas Medicine’s revenue was down 73.1% compared to the same quarter last year. As a group, analysts forecast that Editas Medicine will post -1.78 EPS for the current year.

Several hedge funds have recently bought and sold shares of the business. Sumitomo Mitsui Trust Holdings Inc. boosted its position in shares of Editas Medicine by 227.3% in the 3rd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 4,958,593 shares of the company’s stock worth $112,758,000 after purchasing an additional 3,443,666 shares in the last quarter. Nikko Asset Management Americas Inc. boosted its position in shares of Editas Medicine by 59.4% in the 3rd quarter. Nikko Asset Management Americas Inc. now owns 4,958,593 shares of the company’s stock worth $112,758,000 after purchasing an additional 1,846,893 shares in the last quarter. Vanguard Group Inc. boosted its position in shares of Editas Medicine by 9.0% in the 2nd quarter. Vanguard Group Inc. now owns 4,290,861 shares of the company’s stock worth $106,156,000 after purchasing an additional 355,256 shares in the last quarter. BlackRock Inc. boosted its position in shares of Editas Medicine by 2.2% in the 2nd quarter. BlackRock Inc. now owns 3,872,531 shares of the company’s stock worth $95,805,000 after purchasing an additional 84,186 shares in the last quarter. Finally, Chevy Chase Trust Holdings Inc. boosted its position in shares of Editas Medicine by 9.0% in the 3rd quarter. Chevy Chase Trust Holdings Inc. now owns 936,856 shares of the company’s stock worth $21,305,000 after purchasing an additional 76,971 shares in the last quarter. Hedge funds and other institutional investors own 86.30% of the company’s stock.

Editas Medicine Company Profile

Editas Medicine, Inc operates as a clinical stage genome editing company. The company focuses on developing transformative genomic medicines to treat a range of serious diseases. It develops a proprietary genome editing platform based on CRISPR technology to target genetically addressable diseases and therapeutic areas.

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