Robert W. Baird Issues Pessimistic Forecast for Editas Medicine (NASDAQ:EDIT) Stock Price

Editas Medicine (NASDAQ:EDIT) had its price objective lowered by equities research analysts at Robert W. Baird from $10.00 to $8.00 in a research note issued to investors on Friday,Benzinga reports. The firm currently has an “outperform” rating on the stock. Robert W. Baird’s price target would suggest a potential upside of 455.56% from the stock’s previous close.

A number of other equities research analysts have also recently commented on the stock. Evercore ISI upgraded shares of Editas Medicine from an “in-line” rating to an “outperform” rating in a research report on Wednesday, November 6th. Royal Bank of Canada cut their price objective on shares of Editas Medicine from $8.00 to $5.00 and set a “sector perform” rating for the company in a report on Tuesday, November 5th. Wells Fargo & Company cut Editas Medicine from an “overweight” rating to an “equal weight” rating and lowered their target price for the stock from $7.00 to $4.00 in a report on Wednesday. Chardan Capital reaffirmed a “buy” rating and issued a $12.00 price target on shares of Editas Medicine in a report on Tuesday, November 5th. Finally, Barclays reduced their price objective 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. Two analysts have rated the stock with a sell rating, ten have given a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $6.85.

Editas Medicine Trading Down 23.8 %

EDIT 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 business’s 50-day moving average is $2.76 and its 200 day moving average is $3.90. The stock has a market cap of $118.87 million, a price-to-earnings ratio of -0.56 and a beta of 1.86.

Editas Medicine (NASDAQ:EDIT) last issued its quarterly 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 firm 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 posted ($0.55) earnings per share. The business’s revenue was down 98.9% on a year-over-year basis. As a group, equities analysts forecast that Editas Medicine will post -2.59 EPS for the current fiscal year.

Institutional Trading of Editas Medicine

Institutional investors and hedge funds have recently bought and sold shares of the stock. Millennium Management LLC increased its position in shares of Editas Medicine by 10.0% during the second quarter. Millennium Management LLC now owns 2,459,629 shares of the company’s stock valued at $11,486,000 after acquiring an additional 223,012 shares during the last quarter. Jacobs Levy Equity Management Inc. raised its position in Editas Medicine by 133.2% in the third quarter. Jacobs Levy Equity Management Inc. now owns 529,834 shares of the company’s stock valued at $1,807,000 after purchasing an additional 302,652 shares during the period. Integral Health Asset Management LLC lifted its stake 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 in the last quarter. Price T Rowe Associates Inc. MD lifted its stake in 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 worth $369,000 after purchasing an additional 7,174 shares in the last quarter. Finally, Dynamic Technology Lab Private Ltd purchased a new position in shares of Editas Medicine during the third quarter worth $240,000. 71.90% of the stock is currently owned by hedge funds and other 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.