Editas Medicine’s (EDIT) Sector Perform Rating Reiterated at Royal Bank of Canada

Editas Medicine (NASDAQ:EDIT)‘s stock had its “sector perform” rating reiterated by research analysts at Royal Bank of Canada in a report issued on Thursday, Benzinga reports. They presently have a $8.00 price target on the stock. Royal Bank of Canada’s price target would suggest a potential upside of 106.19% from the stock’s previous close.

A number of other analysts have also commented on the company. Truist Financial cut their price target on Editas Medicine from $20.00 to $12.00 and set a “buy” rating on the stock in a research note on Thursday, August 8th. Oppenheimer restated a “market perform” rating and issued a $12.00 price target on shares of Editas Medicine in a research report on Tuesday, June 18th. Evercore ISI cut their price target on shares of Editas Medicine from $15.00 to $7.00 and set an “in-line” rating on the stock in a report on Thursday, May 30th. Barclays decreased their price objective on Editas Medicine from $9.00 to $7.00 and set an “equal weight” rating for the company in a report on Thursday, August 8th. Finally, Bank of America raised Editas Medicine from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $13.00 to $15.00 in a report on Thursday, August 8th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, Editas Medicine presently has a consensus rating of “Hold” and a consensus target price of $10.90.

Editas Medicine Price Performance

EDIT opened at $3.88 on Thursday. The company has a market cap of $319.08 million, a price-to-earnings ratio of -1.85 and a beta of 1.99. The firm has a 50 day simple moving average of $4.41 and a 200 day simple moving average of $5.51. Editas Medicine has a fifty-two week low of $3.40 and a fifty-two week high of $11.69.

Editas Medicine (NASDAQ:EDIT) last announced its quarterly earnings results on Wednesday, August 7th. The company reported ($0.82) EPS for the quarter, missing analysts’ consensus estimates of ($0.70) by ($0.12). Editas Medicine had a negative net margin of 288.59% and a negative return on equity of 62.61%. The firm had revenue of $0.51 million during the quarter, compared to the consensus estimate of $4.78 million. During the same quarter in the previous year, the company posted ($0.56) earnings per share. The firm’s revenue was down 82.2% on a year-over-year basis. As a group, analysts expect that Editas Medicine will post -2.97 EPS for the current year.

Insider Transactions at Editas Medicine

In related news, EVP Linda Burkly sold 11,886 shares of the business’s stock in a transaction dated Thursday, July 25th. The stock was sold at an average price of $5.42, for a total value of $64,422.12. Following the completion of the sale, the executive vice president now directly owns 73,136 shares of the company’s stock, valued at approximately $396,397.12. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other Editas Medicine news, EVP Baisong Mei sold 6,619 shares of the company’s stock in a transaction on Friday, July 19th. The shares were sold at an average price of $5.21, for a total transaction of $34,484.99. Following the transaction, the executive vice president now owns 134,413 shares in the company, valued at $700,291.73. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Linda Burkly sold 11,886 shares of the business’s stock in a transaction dated Thursday, July 25th. The stock was sold at an average price of $5.42, for a total transaction of $64,422.12. Following the sale, the executive vice president now directly owns 73,136 shares of the company’s stock, valued at $396,397.12. The disclosure for this sale can be found here. Insiders have sold 20,578 shares of company stock valued at $105,997 in the last 90 days. 1.90% of the stock is currently owned by corporate insiders.

Institutional Trading of Editas Medicine

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. The Manufacturers Life Insurance Company grew 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 worth $157,000 after buying an additional 3,089 shares in the last quarter. Millennium Management LLC grew its stake in shares of Editas Medicine by 10.0% in the 2nd quarter. Millennium Management LLC now owns 2,459,629 shares of the company’s stock worth $11,486,000 after acquiring an additional 223,012 shares in the last quarter. AQR Capital Management LLC raised its holdings in shares of Editas Medicine by 117.2% in the second quarter. AQR Capital Management LLC now owns 45,890 shares of the company’s stock valued at $214,000 after purchasing an additional 24,758 shares during the last quarter. Caxton Associates LP bought a new position in shares of Editas Medicine during the second quarter valued at about $600,000. Finally, Integral Health Asset Management LLC boosted its holdings in Editas Medicine by 50.0% during the second quarter. Integral Health Asset Management LLC now owns 675,000 shares of the company’s stock worth $3,152,000 after purchasing an additional 225,000 shares during the last quarter. 71.90% of the stock is owned by 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.