Editas Medicine (NASDAQ:EDIT) Earns Neutral Rating from Chardan Capital

Editas Medicine (NASDAQ:EDIT)‘s stock had its “neutral” rating reissued by equities researchers at Chardan Capital in a report issued on Friday, Marketbeat reports.

A number of other equities analysts also recently weighed in on EDIT. Stifel Nicolaus downgraded Editas Medicine from a “buy” rating to a “hold” rating and dropped their target price for the company from $11.00 to $3.00 in a report on Friday. Barclays cut their target price on shares of Editas Medicine from $7.00 to $5.00 and set an “equal weight” rating for the company in a research report on Tuesday, November 5th. Evercore ISI raised shares of Editas Medicine from an “in-line” rating to an “outperform” rating in a research note on Wednesday, November 6th. Truist Financial downgraded shares of Editas Medicine from a “buy” rating to a “hold” rating in a research note on Friday. Finally, Raymond James cut Editas Medicine from an “outperform” rating to a “market perform” rating in a research report on Monday, November 4th. Two equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Editas Medicine currently has an average rating of “Hold” and a consensus price target of $6.85.

Editas Medicine Price Performance

Editas Medicine 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 stock has a market capitalization of $118.87 million, a PE ratio of -0.56 and a beta of 1.86. The firm has a 50 day simple moving average of $2.76 and a 200-day simple moving average of $3.90.

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, 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 firm had revenue of $0.06 million during the quarter, compared to analyst estimates of $3.93 million. During the same period last year, the company posted ($0.55) EPS. The firm’s quarterly revenue was down 98.9% on a year-over-year basis. On average, analysts forecast that Editas Medicine will post -2.59 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in EDIT. Price T Rowe Associates Inc. MD lifted its holdings in 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 worth $369,000 after purchasing an additional 7,174 shares during the last quarter. Hoylecohen LLC bought a new position in shares of Editas Medicine in the second quarter valued at approximately $55,000. Raymond James & Associates lifted its stake in shares of 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 during the last quarter. Hennion & Walsh Asset Management Inc. bought a new stake in shares of Editas Medicine during the 2nd quarter worth $786,000. Finally, Aries Wealth Management acquired a new position in Editas Medicine in the 2nd quarter valued at $65,000. Institutional investors and hedge funds own 71.90% of the company’s stock.

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.