Editas Medicine (NASDAQ:EDIT) Price Target Lowered to $30.00 at Wells Fargo & Company

Editas Medicine (NASDAQ:EDIT – Get Rating) had its target price trimmed by Wells Fargo & Company from $36.00 to $30.00 in a report issued on Thursday morning, The Fly reports.

A number of other analysts have also weighed in on EDIT. Truist Financial lowered their target price on Editas Medicine from $80.00 to $35.00 and set a buy rating for the company in a report on Friday, November 18th. Evercore ISI cut their price objective on shares of Editas Medicine to $8.00 in a report on Monday, November 21st. Morgan Stanley dropped their target price on shares of Editas Medicine from $8.00 to $7.00 and set an underweight rating for the company in a report on Tuesday, January 24th. Bank of America decreased their price objective on shares of Editas Medicine from $18.00 to $15.00 and set a neutral rating for the company in a research report on Friday, November 18th. Finally, Oppenheimer cut Editas Medicine from an outperform rating to a market perform rating and decreased their target price for the company from $28.00 to $12.00 in a research report on Thursday, November 17th. Three equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, Editas Medicine has a consensus rating of Hold and an average price target of $15.33.

Editas Medicine Stock Down 3.5 %

Shares of NASDAQ EDIT opened at $9.06 on Thursday. The stock’s 50-day simple moving average is $9.28 and its two-hundred day simple moving average is $11.62. Editas Medicine has a twelve month low of $7.70 and a twelve month high of $21.59. The firm has a market capitalization of $624.87 million, a P/E ratio of -2.82 and a beta of 1.87.

Editas Medicine (NASDAQ:EDIT – Get Rating) last posted its earnings results on Wednesday, February 22nd. The company reported ($0.88) EPS for the quarter, missing analysts’ consensus estimates of ($0.84) by ($0.04). The business had revenue of $6.54 million during the quarter, compared to the consensus estimate of $3.76 million. Editas Medicine had a negative return on equity of 50.28% and a negative net margin of 1,118.32%. The firm’s revenue for the quarter was down 47.6% on a year-over-year basis. During the same period in the previous year, the business posted ($0.61) EPS. As a group, research analysts anticipate that Editas Medicine will post -3.03 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CFO Michelle Robertson sold 4,287 shares of the firm’s stock in a transaction on Monday, February 13th. The shares were sold at an average price of $9.67, for a total value of $41,455.29. Following the completion of the transaction, the chief financial officer now directly owns 76,243 shares of the company’s stock, valued at $737,269.81. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other Editas Medicine news, CFO Michelle Robertson sold 4,287 shares of the business’s stock in a transaction that occurred on Monday, February 13th. The stock was sold at an average price of $9.67, for a total value of $41,455.29. Following the completion of the transaction, the chief financial officer now directly owns 76,243 shares of the company’s stock, valued at $737,269.81. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Mark S. Shearman sold 2,790 shares of the firm’s stock in a transaction that occurred on Monday, February 13th. The stock was sold at an average price of $9.67, for a total value of $26,979.30. Following the transaction, the executive vice president now owns 65,559 shares in the company, valued at approximately $633,955.53. The disclosure for this sale can be found here. Insiders have sold 9,175 shares of company stock worth $86,572 in the last three months. 1.30% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Editas Medicine

Several institutional investors and hedge funds have recently modified their holdings of EDIT. Covestor Ltd grew its holdings in shares of Editas Medicine by 9,693.3% during the first quarter. Covestor Ltd now owns 1,469 shares of the company’s stock valued at $28,000 after purchasing an additional 1,454 shares during the last quarter. Russell Investments Group Ltd. bought a new position in Editas Medicine in the 2nd quarter worth approximately $32,000. Quantbot Technologies LP bought a new position in Editas Medicine in the 1st quarter worth approximately $44,000. Great West Life Assurance Co. Can bought a new position in Editas Medicine in the 3rd quarter worth approximately $48,000. Finally, Federated Hermes Inc. bought a new position in Editas Medicine in the 2nd quarter worth approximately $67,000. Hedge funds and other institutional investors own 69.67% of the company’s stock.

Editas Medicine Company Profile

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Editas Medicine, Inc engages in the development and commercialization of genome editing technology. Its technology includes clustered, regularly interspaced short palindromic repeats (CRISPR), and CRISPR associated protein 9 (Cas9). The company was founded by Feng Zhang, Jennifer A. Doudna, George McDonald Church, J.