Editas Medicine (NASDAQ:EDIT) Price Target Lowered to $5.00 at Royal Bank of Canada

Editas Medicine (NASDAQ:EDIT) had its price target reduced by Royal Bank of Canada from $8.00 to $5.00 in a note issued to investors on Tuesday, Benzinga reports. The brokerage currently has a “sector perform” rating on the stock. Royal Bank of Canada’s price objective points to a potential upside of 60.77% from the stock’s previous close.

A number of other research analysts have also weighed in on EDIT. Stifel Nicolaus decreased their target price on shares of Editas Medicine from $17.00 to $11.00 and set a “buy” rating on the stock in a research note on Tuesday. Raymond James cut shares of Editas Medicine from an “outperform” rating to a “market perform” rating in a research report on Monday. Chardan Capital reduced their target price on shares of Editas Medicine from $20.00 to $12.00 and set a “buy” rating on the stock in a report on Tuesday, October 22nd. Wells Fargo & Company reduced their target price on shares of Editas Medicine from $9.00 to $7.00 and set an “overweight” rating on the stock in a report on Tuesday. Finally, Barclays dropped their price target on shares of Editas Medicine from $7.00 to $5.00 and set an “equal weight” rating on the stock in a research note on Tuesday. One analyst has rated the stock with a sell rating, seven have given a hold rating and six have given a buy rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $9.08.

Editas Medicine Price Performance

Shares of EDIT traded up $0.23 during mid-day trading on Tuesday, reaching $3.11. 831,343 shares of the company’s stock traded hands, compared to its average volume of 1,917,189. The stock has a market cap of $256.51 million, a P/E ratio of -1.30 and a beta of 2.01. The stock’s 50-day moving average is $3.44 and its two-hundred day moving average is $4.52. Editas Medicine has a 12 month low of $2.70 and a 12 month high of $11.69.

Editas Medicine (NASDAQ:EDIT) last issued its quarterly earnings data on Monday, November 4th. The company reported ($0.75) EPS for the quarter, meeting the consensus estimate 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 62.61% and a negative net margin of 288.59%. The business’s revenue for the quarter was down 98.9% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($0.55) EPS. Research analysts predict that Editas Medicine will post -2.96 earnings per share for the current year.

Institutional Investors Weigh In On Editas Medicine

Several institutional investors and hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. raised its position in shares of Editas Medicine by 1.1% during the 1st quarter. Vanguard Group Inc. now owns 8,555,597 shares of the company’s stock valued at $63,483,000 after acquiring an additional 93,740 shares in the last quarter. Millennium Management LLC grew its stake in Editas Medicine by 10.0% during the 2nd 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 last quarter. Integral Health Asset Management LLC grew its stake in Editas Medicine by 50.0% during the 2nd quarter. Integral Health Asset Management LLC now owns 675,000 shares of the company’s stock worth $3,152,000 after buying an additional 225,000 shares during the last quarter. Raymond James & Associates grew its stake in shares of Editas Medicine by 49.7% in the second quarter. Raymond James & Associates now owns 526,815 shares of the company’s stock worth $2,460,000 after purchasing an additional 174,993 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. grew its stake in shares of Editas Medicine by 59.0% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 314,774 shares of the company’s stock worth $2,246,000 after purchasing an additional 116,803 shares in the last quarter. 71.90% of the stock is owned by institutional investors and hedge funds.

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.