Editas Medicine, Inc. (NASDAQ:EDIT) Given Average Recommendation of “Hold” by Brokerages

Editas Medicine, Inc. (NASDAQ:EDIT) has been given an average rating of “Hold” by the fourteen ratings firms that are currently covering the firm, MarketBeat.com reports. Two research analysts have rated the stock with a sell rating, nine have given a hold rating and three have issued a buy rating on the company. The average 12-month price objective among brokerages that have covered the stock in the last year is $7.00.

EDIT has been the topic of several analyst reports. Raymond James cut Editas Medicine from an “outperform” rating to a “market perform” rating in a research report on Monday, November 4th. Bank of America cut shares of Editas Medicine from a “buy” rating to an “underperform” rating and lowered their target price for the stock from $13.00 to $1.00 in a research note on Monday, November 25th. Royal Bank of Canada cut their price target on shares of Editas Medicine from $5.00 to $4.00 and set a “sector perform” rating for the company in a report on Friday, December 13th. Barclays decreased their price target on shares of Editas Medicine from $5.00 to $3.00 and set an “equal weight” rating on the stock in a report on Friday, December 13th. Finally, Stifel Nicolaus lowered Editas Medicine from a “buy” rating to a “hold” rating and dropped their price objective for the company from $11.00 to $3.00 in a research note on Friday, December 13th.

Hedge Funds Weigh In On Editas Medicine

Several institutional investors and hedge funds have recently made changes to their positions in EDIT. Signaturefd LLC boosted its holdings in Editas Medicine by 494.8% during the 3rd quarter. Signaturefd LLC now owns 9,326 shares of the company’s stock valued at $32,000 after acquiring an additional 7,758 shares during the period. Ballentine Partners LLC bought a new stake in Editas Medicine in the third quarter valued at approximately $36,000. Thrive Wealth Management LLC purchased a new stake in shares of Editas Medicine during the fourth quarter valued at approximately $36,000. Arcadia Investment Management Corp MI bought a new position in shares of Editas Medicine in the third quarter worth approximately $39,000. Finally, Y Intercept Hong Kong Ltd purchased a new position in shares of Editas Medicine in the third quarter worth $47,000. Institutional investors own 71.90% of the company’s stock.

Editas Medicine Trading Down 1.6 %

Editas Medicine stock opened at $1.22 on Tuesday. The firm has a 50 day simple moving average of $1.77 and a 200 day simple moving average of $3.19. Editas Medicine has a 1-year low of $1.12 and a 1-year high of $11.58. The firm has a market capitalization of $100.71 million, a price-to-earnings ratio of -0.48 and a beta of 1.95.

Editas Medicine (NASDAQ:EDIT) last announced its quarterly earnings results 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 analysts’ expectations of $3.93 million. Editas Medicine had a negative return on equity of 80.13% and a negative net margin of 340.96%. The firm’s quarterly revenue was down 98.9% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.55) earnings per share. On average, equities research analysts forecast that Editas Medicine will post -2.64 EPS for the current year.

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.