Robert W. Baird Issues Pessimistic Forecast for Editas Medicine (NASDAQ:EDIT) Stock Price

Editas Medicine (NASDAQ:EDIT) had its price target dropped by investment analysts at Robert W. Baird from $8.00 to $4.00 in a report released on Tuesday,Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Robert W. Baird’s price target points to a potential upside of 189.86% from the stock’s current price.

EDIT has been the topic of a number of other research reports. Cantor Fitzgerald upgraded shares of Editas Medicine from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, April 29th. HC Wainwright initiated coverage on shares of Editas Medicine in a research report on Monday, April 28th. They set a “buy” rating and a $3.00 target price on the stock. Two research analysts have rated the stock with a sell rating, nine have issued a hold rating, two have issued a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $5.36.

Editas Medicine Stock Performance

Shares of NASDAQ EDIT opened at $1.38 on Tuesday. The company has a market capitalization of $115.52 million, a P/E ratio of -0.54 and a beta of 2.15. Editas Medicine has a 52-week low of $0.91 and a 52-week high of $6.69. The company’s 50 day moving average price is $1.36 and its 200-day moving average price is $1.68.

Editas Medicine (NASDAQ:EDIT) last issued its quarterly earnings results on Monday, May 12th. The company reported ($0.43) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.51) by $0.08. The firm had revenue of $4.66 million for the quarter, compared to the consensus estimate of $0.79 million. Editas Medicine had a negative net margin of 340.96% and a negative return on equity of 80.13%. During the same quarter in the previous year, the company earned ($76.00) EPS. Analysts forecast that Editas Medicine will post -2.71 earnings per share for the current year.

Hedge Funds Weigh In On Editas Medicine

Several institutional investors have recently added to or reduced their stakes in EDIT. Ieq Capital LLC boosted its position in Editas Medicine by 551.0% during the first quarter. Ieq Capital LLC now owns 160,370 shares of the company’s stock worth $186,000 after purchasing an additional 135,736 shares during the period. Nuveen LLC bought a new position in Editas Medicine during the first quarter worth about $367,000. Charles Schwab Investment Management Inc. boosted its position in Editas Medicine by 12.6% during the first quarter. Charles Schwab Investment Management Inc. now owns 684,896 shares of the company’s stock worth $794,000 after purchasing an additional 76,647 shares during the period. XTX Topco Ltd boosted its position in Editas Medicine by 352.5% during the first quarter. XTX Topco Ltd now owns 475,381 shares of the company’s stock worth $551,000 after purchasing an additional 370,325 shares during the period. Finally, CWM LLC boosted its position in Editas Medicine by 218.7% during the first quarter. CWM LLC now owns 47,296 shares of the company’s stock worth $55,000 after purchasing an additional 32,455 shares during the period. Institutional investors own 71.90% of the company’s stock.

About Editas Medicine

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 BRILLIANCE trial for Leber Congenital Amaurosis; and reni-cel, a clinical development gene-edited medicine to treat sickle cell disease and transfusion-dependent beta-thalassemia.