Editas Medicine (NASDAQ:EDIT) Price Target Cut to $12.00 by Analysts at Chardan Capital

Editas Medicine (NASDAQ:EDIT) had its price objective reduced by research analysts at Chardan Capital from $20.00 to $12.00 in a report released on Tuesday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. Chardan Capital’s price target suggests a potential upside of 264.74% from the company’s previous close.

Several other research analysts have also recently weighed in on the stock. Royal Bank of Canada reissued a “sector perform” rating and set a $8.00 price target on shares of Editas Medicine in a research report on Thursday, September 19th. Truist Financial decreased their target price on shares of Editas Medicine from $20.00 to $12.00 and set a “buy” rating on the stock in a report on Thursday, August 8th. 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 report on Thursday, August 8th. Finally, Barclays decreased their price objective on Editas Medicine from $9.00 to $7.00 and set an “equal weight” rating on the stock in a report on Thursday, August 8th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, Editas Medicine currently has a consensus rating of “Hold” and an average price target of $10.40.

Editas Medicine Price Performance

EDIT traded down $0.47 on Tuesday, reaching $3.29. 3,317,804 shares of the company’s stock were exchanged, compared to its average volume of 1,918,343. The stock has a market cap of $270.56 million, a PE ratio of -1.57 and a beta of 1.99. Editas Medicine has a twelve month low of $2.91 and a twelve month high of $11.69. The stock’s fifty day moving average price is $3.61 and its 200-day moving average price is $4.75.

Editas Medicine (NASDAQ:EDIT) last posted its quarterly earnings results on Wednesday, August 7th. The company reported ($0.82) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.70) by ($0.12). Editas Medicine had a negative net margin of 288.59% and a negative return on equity of 62.61%. The company had revenue of $0.51 million during the quarter, compared to analysts’ expectations of $4.78 million. During the same quarter last year, the company earned ($0.56) earnings per share. Editas Medicine’s revenue for the quarter was down 82.2% on a year-over-year basis. As a group, research analysts predict that Editas Medicine will post -2.98 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Editas Medicine news, EVP Linda Burkly sold 11,886 shares of the business’s stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $5.42, for a total transaction of $64,422.12. Following the sale, the executive vice president now directly owns 73,136 shares in the company, valued at $396,397.12. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In the last 90 days, insiders have sold 13,959 shares of company stock valued at $71,512. Corporate insiders own 1.90% of the company’s stock.

Institutional Trading of Editas Medicine

Several hedge funds have recently modified their holdings of the stock. Signaturefd LLC raised its position in Editas Medicine by 494.8% in the 3rd quarter. Signaturefd LLC now owns 9,326 shares of the company’s stock valued at $32,000 after purchasing an additional 7,758 shares in the last quarter. Allspring Global Investments Holdings LLC lifted its stake in Editas Medicine by 20.0% in the third quarter. Allspring Global Investments Holdings LLC now owns 24,485 shares of the company’s stock worth $83,000 after acquiring an additional 4,089 shares during the last quarter. Creative Planning grew its holdings in Editas Medicine by 113.7% during the 3rd quarter. Creative Planning now owns 21,563 shares of the company’s stock worth $74,000 after acquiring an additional 11,473 shares in the last quarter. Green Alpha Advisors LLC raised its holdings in shares of Editas Medicine by 43.2% in the 3rd quarter. Green Alpha Advisors LLC now owns 43,333 shares of the company’s stock valued at $148,000 after purchasing an additional 13,066 shares in the last quarter. Finally, SG Americas Securities LLC acquired a new position in shares of Editas Medicine during the third quarter worth $137,000. 71.90% of the stock is currently owned by institutional investors and hedge funds.

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.