Editas Medicine (NASDAQ:EDIT) Price Target Lowered to $3.00 at Barclays

Editas Medicine (NASDAQ:EDIT) had its target price lowered by equities researchers at Barclays from $5.00 to $3.00 in a research note issued on Friday,Benzinga reports. The firm presently has an “equal weight” rating on the stock. Barclays‘s price objective suggests a potential upside of 92.93% from the company’s current price.

EDIT has been the subject of several other research reports. Stifel Nicolaus cut Editas Medicine from a “buy” rating to a “hold” rating and cut their price target for the company from $11.00 to $3.00 in a report on Friday. Evercore ISI upgraded shares of Editas Medicine from an “in-line” rating to an “outperform” rating in a report on Wednesday, November 6th. Chardan Capital reaffirmed a “neutral” rating on shares of Editas Medicine in a report on Friday. Wells Fargo & Company cut Editas Medicine from an “overweight” rating to an “equal weight” rating and decreased their price target for the stock from $7.00 to $4.00 in a research report on Wednesday. Finally, Raymond James cut Editas Medicine from an “outperform” rating to a “market perform” rating in a research note on Monday, November 4th. Two equities research analysts have rated the stock with a sell rating, ten have given a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $6.92.

Editas Medicine Stock Down 17.7 %

NASDAQ EDIT traded down $0.34 during trading hours on Friday, hitting $1.56. 2,496,672 shares of the company were exchanged, compared to its average volume of 1,982,176. Editas Medicine has a 52-week low of $1.54 and a 52-week high of $11.58. The firm has a market cap of $128.37 million, a price-to-earnings ratio of -0.61 and a beta of 1.86. The company has a 50 day moving average of $2.80 and a two-hundred day moving average of $3.94.

Editas Medicine (NASDAQ:EDIT) last posted its quarterly earnings data on Monday, November 4th. The company reported ($0.75) EPS for the quarter, hitting 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 during the quarter, compared to analysts’ expectations of $3.93 million. During the same quarter last year, the business posted ($0.55) EPS. The firm’s quarterly revenue was down 98.9% compared to the same quarter last year. On average, equities research analysts predict that Editas Medicine will post -2.59 EPS for the current year.

Institutional Investors Weigh In On Editas Medicine

Hedge funds have recently modified their holdings of the stock. Millennium Management LLC raised its holdings in Editas Medicine by 10.0% in the 2nd quarter. Millennium Management LLC now owns 2,459,629 shares of the company’s stock valued at $11,486,000 after acquiring an additional 223,012 shares in the last quarter. Jacobs Levy Equity Management Inc. raised its position in Editas Medicine by 133.2% in the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 529,834 shares of the company’s stock valued at $1,807,000 after buying an additional 302,652 shares during the last quarter. Integral Health Asset Management LLC lifted its position in shares of Editas Medicine by 50.0% in the second quarter. Integral Health Asset Management LLC now owns 675,000 shares of the company’s stock worth $3,152,000 after purchasing an additional 225,000 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its stake in Editas Medicine by 16.9% in the first quarter. Price T Rowe Associates Inc. MD now owns 49,704 shares of the company’s stock valued at $369,000 after acquiring an additional 7,174 shares during the last quarter. Finally, Dynamic Technology Lab Private Ltd bought a new position in Editas Medicine in the 3rd quarter valued at about $240,000. 71.90% of the stock is owned by hedge funds and other 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.