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

Editas Medicine (NASDAQ:EDIT) had its target price dropped by research analysts at Barclays from $5.00 to $3.00 in a report released on Friday,Benzinga reports. The brokerage presently has an “equal weight” rating on the stock. Barclays‘s target price suggests a potential upside of 108.33% from the company’s current price.

Several other equities analysts have also weighed in on the stock. Robert W. Baird dropped their price objective on shares of Editas Medicine from $10.00 to $8.00 and set an “outperform” rating on the stock in a report on Friday. Chardan Capital reaffirmed a “neutral” rating on shares of Editas Medicine in a research note on Friday. Truist Financial cut Editas Medicine from a “buy” rating to a “hold” rating in a research note on Friday. Stifel Nicolaus lowered Editas Medicine from a “buy” rating to a “hold” rating and lowered their target price for the stock from $11.00 to $3.00 in a research report on Friday. Finally, Evercore ISI upgraded Editas Medicine from an “in-line” rating to an “outperform” rating in a report on Wednesday, November 6th. Two investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and three have given a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $6.85.

Editas Medicine Stock Performance

Shares of EDIT opened at $1.44 on Friday. The firm has a market cap of $118.87 million, a PE ratio of -0.56 and a beta of 1.86. Editas Medicine has a 52-week low of $1.41 and a 52-week high of $11.58. The business’s 50 day moving average price is $2.76 and its two-hundred day moving average price is $3.90.

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

Hedge Funds Weigh In On Editas Medicine

Large investors have recently bought and sold shares of the stock. 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. Jacobs Levy Equity Management Inc. boosted its holdings in 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 purchasing an additional 302,652 shares during the last quarter. Integral Health Asset Management LLC increased its stake in Editas Medicine by 50.0% in the 2nd 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. Price T Rowe Associates Inc. MD increased its position in shares of Editas Medicine by 16.9% during the first quarter. Price T Rowe Associates Inc. MD now owns 49,704 shares of the company’s stock valued at $369,000 after acquiring an additional 7,174 shares during the last quarter. Finally, Dynamic Technology Lab Private Ltd purchased a new stake in Editas Medicine during the third quarter worth about $240,000. 71.90% of the stock is currently 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.