Editas Medicine (NASDAQ:EDIT) Price Target Lowered to $9.00 at Wells Fargo & Company

Editas Medicine (NASDAQ:EDIT) had its price objective trimmed by Wells Fargo & Company from $27.00 to $9.00 in a research note released on Wednesday morning, Benzinga reports. The firm currently has an overweight rating on the stock.

Other research analysts have also recently issued research reports about the company. Royal Bank of Canada reiterated a “sector perform” rating and issued a $8.00 price objective on shares of Editas Medicine in a research report on Thursday, September 19th. Truist Financial cut their price objective on Editas Medicine from $20.00 to $12.00 and set a “buy” rating for the company in a research report on Thursday, August 8th. Barclays cut their price objective on Editas Medicine from $9.00 to $7.00 and set an “equal weight” rating for the company in a research report on Thursday, August 8th. Chardan Capital cut their price objective on Editas Medicine from $20.00 to $12.00 and set a “buy” rating for the company in a research report on Tuesday. Finally, Bank of America upgraded Editas Medicine from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $13.00 to $15.00 in a research report on Thursday, August 8th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $9.91.

Editas Medicine Price Performance

Editas Medicine stock opened at $3.21 on Wednesday. Editas Medicine has a 12 month low of $2.91 and a 12 month high of $11.69. The business has a 50 day simple moving average of $3.58 and a 200-day simple moving average of $4.71. The stock has a market capitalization of $263.98 million, a PE ratio of -1.53 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) EPS for the quarter, missing the consensus estimate of ($0.70) by ($0.12). Editas Medicine had a negative return on equity of 62.61% and a negative net margin of 288.59%. The company had revenue of $0.51 million for the quarter, compared to analysts’ expectations of $4.78 million. During the same quarter last year, the company earned ($0.56) EPS. Editas Medicine’s revenue for the quarter was down 82.2% compared to the same quarter last year. As a group, equities research analysts anticipate that Editas Medicine will post -2.98 EPS for the current year.

Institutional Trading of Editas Medicine

Large investors have recently made changes to their positions in the stock. Millennium Management LLC boosted its stake in shares of Editas Medicine by 10.0% during the second quarter. Millennium Management LLC now owns 2,459,629 shares of the company’s stock valued at $11,486,000 after acquiring an additional 223,012 shares during the last quarter. Integral Health Asset Management LLC boosted its stake in shares of Editas Medicine by 50.0% during the second quarter. Integral Health Asset Management LLC now owns 675,000 shares of the company’s stock valued at $3,152,000 after acquiring an additional 225,000 shares during the last quarter. Vanguard Group Inc. boosted its stake in shares of Editas Medicine by 1.1% during the first quarter. Vanguard Group Inc. now owns 8,555,597 shares of the company’s stock valued at $63,483,000 after acquiring an additional 93,740 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its stake in shares of Editas Medicine by 16.9% during the first quarter. Price T Rowe Associates Inc. MD now owns 49,704 shares of the company’s stock valued at $369,000 after acquiring an additional 7,174 shares during the last quarter. Finally, Kennedy Capital Management LLC acquired a new stake in shares of Editas Medicine during the first quarter valued at $988,000. Institutional investors and hedge funds 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.