Editas Medicine (NASDAQ:EDIT) Price Target Lowered to $5.00 at Barclays

Editas Medicine (NASDAQ:EDIT) had its price target reduced by Barclays from $7.00 to $5.00 in a report issued on Tuesday, Benzinga reports. The firm currently has an “equal weight” rating on the stock. Barclays‘s price target points to a potential upside of 73.01% from the company’s current price.

A number of other research firms have also commented on EDIT. Evercore ISI reduced their price objective on Editas Medicine from $7.00 to $3.00 and set an “in-line” rating on the stock in a research note on Wednesday, October 23rd. Royal Bank of Canada restated a “sector perform” rating and issued a $8.00 price target on shares of Editas Medicine in a report on Thursday, September 19th. Truist Financial lowered their price target on Editas Medicine from $20.00 to $12.00 and set a “buy” rating for the company in a report on Thursday, August 8th. Wells Fargo & Company lowered their price target on Editas Medicine from $27.00 to $9.00 and set an “overweight” rating for the company in a report on Wednesday, October 23rd. Finally, Chardan Capital lowered their price target on Editas Medicine from $20.00 to $12.00 and set a “buy” rating for the company in a report on Tuesday, October 22nd. One research analyst has rated the stock with a sell rating, seven have given a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $9.73.

Editas Medicine Stock Performance

Shares of Editas Medicine stock traded up $0.01 during trading on Tuesday, hitting $2.89. 162,741 shares of the stock traded hands, compared to its average volume of 1,914,964. The company has a fifty day moving average price of $3.44 and a two-hundred day moving average price of $4.52. Editas Medicine has a twelve month low of $2.70 and a twelve month high of $11.69. The stock has a market cap of $238.37 million, a P/E ratio of -1.19 and a beta of 2.01.

Editas Medicine (NASDAQ:EDIT) last issued its quarterly earnings results on Monday, November 4th. The company reported ($0.75) EPS for the quarter, hitting the consensus estimate of ($0.75). The company had revenue of $0.06 million for the quarter, compared to the consensus estimate of $3.93 million. Editas Medicine had a negative return on equity of 62.61% and a negative net margin of 288.59%. The company’s revenue for the quarter was down 98.9% on a year-over-year basis. During the same period in the previous year, the business posted ($0.55) EPS. On average, equities research analysts expect that Editas Medicine will post -2.96 EPS for the current fiscal year.

Hedge Funds Weigh In On Editas Medicine

Several hedge funds and other institutional investors have recently modified their holdings of EDIT. Mirae Asset Global Investments Co. Ltd. lifted its holdings in Editas Medicine by 59.0% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 314,774 shares of the company’s stock worth $2,246,000 after buying an additional 116,803 shares during the period. Jennison Associates LLC increased its position in Editas Medicine by 29.1% in the 1st quarter. Jennison Associates LLC now owns 106,520 shares of the company’s stock valued at $790,000 after buying an additional 24,000 shares in the last quarter. Headlands Technologies LLC increased its position in Editas Medicine by 481.7% in the 1st quarter. Headlands Technologies LLC now owns 9,493 shares of the company’s stock valued at $70,000 after buying an additional 7,861 shares in the last quarter. Russell Investments Group Ltd. increased its position in Editas Medicine by 147.4% in the 1st quarter. Russell Investments Group Ltd. now owns 12,838 shares of the company’s stock valued at $95,000 after buying an additional 7,648 shares in the last quarter. Finally, Vanguard Group Inc. increased its position in Editas Medicine by 1.1% in the 1st quarter. Vanguard Group Inc. now owns 8,555,597 shares of the company’s stock valued at $63,483,000 after buying an additional 93,740 shares in the last quarter. 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.