Editas Medicine (NASDAQ:EDIT) Rating Lowered to Hold at Truist Financial

Editas Medicine (NASDAQ:EDIT) was downgraded by research analysts at Truist Financial from a “buy” rating to a “hold” rating in a report released on Friday, Marketbeat Ratings reports.

A number of other brokerages have also commented on EDIT. Bank of America lowered shares of Editas Medicine from a “buy” rating to an “underperform” rating and cut their price objective for the company from $13.00 to $1.00 in a research report on Monday, November 25th. Raymond James lowered shares of Editas Medicine from an “outperform” rating to a “market perform” rating in a report on Monday, November 4th. Barclays decreased their price objective 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, November 5th. Evercore ISI raised Editas Medicine from an “in-line” rating to an “outperform” rating in a report on Wednesday, November 6th. Finally, Royal Bank of Canada cut their price objective on Editas Medicine from $8.00 to $5.00 and set a “sector perform” rating for the company in a research report on Tuesday, November 5th. Two equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $6.85.

Editas Medicine Stock Down 23.8 %

Shares of Editas Medicine stock opened at $1.44 on Friday. Editas Medicine has a 12 month low of $1.41 and a 12 month high of $11.58. The stock has a market cap of $118.87 million, a PE ratio of -0.56 and a beta of 1.86. The business has a fifty day simple moving average of $2.76 and a 200-day simple moving average of $3.90.

Editas Medicine (NASDAQ:EDIT) last announced its quarterly earnings data 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 analyst estimates of $3.93 million. During the same period last year, the company posted ($0.55) EPS. The business’s quarterly revenue was down 98.9% compared to the same quarter last year. Analysts expect that Editas Medicine will post -2.59 EPS for the current fiscal year.

Hedge Funds Weigh In On Editas Medicine

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Signaturefd LLC raised its stake in Editas Medicine by 494.8% during the 3rd quarter. Signaturefd LLC now owns 9,326 shares of the company’s stock worth $32,000 after buying an additional 7,758 shares during the period. Ballentine Partners LLC acquired a new stake in Editas Medicine during the 3rd quarter worth approximately $36,000. Arcadia Investment Management Corp MI acquired a new position in shares of Editas Medicine in the third quarter valued at approximately $39,000. Koss Olinger Consulting LLC bought a new stake in shares of Editas Medicine during the second quarter worth $47,000. Finally, Y Intercept Hong Kong Ltd bought a new stake in Editas Medicine in the 3rd quarter valued at $47,000. 71.90% of the stock is owned by institutional investors.

About Editas Medicine

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.