Editas Medicine (NASDAQ:EDIT) Price Target Cut to $28.00

Editas Medicine (NASDAQ:EDIT – Get Rating) had its price target dropped by Oppenheimer from $55.00 to $28.00 in a report issued on Thursday, The Fly reports. Oppenheimer’s price target indicates a potential upside of 104.98% from the stock’s previous close.

Several other research firms have also issued reports on EDIT. Chardan Capital cut their target price on Editas Medicine from $75.00 to $60.00 and set a “buy” rating on the stock in a research note on Friday, February 25th. Robert W. Baird cut their target price on Editas Medicine from $44.00 to $33.00 in a research note on Monday, April 18th. Barclays cut their target price on Editas Medicine from $39.00 to $18.00 in a research note on Friday, February 25th. Zacks Investment Research upgraded Editas Medicine from a “hold” rating to a “buy” rating and set a $20.00 target price on the stock in a research note on Thursday, February 3rd. Finally, StockNews.com began coverage on Editas Medicine in a research note on Thursday, March 31st. They issued a “sell” rating on the stock. Two analysts have rated the stock with a sell rating, three have given a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $34.40.

Shares of Editas Medicine stock opened at $13.66 on Thursday. Editas Medicine has a 12 month low of $12.90 and a 12 month high of $73.03. The stock’s fifty day moving average price is $16.81 and its 200-day moving average price is $23.64.

Editas Medicine (NASDAQ:EDIT – Get Rating) last announced its quarterly earnings results on Wednesday, May 4th. The company reported ($0.74) EPS for the quarter, beating the consensus estimate of ($0.81) by $0.07. The firm had revenue of $6.80 million for the quarter, compared to analyst estimates of $3.85 million. Editas Medicine had a negative return on equity of 31.87% and a negative net margin of 721.60%. The business’s revenue for the quarter was up 4.6% on a year-over-year basis. During the same quarter last year, the firm posted ($0.86) earnings per share. Sell-side analysts predict that Editas Medicine will post -3.28 earnings per share for the current year.

Hedge funds have recently modified their holdings of the company. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of Editas Medicine by 19.1% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 17,746 shares of the company’s stock worth $471,000 after acquiring an additional 2,841 shares during the last quarter. Raymond James Financial Services Advisors Inc. lifted its holdings in shares of Editas Medicine by 9.2% during the third quarter. Raymond James Financial Services Advisors Inc. now owns 52,912 shares of the company’s stock worth $2,174,000 after purchasing an additional 4,470 shares during the period. Advisor Group Holdings Inc. lifted its holdings in shares of Editas Medicine by 4.2% during the fourth quarter. Advisor Group Holdings Inc. now owns 55,885 shares of the company’s stock worth $1,485,000 after purchasing an additional 2,276 shares during the period. State of New Jersey Common Pension Fund D lifted its holdings in shares of Editas Medicine by 75.3% during the fourth quarter. State of New Jersey Common Pension Fund D now owns 79,452 shares of the company’s stock worth $2,109,000 after purchasing an additional 34,136 shares during the period. Finally, Astrantus Ltd acquired a new stake in shares of Editas Medicine during the fourth quarter worth about $456,000. Institutional investors and hedge funds own 75.48% of the company’s stock.

Editas Medicine Company Profile (Get Rating)

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.

See Also