Editas Medicine (NASDAQ:EDIT) Price Target Lowered to $12.00 at Truist Financial

Editas Medicine (NASDAQ:EDIT) had its price target lowered by Truist Financial from $20.00 to $12.00 in a report released on Thursday morning, Benzinga reports. The brokerage currently has a buy rating on the stock.

Several other equities research analysts have also issued reports on the stock. Morgan Stanley upgraded shares of Editas Medicine from an underweight rating to an equal weight rating and set a $7.00 price target for the company in a research note on Thursday, May 9th. Citigroup decreased their price target on shares of Editas Medicine from $16.00 to $15.00 and set a buy rating for the company in a research note on Thursday, May 9th. Bank of America upgraded shares of Editas Medicine from a neutral rating to a buy rating and raised their price target for the stock from $13.00 to $15.00 in a research note on Thursday. Oppenheimer restated a market perform rating and set a $12.00 price target on shares of Editas Medicine in a research note on Tuesday, June 18th. Finally, Barclays decreased their price target on shares of Editas Medicine from $11.00 to $9.00 and set an equal weight rating for the company in a research note on Thursday, May 9th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of Hold and a consensus price target of $11.50.

Editas Medicine Trading Down 5.6 %

NASDAQ EDIT traded down $0.23 during trading hours on Thursday, hitting $3.97. The company’s stock had a trading volume of 1,792,838 shares, compared to its average volume of 1,926,969. Editas Medicine has a 52 week low of $3.92 and a 52 week high of $11.69. The company has a market capitalization of $326.48 million, a PE ratio of -1.89 and a beta of 2.01. The company’s 50-day simple moving average is $5.15 and its two-hundred day simple moving average is $6.38.

Editas Medicine (NASDAQ:EDIT) last posted its earnings results on Wednesday, August 7th. The company reported ($0.82) EPS for the quarter, missing the consensus estimate of ($0.69) by ($0.13). Editas Medicine had a negative return on equity of 47.34% and a negative net margin of 239.36%. The firm had revenue of $0.51 million for the quarter, compared to the consensus estimate of $4.78 million. During the same period in the prior year, the business earned ($0.56) EPS. Editas Medicine’s quarterly revenue was down 82.2% compared to the same quarter last year. Research analysts anticipate that Editas Medicine will post -2.7 EPS for the current fiscal year.

Insider Buying and Selling at Editas Medicine

In other news, Director Jessica Hopfield purchased 45,000 shares of the business’s stock in a transaction on Monday, May 13th. The stock was purchased at an average cost of $5.64 per share, with a total value of $253,800.00. Following the acquisition, the director now directly owns 67,700 shares in the company, valued at $381,828. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. In related news, Director Jessica Hopfield acquired 45,000 shares of the company’s stock in a transaction dated Monday, May 13th. The stock was bought at an average cost of $5.64 per share, with a total value of $253,800.00. Following the acquisition, the director now owns 67,700 shares of the company’s stock, valued at approximately $381,828. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Baisong Mei sold 6,619 shares of Editas Medicine stock in a transaction on Friday, July 19th. The stock was sold at an average price of $5.21, for a total transaction of $34,484.99. Following the sale, the executive vice president now directly owns 134,413 shares of the company’s stock, valued at $700,291.73. The disclosure for this sale can be found here. Insiders sold a total of 31,207 shares of company stock valued at $168,768 in the last three months. Company insiders own 1.90% of the company’s stock.

Institutional Trading of Editas Medicine

Hedge funds have recently made changes to their positions in the stock. Russell Investments Group Ltd. lifted its holdings 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 worth $53,000 after acquiring an additional 4,156 shares during the last quarter. Headlands Technologies LLC lifted its stake in Editas Medicine by 481.7% in the first quarter. Headlands Technologies LLC now owns 9,493 shares of the company’s stock worth $70,000 after purchasing an additional 7,861 shares during the last quarter. EntryPoint Capital LLC bought a new stake in Editas Medicine in the first quarter worth $72,000. Koss Olinger Consulting LLC bought a new stake in Editas Medicine in the second quarter worth $47,000. Finally, HB Wealth Management LLC bought a new stake in Editas Medicine in the first quarter worth $76,000. 71.90% of the stock is 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.