Editas Medicine (NASDAQ:EDIT) Price Target Lowered to $3.00 at Barclays

Editas Medicine (NASDAQ:EDIT) had its target price reduced by Barclays from $5.00 to $3.00 in a research note published on Friday morning,Benzinga reports. They currently have an equal weight rating on the stock.

Several other research firms have also weighed in on EDIT. Royal Bank of Canada dropped their price objective on shares of Editas Medicine from $8.00 to $5.00 and set a “sector perform” rating on the stock in a research note on Tuesday, November 5th. Wells Fargo & Company lowered Editas Medicine from an “overweight” rating to an “equal weight” rating and dropped their target price for the stock from $7.00 to $4.00 in a research report on Wednesday. Truist Financial lowered Editas Medicine from a “buy” rating to a “hold” rating in a report on Friday. Bank of America downgraded Editas Medicine from a “buy” rating to an “underperform” rating and dropped their price objective for the stock from $13.00 to $1.00 in a report on Monday, November 25th. Finally, Robert W. Baird reduced their target price on shares of Editas Medicine from $10.00 to $8.00 and set an “outperform” rating for the company in a research note on Friday. Two analysts have rated the stock with a sell rating, ten have assigned a hold rating and three have issued a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $6.85.

Editas Medicine Stock Down 23.8 %

EDIT opened at $1.44 on Friday. Editas Medicine has a 12-month low of $1.41 and a 12-month high of $11.58. The firm has a market capitalization of $118.87 million, a P/E ratio of -0.56 and a beta of 1.86. The stock has a fifty day moving average of $2.76 and a 200-day moving average of $3.91.

Editas Medicine (NASDAQ:EDIT) last announced its quarterly earnings data on Monday, November 4th. The company reported ($0.75) EPS for the quarter, hitting analysts’ consensus estimates of ($0.75). The firm had revenue of $0.06 million during the quarter, compared to analyst estimates of $3.93 million. Editas Medicine had a negative return on equity of 80.13% and a negative net margin of 340.96%. The business’s quarterly revenue was down 98.9% compared to the same quarter last year. During the same period last year, the company posted ($0.55) EPS. On average, analysts expect that Editas Medicine will post -2.59 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Editas Medicine

A number of hedge funds have recently made changes to their positions in EDIT. International Assets Investment Management LLC increased its stake in Editas Medicine by 10.5% in the second quarter. International Assets Investment Management LLC now owns 31,457 shares of the company’s stock valued at $147,000 after acquiring an additional 3,000 shares during the period. The Manufacturers Life Insurance Company boosted its holdings in Editas Medicine by 10.1% during the second quarter. The Manufacturers Life Insurance Company now owns 33,599 shares of the company’s stock valued at $157,000 after purchasing an additional 3,089 shares in the last quarter. Rhumbline Advisers grew its stake in shares of Editas Medicine by 2.9% in the 2nd quarter. Rhumbline Advisers now owns 137,986 shares of the company’s stock valued at $644,000 after purchasing an additional 3,862 shares during the period. Allspring Global Investments Holdings LLC raised its holdings in shares of Editas Medicine by 20.0% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 24,485 shares of the company’s stock worth $83,000 after buying an additional 4,089 shares in the last quarter. Finally, China Universal Asset Management Co. Ltd. lifted its position in shares of Editas Medicine by 64.2% during the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 15,863 shares of the company’s stock worth $54,000 after buying an additional 6,202 shares during the period. Institutional investors and hedge funds own 71.90% of the company’s stock.

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.