Editas Medicine (NASDAQ:EDIT) Cut to Underweight at JPMorgan Chase & Co.

JPMorgan Chase & Co. lowered shares of Editas Medicine (NASDAQ:EDIT) from a neutral rating to an underweight rating in a research report report published on Monday morning, Marketbeat Ratings reports.

A number of other research analysts also recently weighed in on EDIT. Raymond James downgraded Editas Medicine from an “outperform” rating to a “market perform” rating in a research note on Monday, November 4th. Robert W. Baird reduced their price objective on shares of Editas Medicine from $10.00 to $8.00 and set an “outperform” rating for the company in a research report on Friday, December 13th. Royal Bank of Canada decreased their target price on Editas Medicine from $5.00 to $4.00 and set a “sector perform” rating for the company in a research report on Friday, December 13th. Stifel Nicolaus lowered Editas Medicine from a “buy” rating to a “hold” rating and reduced their price objective for the company from $11.00 to $3.00 in a report on Friday, December 13th. Finally, Barclays reduced their target price on shares of Editas Medicine from $5.00 to $3.00 and set an “equal weight” rating for the company in a research note on Friday, December 13th. Three investment analysts have rated the stock with a sell rating, nine have issued a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $7.00.

Editas Medicine Stock Performance

EDIT stock opened at $1.35 on Monday. The company has a market capitalization of $111.03 million, a P/E ratio of -0.53 and a beta of 1.86. Editas Medicine has a 52-week low of $1.33 and a 52-week high of $11.58. The company has a fifty day moving average price of $2.69 and a 200-day moving average price of $3.84.

Editas Medicine (NASDAQ:EDIT) last issued its quarterly earnings results on Monday, November 4th. The company reported ($0.75) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.75). Editas Medicine had a negative net margin of 340.96% and a negative return on equity of 80.13%. The firm had revenue of $0.06 million for the quarter, compared to the consensus estimate of $3.93 million. During the same quarter in the previous year, the company earned ($0.55) EPS. The company’s revenue for the quarter was down 98.9% on a year-over-year basis. As a group, sell-side analysts forecast that Editas Medicine will post -2.59 earnings per share for the current fiscal year.

Institutional Trading of Editas Medicine

Hedge funds and other institutional investors have recently bought and sold shares of the company. Signaturefd LLC increased its holdings in shares of Editas Medicine by 494.8% in the third quarter. Signaturefd LLC now owns 9,326 shares of the company’s stock worth $32,000 after buying an additional 7,758 shares during the period. Ballentine Partners LLC purchased a new position in shares of Editas Medicine in the 3rd quarter valued at approximately $36,000. Arcadia Investment Management Corp MI purchased a new position in Editas Medicine during the third quarter valued at $39,000. Koss Olinger Consulting LLC bought a new stake in Editas Medicine during the second quarter worth about $47,000. Finally, Y Intercept Hong Kong Ltd purchased a new stake in shares of Editas Medicine in the 3rd quarter worth approximately $47,000. Hedge funds and other 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.