Editas Medicine (NASDAQ:EDIT) Downgraded to Underperform Rating by Bank of America

Bank of America downgraded shares of Editas Medicine (NASDAQ:EDITFree Report) from a buy rating to an underperform rating in a research note released on Monday, MarketBeat reports. They currently have $1.00 price target on the stock, down from their previous price target of $13.00.

A number of other equities research analysts have also recently commented on the stock. Raymond James cut shares of Editas Medicine from an “outperform” rating to a “market perform” rating in a report on Monday, November 4th. Wells Fargo & Company reduced their target price on shares of Editas Medicine from $9.00 to $7.00 and set an “overweight” rating for the company in a report on Tuesday, November 5th. Stifel Nicolaus cut their price objective on Editas Medicine from $17.00 to $11.00 and set a “buy” rating for the company in a research note on Tuesday, November 5th. Truist Financial lowered their price objective on Editas Medicine from $12.00 to $8.00 and set a “buy” rating on the stock in a research report on Tuesday, November 5th. Finally, Chardan Capital restated a “buy” rating and set a $12.00 target price on shares of Editas Medicine in a research report on Tuesday, November 5th. Two analysts have rated the stock with a sell rating, six have given a hold rating and six have issued a buy rating to the company. According to MarketBeat, Editas Medicine currently has an average rating of “Hold” and a consensus target price of $7.92.

View Our Latest Report on Editas Medicine

Editas Medicine Stock Down 2.5 %

EDIT opened at $2.38 on Monday. Editas Medicine has a 52 week low of $2.30 and a 52 week high of $11.69. The stock has a market cap of $196.47 million, a PE ratio of -0.97 and a beta of 2.01. The business has a 50 day moving average of $3.20 and a 200-day moving average of $4.27.

Editas Medicine (NASDAQ:EDITGet Free Report) last posted its quarterly earnings results on Monday, November 4th. The company reported ($0.75) earnings per share for the quarter, hitting the consensus estimate of ($0.75). Editas Medicine had a negative return on equity of 80.13% and a negative net margin of 340.96%. The company had revenue of $0.06 million for the quarter, compared to the consensus estimate of $3.93 million. During the same quarter in the prior year, the business posted ($0.55) EPS. The firm’s quarterly revenue was down 98.9% compared to the same quarter last year. Equities analysts anticipate that Editas Medicine will post -2.69 EPS for the current year.

Institutional Trading of Editas Medicine

Several institutional investors and hedge funds have recently modified their holdings of EDIT. Jacobs Levy Equity Management Inc. increased its stake in shares of Editas Medicine by 133.2% during the third 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 lifted its position 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 worth $3,152,000 after purchasing an additional 225,000 shares during the period. Millennium Management LLC boosted its stake 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 purchasing an additional 223,012 shares in the last quarter. Raymond James & Associates raised its stake in Editas Medicine by 49.7% in the second quarter. Raymond James & Associates now owns 526,815 shares of the company’s stock worth $2,460,000 after buying an additional 174,993 shares in the last quarter. Finally, Stifel Financial Corp lifted its holdings in Editas Medicine by 37.9% during the third quarter. Stifel Financial Corp now owns 624,876 shares of the company’s stock worth $2,131,000 after buying an additional 171,656 shares during the period. Institutional investors own 71.90% of the company’s stock.

About Editas Medicine

(Get Free Report)

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.

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