Editas Medicine (NASDAQ:EDIT) Shares Up 4% Following Analyst Upgrade

Editas Medicine, Inc. (NASDAQ:EDITGet Rating) traded up 4% during trading on Tuesday after SVB Leerink raised their price target on the stock from $6.00 to $7.00. SVB Leerink currently has a market perform rating on the stock. Editas Medicine traded as high as $8.51 and last traded at $8.51. 490,845 shares changed hands during mid-day trading, a decline of 74% from the average session volume of 1,884,476 shares. The stock had previously closed at $8.18.

A number of other research analysts have also recently issued reports on EDIT. Evercore ISI decreased their target price on Editas Medicine to $8.00 in a research report on Monday, November 21st. Truist Financial decreased their target price on Editas Medicine from $80.00 to $35.00 and set a “buy” rating on the stock in a research report on Friday, November 18th. Royal Bank of Canada decreased their target price on Editas Medicine from $32.00 to $14.00 and set a “sector perform” rating on the stock in a research report on Friday, November 18th. Citigroup initiated coverage on Editas Medicine in a report on Tuesday, December 13th. They set a “neutral” rating and a $11.00 price target on the stock. Finally, Oppenheimer cut Editas Medicine from an “outperform” rating to a “market perform” rating and reduced their price target for the stock from $28.00 to $12.00 in a report on Thursday, November 17th. Three equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $16.86.

Hedge Funds Weigh In On Editas Medicine

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Covestor Ltd lifted its stake in 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 period. Total Clarity Wealth Management Inc. acquired a new position in Editas Medicine in the second quarter valued at approximately $27,000. Quantbot Technologies LP acquired a new position in Editas Medicine in the first quarter valued at approximately $44,000. Russell Investments Group Ltd. acquired a new position in Editas Medicine in the second quarter valued at approximately $32,000. Finally, Great West Life Assurance Co. Can acquired a new position in Editas Medicine in the third quarter valued at approximately $48,000. 69.67% of the stock is owned by institutional investors and hedge funds.

Editas Medicine Stock Up 7.9 %

The company has a 50 day simple moving average of $9.37 and a 200-day simple moving average of $12.66. The stock has a market capitalization of $607.18 million, a price-to-earnings ratio of -3.00 and a beta of 1.90.

Editas Medicine (NASDAQ:EDITGet Rating) last issued its quarterly earnings results on Wednesday, November 2nd. The company reported ($0.81) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.87) by $0.06. Editas Medicine had a negative return on equity of 41.33% and a negative net margin of 784.32%. The firm had revenue of $0.04 million for the quarter, compared to analyst estimates of $5.86 million. As a group, sell-side analysts anticipate that Editas Medicine, Inc. will post -3.15 earnings per share for the current fiscal year.

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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