Royal Bank of Canada Has Lowered Expectations for Editas Medicine (NASDAQ:EDIT) Stock Price

Editas Medicine (NASDAQ:EDIT) had its price target decreased by equities research analysts at Royal Bank of Canada from $8.00 to $5.00 in a research report issued on Tuesday, Benzinga reports. The firm currently has a “sector perform” rating on the stock. Royal Bank of Canada’s price target points to a potential upside of 52.44% from the stock’s previous close.

Several other equities analysts have also issued reports on the company. Chardan Capital cut their target price on Editas Medicine from $20.00 to $12.00 and set a “buy” rating on the stock in a research note on Tuesday, October 22nd. Evercore ISI cut their price objective on shares of Editas Medicine from $7.00 to $3.00 and set an “in-line” rating on the stock in a research report on Wednesday, October 23rd. Bank of America upgraded shares of Editas Medicine from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $13.00 to $15.00 in a research note on Thursday, August 8th. Truist Financial lowered their target price on shares of Editas Medicine from $12.00 to $8.00 and set a “buy” rating for the company in a research note on Tuesday. Finally, Barclays cut their price target on shares of Editas Medicine from $7.00 to $5.00 and set an “equal weight” rating on the stock in a report on Tuesday. One analyst has rated the stock with a sell rating, six have issued a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $9.08.

Editas Medicine Stock Performance

Shares of EDIT opened at $3.28 on Tuesday. The company has a 50 day moving average price of $3.42 and a 200-day moving average price of $4.50. Editas Medicine has a fifty-two week low of $2.70 and a fifty-two week high of $11.69. The stock has a market capitalization of $270.52 million, a PE ratio of -1.28 and a beta of 2.01.

Editas Medicine (NASDAQ:EDIT) last posted its earnings results on Monday, November 4th. The company reported ($0.75) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.75). Editas Medicine had a negative return on equity of 62.61% and a negative net margin of 288.59%. The company had revenue of $0.06 million during the quarter, compared to analyst estimates of $3.93 million. During the same quarter in the prior year, the business earned ($0.55) earnings per share. Editas Medicine’s revenue was down 98.9% on a year-over-year basis. Equities research analysts forecast that Editas Medicine will post -2.96 EPS for the current year.

Institutional Trading of Editas Medicine

Several large investors have recently added to or reduced their stakes in the company. Signaturefd LLC lifted its holdings in shares of Editas Medicine by 494.8% during the third quarter. Signaturefd LLC now owns 9,326 shares of the company’s stock worth $32,000 after purchasing an additional 7,758 shares during the period. Ballentine Partners LLC purchased a new position in Editas Medicine during the 3rd quarter worth approximately $36,000. Arcadia Investment Management Corp MI acquired a new stake in Editas Medicine during the 3rd quarter valued at approximately $39,000. Koss Olinger Consulting LLC purchased a new stake in shares of Editas Medicine in the 2nd quarter valued at $47,000. Finally, China Universal Asset Management Co. Ltd. increased its stake in shares of Editas Medicine by 64.2% in 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 during the period. Hedge funds and other institutional investors 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.