Editas Medicine (NASDAQ:EDIT) Downgraded to Hold Rating by Truist Financial

Editas Medicine (NASDAQ:EDIT) was downgraded by stock analysts at Truist Financial from a “buy” rating to a “hold” rating in a research note issued on Friday,Finviz reports.

A number of other equities analysts have also commented on the stock. Bank of America lowered shares of Editas Medicine from a “buy” rating to an “underperform” rating and cut their price target for the stock from $13.00 to $1.00 in a report on Monday, November 25th. Stifel Nicolaus reduced their price target on Editas Medicine from $17.00 to $11.00 and set a “buy” rating on the stock in a research report on Tuesday, November 5th. Evercore ISI raised Editas Medicine from an “in-line” rating to an “outperform” rating in a research note on Wednesday, November 6th. Raymond James cut Editas Medicine from an “outperform” rating to a “market perform” rating in a report on Monday, November 4th. Finally, Barclays decreased their target price on shares of Editas Medicine from $7.00 to $5.00 and set an “equal weight” rating for the company in a research report on Tuesday, November 5th. Two research analysts have rated the stock with a sell rating, nine have issued a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $7.00.

Editas Medicine Price Performance

Shares of Editas Medicine stock opened at $1.89 on Friday. The company’s 50 day moving average price is $2.80 and its two-hundred day moving average price is $3.94. The firm has a market capitalization of $156.02 million, a P/E ratio of -0.74 and a beta of 1.86. Editas Medicine has a fifty-two week low of $1.86 and a fifty-two week high of $11.58.

Editas Medicine (NASDAQ:EDIT) last announced its quarterly earnings results on Monday, November 4th. The company reported ($0.75) EPS for the quarter, meeting analysts’ consensus estimates of ($0.75). Editas Medicine had a negative return on equity of 80.13% and a negative net margin of 340.96%. The firm had revenue of $0.06 million for the quarter, compared to analyst estimates of $3.93 million. During the same period last year, the firm posted ($0.55) earnings per share. The business’s revenue for the quarter was down 98.9% on a year-over-year basis. On average, analysts expect that Editas Medicine will post -2.59 earnings per share for the current year.

Institutional Investors Weigh In On Editas Medicine

Several hedge funds and other institutional investors have recently modified their holdings of the company. Barclays PLC grew its position in Editas Medicine by 46.9% in the 3rd quarter. Barclays PLC now owns 178,507 shares of the company’s stock valued at $607,000 after purchasing an additional 56,986 shares during the period. Public Employees Retirement System of Ohio lifted its stake in shares of Editas Medicine by 172.1% in the third quarter. Public Employees Retirement System of Ohio now owns 33,203 shares of the company’s stock valued at $113,000 after buying an additional 21,000 shares in the last quarter. Y Intercept Hong Kong Ltd acquired a new position in shares of Editas Medicine during the third quarter valued at about $47,000. XTX Topco Ltd bought a new stake in shares of Editas Medicine during the third quarter worth about $179,000. Finally, Stifel Financial Corp raised its holdings in shares of Editas Medicine by 37.9% in the 3rd quarter. Stifel Financial Corp now owns 624,876 shares of the company’s stock worth $2,131,000 after acquiring an additional 171,656 shares during the last quarter. 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.