Intech Investment Management LLC Invests $98,000 in Editas Medicine, Inc. (NASDAQ:EDIT)

Intech Investment Management LLC acquired a new position in shares of Editas Medicine, Inc. (NASDAQ:EDIT) during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 28,606 shares of the company’s stock, valued at approximately $98,000.

Several other hedge funds have also made changes to their positions in the business. Jennison Associates LLC boosted its holdings in shares of Editas Medicine by 90.4% during the third quarter. Jennison Associates LLC now owns 237,745 shares of the company’s stock worth $811,000 after purchasing an additional 112,857 shares during the last quarter. Drive Wealth Management LLC acquired a new stake in shares of Editas Medicine during the third quarter worth $65,000. GSA Capital Partners LLP boosted its holdings in shares of Editas Medicine by 89.0% during the third quarter. GSA Capital Partners LLP now owns 182,725 shares of the company’s stock worth $623,000 after purchasing an additional 86,020 shares during the last quarter. Arcadia Investment Management Corp MI acquired a new stake in shares of Editas Medicine during the third quarter worth $39,000. Finally, China Universal Asset Management Co. Ltd. boosted its holdings in shares of Editas Medicine by 64.2% during the third quarter. China Universal Asset Management Co. Ltd. now owns 15,863 shares of the company’s stock worth $54,000 after purchasing an additional 6,202 shares during the last quarter. Institutional investors and hedge funds own 71.90% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on EDIT. Truist Financial cut their target price on Editas Medicine from $12.00 to $8.00 and set a “buy” rating on the stock in a research report on Tuesday, November 5th. Raymond James lowered Editas Medicine from an “outperform” rating to a “market perform” rating in a research report on Monday, November 4th. Royal Bank of Canada cut their target price on Editas Medicine from $8.00 to $5.00 and set a “sector perform” rating on the stock in a research report on Tuesday, November 5th. Barclays cut their target price on Editas Medicine from $7.00 to $5.00 and set an “equal weight” rating on the stock in a research report on Tuesday, November 5th. Finally, Evercore ISI raised Editas Medicine from an “in-line” rating to an “outperform” rating in a research report on Wednesday, November 6th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $7.92.

Editas Medicine Stock Performance

Shares of NASDAQ EDIT opened at $2.14 on Friday. Editas Medicine, Inc. has a 1 year low of $1.89 and a 1 year high of $11.58. The firm has a market cap of $176.66 million, a price-to-earnings ratio of -0.84 and a beta of 1.86. The stock’s 50-day simple moving average is $2.89 and its 200-day simple moving average is $4.03.

Editas Medicine (NASDAQ:EDIT) last announced its earnings results on Monday, November 4th. The company reported ($0.75) earnings per share (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 business had revenue of $0.06 million for the quarter, compared to analyst estimates of $3.93 million. During the same period in the previous year, the company earned ($0.55) earnings per share. The company’s revenue for the quarter was down 98.9% compared to the same quarter last year. As a group, research analysts predict that Editas Medicine, Inc. will post -2.63 EPS 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.