Editas Medicine (NASDAQ:EDIT) Price Target Cut to $15.00

Editas Medicine (NASDAQ:EDITGet Rating) had its price objective reduced by equities researchers at Bank of America from $18.00 to $15.00 in a report released on Friday, MarketBeat.com reports. The brokerage presently has a “neutral” rating on the stock. Bank of America‘s target price would indicate a potential upside of 36.99% from the company’s current price.

EDIT has been the topic of several other research reports. StockNews.com began coverage on shares of Editas Medicine in a research note on Wednesday, October 12th. They set a “sell” rating on the stock. Morgan Stanley reduced their price objective on shares of Editas Medicine from $10.00 to $8.00 and set an “underweight” rating for the company in a research report on Friday. SVB Leerink reduced their price objective on shares of Editas Medicine from $14.00 to $7.00 and set a “market perform” rating for the company in a research report on Thursday. Credit Suisse Group lowered shares of Editas Medicine from an “outperform” rating to a “neutral” rating and reduced their price objective for the company from $25.00 to $13.00 in a research report on Thursday. Finally, Barclays raised their target price on shares of Editas Medicine from $16.00 to $17.00 and gave the stock an “equal weight” rating in a report on Thursday, August 4th. Three investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $16.42.

Editas Medicine Price Performance

NASDAQ:EDIT opened at $10.95 on Friday. The firm has a 50 day simple moving average of $12.57 and a 200-day simple moving average of $13.54. The firm has a market cap of $752.92 million, a PE ratio of -3.72 and a beta of 1.96. Editas Medicine has a 1-year low of $9.59 and a 1-year high of $36.53.

Editas Medicine (NASDAQ:EDITGet Rating) last posted its quarterly earnings data on Wednesday, November 2nd. The company reported ($0.81) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.87) by $0.06. The business had revenue of $0.04 million during the quarter, compared to analyst estimates 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, sell-side analysts expect that Editas Medicine will post -3.23 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Editas Medicine

Several hedge funds and other institutional investors have recently added to or reduced their stakes in EDIT. DekaBank Deutsche Girozentrale raised its position in Editas Medicine by 9.8% during the first quarter. DekaBank Deutsche Girozentrale now owns 22,400 shares of the company’s stock valued at $437,000 after acquiring an additional 2,000 shares in the last quarter. SG Americas Securities LLC bought a new position in shares of Editas Medicine in the first quarter valued at approximately $721,000. Envestnet Asset Management Inc. raised its position in shares of Editas Medicine by 35.6% in the first quarter. Envestnet Asset Management Inc. now owns 24,061 shares of the company’s stock valued at $458,000 after purchasing an additional 6,314 shares during the period. Benjamin F. Edwards & Company Inc. raised its position in shares of Editas Medicine by 56.8% in the first quarter. Benjamin F. Edwards & Company Inc. now owns 6,778 shares of the company’s stock valued at $129,000 after purchasing an additional 2,455 shares during the period. Finally, HCR Wealth Advisors raised its position in shares of Editas Medicine by 6.3% in the first quarter. HCR Wealth Advisors now owns 21,000 shares of the company’s stock valued at $399,000 after purchasing an additional 1,250 shares during the period. Institutional investors own 68.77% of the company’s stock.

Editas Medicine Company Profile

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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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Analyst Recommendations for Editas Medicine (NASDAQ:EDIT)

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