Editas Medicine’s (EDIT) Buy Rating Reiterated at Chardan Capital

Chardan Capital reissued their buy rating on shares of Editas Medicine (NASDAQ:EDIT) in a research report sent to investors on Tuesday,Benzinga reports. Chardan Capital currently has a $12.00 price target on the stock. Chardan Capital also issued estimates for Editas Medicine’s FY2024 earnings at ($2.38) EPS and FY2025 earnings at ($1.65) EPS.

Other research analysts also recently issued reports about the stock. Wells Fargo & Company cut their target price on shares of Editas Medicine from $9.00 to $7.00 and set an “overweight” rating on the stock in a research report on Tuesday. Bank of America upgraded shares of Editas Medicine from a “neutral” rating to a “buy” rating and increased their price objective for the company from $13.00 to $15.00 in a report on Thursday, August 8th. Evercore ISI lowered their target price on shares of Editas Medicine from $7.00 to $3.00 and set an “in-line” rating for the company in a report on Wednesday, October 23rd. Barclays cut their price target on Editas Medicine from $7.00 to $5.00 and set an “equal weight” rating on the stock in a research note on Tuesday. Finally, Truist Financial reduced their price target on Editas Medicine from $12.00 to $8.00 and set a “buy” rating on the stock in a research report on Tuesday. One analyst has rated the stock with a sell rating, six have given a hold rating and seven have issued a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average price target of $9.08.

Editas Medicine Stock Down 3.4 %

Shares of NASDAQ:EDIT opened at $3.17 on Tuesday. The firm has a market cap of $261.46 million, a P/E ratio of -1.24 and a beta of 2.01. Editas Medicine has a 12 month low of $2.70 and a 12 month high of $11.69. The company’s 50-day moving average price is $3.40 and its two-hundred day moving average price is $4.49.

Editas Medicine (NASDAQ:EDIT) last released its earnings results on Monday, November 4th. The company reported ($0.75) EPS for the quarter, meeting the consensus estimate of ($0.75). Editas Medicine had a negative return on equity of 72.15% and a negative net margin of 340.96%. The company had revenue of $0.06 million during the quarter, compared to analysts’ expectations of $3.93 million. During the same period last year, the firm earned ($0.55) EPS. The business’s revenue for the quarter was down 98.9% on a year-over-year basis. As a group, equities analysts predict that Editas Medicine will post -2.96 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Editas Medicine

Several large investors have recently modified their holdings of EDIT. International Assets Investment Management LLC lifted its holdings in shares of Editas Medicine by 10.5% during the 2nd quarter. International Assets Investment Management LLC now owns 31,457 shares of the company’s stock valued at $147,000 after purchasing an additional 3,000 shares in the last quarter. The Manufacturers Life Insurance Company raised its holdings in Editas Medicine by 10.1% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 33,599 shares of the company’s stock worth $157,000 after buying an additional 3,089 shares during the period. Rhumbline Advisers lifted its stake in Editas Medicine by 2.9% in the second quarter. Rhumbline Advisers now owns 137,986 shares of the company’s stock valued at $644,000 after buying an additional 3,862 shares in the last quarter. Allspring Global Investments Holdings LLC boosted its holdings in shares of Editas Medicine by 20.0% in the third quarter. Allspring Global Investments Holdings LLC now owns 24,485 shares of the company’s stock valued at $83,000 after buying an additional 4,089 shares during the period. Finally, China Universal Asset Management Co. Ltd. increased its position in shares of Editas Medicine by 64.2% during the third quarter. China Universal Asset Management Co. Ltd. now owns 15,863 shares of the company’s stock worth $54,000 after acquiring an additional 6,202 shares in the last quarter. 71.90% of the stock is currently owned by institutional investors.

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.