Editas Medicine (NASDAQ:EDIT) Downgraded by JPMorgan Chase & Co. to Underweight

JPMorgan Chase & Co. lowered shares of Editas Medicine (NASDAQ:EDIT) from a neutral rating to an underweight rating in a research report sent to investors on Monday morning, MarketBeat.com reports.

Several other analysts have also recently issued reports on the company. Royal Bank of Canada cut their target price on Editas Medicine from $5.00 to $4.00 and set a “sector perform” rating for the company in a research report on Friday. Barclays lowered their target price on Editas Medicine from $5.00 to $3.00 and set an “equal weight” rating for the company in a research report on Friday. Chardan Capital restated a “neutral” rating on shares of Editas Medicine in a research report on Friday. Raymond James downgraded shares of Editas Medicine from an “outperform” rating to a “market perform” rating in a report on Monday, November 4th. Finally, Bank of America downgraded shares of Editas Medicine from a “buy” rating to an “underperform” rating and lowered their price target for the company from $13.00 to $1.00 in a report on Monday, November 25th. Three equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and three have given a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $7.00.

Editas Medicine Trading Up 2.8 %

Shares of EDIT stock opened at $1.48 on Monday. The firm’s 50 day moving average is $2.76 and its 200 day moving average is $3.89. The stock has a market capitalization of $122.17 million, a P/E ratio of -0.58 and a beta of 1.86. Editas Medicine has a 12-month low of $1.39 and a 12-month high of $11.58.

Editas Medicine (NASDAQ:EDIT) last released its quarterly earnings results on Monday, November 4th. The company reported ($0.75) earnings per share (EPS) for the quarter, meeting 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 during the quarter, compared to the consensus estimate of $3.93 million. During the same period in the previous year, the company posted ($0.55) EPS. The business’s quarterly revenue was down 98.9% compared to the same quarter last year. As a group, equities analysts predict that Editas Medicine will post -2.59 earnings per share for the current year.

Institutional Trading of Editas Medicine

A number of large investors have recently made changes to their positions in EDIT. Jacobs Levy Equity Management Inc. boosted its position in Editas Medicine by 133.2% in the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 529,834 shares of the company’s stock valued at $1,807,000 after buying an additional 302,652 shares during the period. Integral Health Asset Management LLC raised its holdings in shares of Editas Medicine by 50.0% in the second quarter. Integral Health Asset Management LLC now owns 675,000 shares of the company’s stock valued at $3,152,000 after acquiring an additional 225,000 shares in the last quarter. Millennium Management LLC lifted its stake in Editas Medicine by 10.0% in the second 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 during the period. Raymond James & Associates grew its holdings in Editas Medicine by 49.7% during the 2nd quarter. Raymond James & Associates now owns 526,815 shares of the company’s stock worth $2,460,000 after acquiring an additional 174,993 shares in the last quarter. Finally, Stifel Financial Corp increased its position in Editas Medicine by 37.9% during the 3rd quarter. Stifel Financial Corp now owns 624,876 shares of the company’s stock valued at $2,131,000 after purchasing an additional 171,656 shares during the period. 71.90% of the stock is 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.