Editas Medicine, Inc. (NASDAQ:EDIT) Receives $7.00 Average Price Target from Analysts

Editas Medicine, Inc. (NASDAQ:EDIT) has earned an average recommendation of “Hold” from the fourteen ratings firms that are currently covering the company, Marketbeat.com reports. Two equities research analysts have rated the stock with a sell recommendation, nine have assigned a hold recommendation and three have issued a buy recommendation on the company. The average 12-month target price among brokerages that have issued a report on the stock in the last year is $7.00.

EDIT has been the topic of a number of research reports. JPMorgan Chase & Co. lowered shares of Editas Medicine from a “neutral” rating to an “underweight” rating in a research note on Monday, December 16th. Wells Fargo & Company lowered Editas Medicine from an “overweight” rating to an “equal weight” rating and reduced their price objective for the company from $7.00 to $4.00 in a research note on Wednesday, December 11th. Barclays dropped their target price on Editas Medicine from $5.00 to $3.00 and set an “equal weight” rating on the stock in a report on Friday, December 13th. Robert W. Baird decreased their price target on Editas Medicine from $10.00 to $8.00 and set an “outperform” rating for the company in a report on Friday, December 13th. Finally, Royal Bank of Canada dropped their price objective on shares of Editas Medicine from $5.00 to $4.00 and set a “sector perform” rating on the stock in a research note on Friday, December 13th.

Hedge Funds Weigh In On Editas Medicine

A number of hedge funds have recently made changes to their positions in the company. Millennium Management LLC increased its position in shares of 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 purchasing an additional 223,012 shares in the last quarter. Jacobs Levy Equity Management Inc. grew its holdings in shares of Editas Medicine by 133.2% during the third quarter. Jacobs Levy Equity Management Inc. now owns 529,834 shares of the company’s stock worth $1,807,000 after buying an additional 302,652 shares in the last quarter. Integral Health Asset Management LLC raised its position in shares of Editas Medicine by 50.0% in the second 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 last quarter. Barclays PLC lifted its stake in shares of Editas Medicine by 46.9% in the third quarter. Barclays PLC now owns 178,507 shares of the company’s stock worth $607,000 after buying an additional 56,986 shares in the last quarter. Finally, BNP Paribas Financial Markets boosted its position in Editas Medicine by 37.3% during the third quarter. BNP Paribas Financial Markets now owns 54,787 shares of the company’s stock worth $187,000 after acquiring an additional 14,888 shares during the last quarter. Institutional investors and hedge funds own 71.90% of the company’s stock.

Editas Medicine Price Performance

Shares of EDIT stock opened at $1.38 on Tuesday. The business has a fifty day moving average of $1.64 and a 200 day moving average of $3.10. The firm has a market capitalization of $113.92 million, a price-to-earnings ratio of -0.54 and a beta of 1.95. Editas Medicine has a 1 year low of $1.12 and a 1 year high of $11.58.

Editas Medicine (NASDAQ:EDIT) last released its 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 firm had revenue of $0.06 million during the quarter, compared to the consensus estimate of $3.93 million. During the same quarter in the previous year, the company posted ($0.55) earnings per share. The company’s revenue was down 98.9% compared to the same quarter last year. As a group, equities research analysts expect that Editas Medicine will post -2.73 earnings per share 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.