Editas Medicine, Inc. (NASDAQ:EDIT) Receives Consensus Rating of “Hold” from Brokerages

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

A number of brokerages have recently issued reports on EDIT. Truist Financial downgraded shares of Editas Medicine from a “buy” rating to a “hold” rating in a report on Friday, December 13th. Robert W. Baird decreased their price target on Editas Medicine from $10.00 to $8.00 and set an “outperform” rating on the stock in a research note on Friday, December 13th. Royal Bank of Canada dropped their price objective on Editas Medicine from $5.00 to $4.00 and set a “sector perform” rating for the company in a research note on Friday, December 13th. JPMorgan Chase & Co. downgraded Editas Medicine from a “neutral” rating to an “underweight” rating in a research report on Monday, December 16th. Finally, Barclays dropped their price target on Editas Medicine from $5.00 to $3.00 and set an “equal weight” rating for the company in a research report on Friday, December 13th.

Institutional Trading of Editas Medicine

Hedge funds have recently made changes to their positions in the stock. Millennium Management LLC grew 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 purchasing an additional 223,012 shares in the last quarter. Jacobs Levy Equity Management Inc. lifted its holdings in Editas Medicine by 133.2% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 529,834 shares of the company’s stock worth $1,807,000 after buying an additional 302,652 shares during the last quarter. Integral Health Asset Management LLC grew 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 acquiring an additional 225,000 shares in the last quarter. BNP Paribas Financial Markets increased its holdings in shares of Editas Medicine by 37.3% in the 3rd quarter. BNP Paribas Financial Markets now owns 54,787 shares of the company’s stock valued at $187,000 after acquiring an additional 14,888 shares during the last quarter. Finally, FMR LLC raised its position in shares of Editas Medicine by 110.7% during the 3rd quarter. FMR LLC now owns 203,087 shares of the company’s stock valued at $693,000 after acquiring an additional 106,684 shares in the last quarter. Institutional investors and hedge funds own 71.90% of the company’s stock.

Editas Medicine Stock Performance

NASDAQ EDIT opened at $1.23 on Friday. The firm’s fifty day moving average is $2.46 and its two-hundred day moving average is $3.67. Editas Medicine has a one year low of $1.16 and a one year high of $11.58. The firm has a market cap of $101.53 million, a PE ratio of -0.48 and a beta of 1.87.

Editas Medicine (NASDAQ:EDIT) last released its quarterly earnings results on Monday, November 4th. The company reported ($0.75) EPS for the quarter, hitting the consensus estimate of ($0.75). The business 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 company’s quarterly revenue was down 98.9% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.55) earnings per share. Research analysts predict that Editas Medicine will post -2.59 earnings per share 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.