Editas Medicine (NASDAQ:EDIT) Price Target Cut to $8.00

Editas Medicine (NASDAQ:EDITGet Rating) had its price target decreased by Evercore ISI to $8.00 in a research report report published on Monday morning, Stock Target Advisor reports.

Other equities analysts have also recently issued research reports about the company. Bank of America cut their price objective on Editas Medicine from $18.00 to $15.00 and set a neutral rating for the company in a research report on Friday, November 18th. Credit Suisse Group cut shares of Editas Medicine from an outperform rating to a neutral rating and cut their target price for the company from $25.00 to $13.00 in a research note on Thursday, November 17th. Robert W. Baird dropped their price objective on shares of Editas Medicine from $25.00 to $18.00 and set an outperform rating on the stock in a report on Friday, November 18th. SVB Leerink reduced their target price on shares of Editas Medicine from $14.00 to $7.00 and set a market perform rating for the company in a research note on Thursday, November 17th. Finally, Morgan Stanley lowered their price target on Editas Medicine from $10.00 to $8.00 and set an underweight rating on the stock in a research note on Friday, November 18th. Three investment analysts have rated the stock with a sell rating, seven have given a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of Hold and an average target price of $15.83.

Editas Medicine Stock Performance

EDIT opened at $10.37 on Monday. The firm has a market cap of $713.04 million, a P/E ratio of -3.53 and a beta of 1.96. The business has a 50 day moving average price of $12.17 and a 200 day moving average price of $13.42. Editas Medicine has a twelve month low of $9.59 and a twelve month high of $34.01.

Editas Medicine (NASDAQ:EDITGet Rating) last posted its quarterly earnings data on Wednesday, November 2nd. The company reported ($0.81) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.87) by $0.06. The business had revenue of $0.04 million during the quarter, compared to the consensus estimate of $5.86 million. Editas Medicine had a negative net margin of 784.32% and a negative return on equity of 41.33%. As a group, analysts anticipate that Editas Medicine will post -3.22 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. Total Clarity Wealth Management Inc. bought a new position in Editas Medicine in the 2nd quarter valued at $27,000. Covestor Ltd raised its holdings in shares of Editas Medicine by 9,693.3% in the first quarter. Covestor Ltd now owns 1,469 shares of the company’s stock valued at $28,000 after buying an additional 1,454 shares during the last quarter. Russell Investments Group Ltd. bought a new position in shares of Editas Medicine in the second quarter valued at about $32,000. Quantbot Technologies LP acquired a new position in Editas Medicine during the 1st quarter worth about $44,000. Finally, Great West Life Assurance Co. Can bought a new stake in Editas Medicine during the 3rd quarter worth about $48,000. 68.77% of the stock is owned by institutional investors and hedge funds.

About Editas Medicine

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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 clinical trial for Leber Congenital Amaurosis 10 that leads to inherited childhood blindness.

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