Royal Bank of Canada Has Lowered Expectations for Editas Medicine (NASDAQ:EDIT) Stock Price

Editas Medicine (NASDAQ:EDIT) had its price objective dropped by stock analysts at Royal Bank of Canada from $5.00 to $4.00 in a note issued to investors on Friday,Benzinga reports. The firm presently has a “sector perform” rating on the stock. Royal Bank of Canada’s price target points to a potential upside of 177.78% from the company’s current price.

Several other equities research analysts have also recently commented on the company. Barclays cut their price target on Editas Medicine from $5.00 to $3.00 and set an “equal weight” rating for the company in a report on Friday. Bank of America cut Editas Medicine from a “buy” rating to an “underperform” rating and decreased their price target for the stock from $13.00 to $1.00 in a research note on Monday, November 25th. Evercore ISI raised shares of Editas Medicine from an “in-line” rating to an “outperform” rating in a research report on Wednesday, November 6th. Raymond James lowered Editas Medicine from an “outperform” rating to a “market perform” rating in a research report on Monday, November 4th. Finally, Wells Fargo & Company lowered Editas Medicine from an “overweight” rating to an “equal weight” rating and decreased their target price for the company from $7.00 to $4.00 in a report on Wednesday. Two analysts have rated the stock with a sell rating, ten have issued a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $6.85.

Editas Medicine Stock Down 23.8 %

Shares of EDIT opened at $1.44 on Friday. The company has a market capitalization of $118.87 million, a price-to-earnings ratio of -0.56 and a beta of 1.86. The stock’s 50-day moving average price is $2.76 and its 200-day moving average price is $3.90. Editas Medicine has a 52 week low of $1.41 and a 52 week high of $11.58.

Editas Medicine (NASDAQ:EDIT) last issued its earnings results on Monday, November 4th. The company reported ($0.75) EPS for the quarter, meeting analysts’ consensus estimates of ($0.75). The business had revenue of $0.06 million during the quarter, compared to analysts’ expectations of $3.93 million. Editas Medicine had a negative net margin of 340.96% and a negative return on equity of 80.13%. The company’s quarterly revenue was down 98.9% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.55) earnings per share. As a group, equities analysts anticipate that Editas Medicine will post -2.59 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the business. Millennium Management LLC lifted its position in shares of Editas Medicine by 10.0% during the 2nd quarter. Millennium Management LLC now owns 2,459,629 shares of the company’s stock worth $11,486,000 after buying an additional 223,012 shares during the last quarter. Jacobs Levy Equity Management Inc. raised its stake in Editas Medicine by 133.2% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 529,834 shares of the company’s stock worth $1,807,000 after acquiring an additional 302,652 shares in the last quarter. Integral Health Asset Management LLC lifted its holdings in shares of 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 purchasing an additional 225,000 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its position in shares of Editas Medicine by 16.9% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 49,704 shares of the company’s stock valued at $369,000 after purchasing an additional 7,174 shares during the period. Finally, Dynamic Technology Lab Private Ltd purchased a new position in shares of Editas Medicine during the third quarter worth approximately $240,000. 71.90% of the stock is owned by institutional investors and hedge funds.

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.