Stifel Nicolaus Downgrades Editas Medicine (NASDAQ:EDIT) to Hold

Editas Medicine (NASDAQ:EDIT) was downgraded by investment analysts at Stifel Nicolaus from a “buy” rating to a “hold” rating in a report released on Friday, MarketBeat Ratings reports. They currently have a $3.00 price objective on the stock, down from their previous price objective of $11.00. Stifel Nicolaus’ target price indicates a potential upside of 108.33% from the company’s previous close.

Several other equities research analysts have also issued reports on the company. Bank of America lowered Editas Medicine from a “buy” rating to an “underperform” rating and dropped their price objective for the company from $13.00 to $1.00 in a research note on Monday, November 25th. Chardan Capital restated a “buy” rating and issued a $12.00 price objective on shares of Editas Medicine in a research report on Tuesday, November 5th. Royal Bank of Canada dropped their target price on shares of Editas Medicine from $8.00 to $5.00 and set a “sector perform” 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. Finally, Raymond James cut shares of Editas Medicine from an “outperform” rating to a “market perform” rating in a research report on Monday, November 4th. Two investment 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. According to data from MarketBeat.com, Editas Medicine currently has a consensus rating of “Hold” and an average price target of $6.85.

Editas Medicine Price Performance

Editas Medicine stock opened at $1.44 on Friday. The firm has a market capitalization of $118.87 million, a P/E ratio of -0.56 and a beta of 1.86. Editas Medicine has a one year low of $1.41 and a one year high of $11.58. The business has a fifty day moving average price of $2.76 and a 200-day moving average price of $3.90.

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 firm had revenue of $0.06 million for 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 company’s revenue was down 98.9% on a year-over-year basis. During the same period in the prior year, the business posted ($0.55) earnings per share. Sell-side analysts expect that Editas Medicine will post -2.59 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Editas Medicine

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Signaturefd LLC raised its holdings in Editas Medicine by 494.8% in the 3rd quarter. Signaturefd LLC now owns 9,326 shares of the company’s stock worth $32,000 after purchasing an additional 7,758 shares in the last quarter. Koss Olinger Consulting LLC bought a new position in shares of Editas Medicine in the second quarter worth approximately $47,000. Ballentine Partners LLC bought a new stake in shares of Editas Medicine during the third quarter valued at approximately $36,000. Arcadia Investment Management Corp MI bought a new position in Editas Medicine in the 3rd quarter valued at approximately $39,000. Finally, Hoylecohen LLC bought a new stake in shares of Editas Medicine in the 2nd quarter worth $55,000. Institutional investors 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.