Editas Medicine (NASDAQ:EDIT) Given New $5.00 Price Target at Royal Bank of Canada

Editas Medicine (NASDAQ:EDIT) had its price target reduced by Royal Bank of Canada from $8.00 to $5.00 in a report released on Tuesday morning, Benzinga reports. They currently have a sector perform rating on the stock.

EDIT has been the subject of a number of other reports. Evercore ISI decreased their price objective on Editas Medicine from $7.00 to $3.00 and set an “in-line” rating for the company in a research report on Wednesday, October 23rd. Chardan Capital lowered their price target on shares of Editas Medicine from $20.00 to $12.00 and set a “buy” rating on the stock in a report on Tuesday, October 22nd. Wells Fargo & Company cut their price objective on Editas Medicine from $9.00 to $7.00 and set an “overweight” rating for the company in a report on Tuesday. Bank of America upgraded Editas Medicine from a “neutral” rating to a “buy” rating and boosted their target price for the company from $13.00 to $15.00 in a research note on Thursday, August 8th. Finally, Raymond James downgraded Editas Medicine from an “outperform” rating to a “market perform” rating in a research note on Monday. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, Editas Medicine currently has a consensus rating of “Hold” and a consensus target price of $9.08.

Editas Medicine Stock Up 8.3 %

Shares of NASDAQ EDIT opened at $3.12 on Tuesday. Editas Medicine has a 52-week low of $2.70 and a 52-week high of $11.69. The stock has a market capitalization of $257.33 million, a price-to-earnings ratio of -1.22 and a beta of 2.01. The stock’s fifty day simple moving average is $3.42 and its 200 day simple moving average is $4.51.

Editas Medicine (NASDAQ:EDIT) last released its earnings results on Monday, November 4th. The company reported ($0.75) earnings per share for the quarter, hitting the consensus estimate of ($0.75). Editas Medicine had a negative net margin of 288.59% and a negative return on equity of 62.61%. The business had revenue of $0.06 million for the quarter, compared to the consensus estimate of $3.93 million. During the same period last year, the firm posted ($0.55) earnings per share. The firm’s quarterly revenue was down 98.9% compared to the same quarter last year. As a group, analysts anticipate that Editas Medicine will post -2.96 earnings per share for the current year.

Institutional Investors Weigh In On Editas Medicine

A number of hedge funds have recently bought and sold shares of EDIT. Millennium Management LLC boosted its stake in Editas Medicine by 10.0% during the 2nd quarter. Millennium Management LLC now owns 2,459,629 shares of the company’s stock valued at $11,486,000 after purchasing an additional 223,012 shares during the period. Integral Health Asset Management LLC boosted its position in shares of Editas Medicine by 50.0% in 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 period. Vanguard Group Inc. grew its stake in shares of Editas Medicine by 1.1% in the first quarter. Vanguard Group Inc. now owns 8,555,597 shares of the company’s stock worth $63,483,000 after acquiring an additional 93,740 shares during the last quarter. Price T Rowe Associates Inc. MD increased its position in 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 worth $369,000 after acquiring an additional 7,174 shares during the period. Finally, Kennedy Capital Management LLC acquired a new position in Editas Medicine during the 1st quarter valued at $988,000. 71.90% of the stock is currently owned by institutional investors.

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.