Editas Medicine (NASDAQ:EDIT) Rating Reiterated by Royal Bank of Canada

Editas Medicine (NASDAQ:EDIT)‘s stock had its “sector perform” rating reiterated by equities researchers at Royal Bank of Canada in a report released on Thursday, Benzinga reports. They currently have a $8.00 price target on the stock. Royal Bank of Canada’s target price indicates a potential upside of 112.20% from the company’s current price.

EDIT has been the topic of several other reports. Barclays dropped their target price on Editas Medicine from $9.00 to $7.00 and set an “equal weight” rating on the stock in a research report on Thursday, August 8th. Evercore ISI dropped their price objective on shares of Editas Medicine from $15.00 to $7.00 and set an “in-line” rating on the stock in a report on Thursday, May 30th. Bank of America raised shares of Editas Medicine from a “neutral” rating to a “buy” rating and upped their target price for the company from $13.00 to $15.00 in a report on Thursday, August 8th. Truist Financial decreased their price target on shares of Editas Medicine from $20.00 to $12.00 and set a “buy” rating on the stock in a research report on Thursday, August 8th. Finally, Oppenheimer reissued a “market perform” rating and set a $12.00 price objective on shares of Editas Medicine in a research report on Tuesday, June 18th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and four have given a buy rating to the company. According to MarketBeat.com, Editas Medicine currently has an average rating of “Hold” and an average target price of $10.90.

Editas Medicine Stock Down 3.6 %

Shares of Editas Medicine stock opened at $3.77 on Thursday. Editas Medicine has a twelve month low of $3.40 and a twelve month high of $11.69. The company’s 50 day moving average is $4.34 and its 200 day moving average is $5.46. The company has a market cap of $310.04 million, a price-to-earnings ratio of -1.80 and a beta of 1.99.

Editas Medicine (NASDAQ:EDIT) last released its quarterly earnings results on Wednesday, August 7th. The company reported ($0.82) earnings per share for the quarter, missing the consensus estimate of ($0.70) by ($0.12). The firm had revenue of $0.51 million for the quarter, compared to the consensus estimate of $4.78 million. Editas Medicine had a negative net margin of 288.59% and a negative return on equity of 62.61%. Editas Medicine’s quarterly revenue was down 82.2% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.56) earnings per share. Sell-side analysts expect that Editas Medicine will post -2.97 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, EVP Baisong Mei sold 6,619 shares of the business’s stock in a transaction dated Friday, July 19th. The stock was sold at an average price of $5.21, for a total value of $34,484.99. Following the transaction, the executive vice president now directly owns 134,413 shares in the company, valued at $700,291.73. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other Editas Medicine news, EVP Baisong Mei sold 6,619 shares of the stock in a transaction that occurred on Friday, July 19th. The shares were sold at an average price of $5.21, for a total transaction of $34,484.99. Following the completion of the sale, the executive vice president now directly owns 134,413 shares of the company’s stock, valued at approximately $700,291.73. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Linda Burkly sold 11,886 shares of Editas Medicine stock in a transaction that occurred on Thursday, July 25th. The shares were sold at an average price of $5.42, for a total transaction of $64,422.12. Following the sale, the executive vice president now owns 73,136 shares in the company, valued at approximately $396,397.12. The disclosure for this sale can be found here. In the last quarter, insiders sold 20,578 shares of company stock worth $105,997. Corporate insiders own 1.90% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in EDIT. International Assets Investment Management LLC lifted its position in shares of Editas Medicine by 10.5% in the second quarter. International Assets Investment Management LLC now owns 31,457 shares of the company’s stock worth $147,000 after buying an additional 3,000 shares in the last quarter. The Manufacturers Life Insurance Company increased its stake in Editas Medicine by 10.1% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 33,599 shares of the company’s stock worth $157,000 after acquiring an additional 3,089 shares during the last quarter. Rhumbline Advisers raised its holdings in shares of Editas Medicine by 2.9% during the 2nd quarter. Rhumbline Advisers now owns 137,986 shares of the company’s stock worth $644,000 after acquiring an additional 3,862 shares in the last quarter. Russell Investments Group Ltd. boosted its position in shares of Editas Medicine by 401.9% during the 4th quarter. Russell Investments Group Ltd. now owns 5,190 shares of the company’s stock valued at $53,000 after acquiring an additional 4,156 shares during the last quarter. Finally, China Universal Asset Management Co. Ltd. grew its holdings in shares of Editas Medicine by 66.3% in the first quarter. China Universal Asset Management Co. Ltd. now owns 15,713 shares of the company’s stock valued at $117,000 after purchasing an additional 6,263 shares in the last quarter. Institutional investors own 71.90% of the company’s stock.

Editas Medicine Company Profile

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.