Wells Fargo & Company Lowers Editas Medicine (NASDAQ:EDIT) Price Target to $7.00

Editas Medicine (NASDAQ:EDIT) had its target price lowered by equities research analysts at Wells Fargo & Company from $9.00 to $7.00 in a note issued to investors on Tuesday, Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Wells Fargo & Company‘s target price would indicate a potential upside of 137.29% from the company’s previous close.

A number of other equities analysts have also recently issued reports on EDIT. Royal Bank of Canada restated a “sector perform” rating and set a $8.00 price target on shares of Editas Medicine in a report on Thursday, September 19th. Truist Financial reduced their price target on shares of Editas Medicine from $12.00 to $8.00 and set a “buy” rating for the company in a report on Tuesday. Evercore ISI dropped 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 report on Wednesday, October 23rd. Barclays reduced their target price on Editas Medicine from $7.00 to $5.00 and set an “equal weight” rating for the company in a research note on Tuesday. Finally, Chardan Capital dropped their price target 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. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and five have given a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $9.18.

Editas Medicine Stock Up 2.4 %

Editas Medicine stock traded up $0.07 during mid-day trading on Tuesday, hitting $2.95. 457,889 shares of the stock were exchanged, compared to its average volume of 1,916,022. The firm’s fifty day simple moving average is $3.44 and its two-hundred day simple moving average is $4.52. Editas Medicine has a 12 month low of $2.70 and a 12 month high of $11.69. The stock has a market capitalization of $243.32 million, a price-to-earnings ratio of -1.25 and a beta of 2.01.

Editas Medicine (NASDAQ:EDIT) last issued 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 net margin of 288.59% and a negative return on equity of 62.61%. The business had revenue of $0.06 million for the quarter, compared to analysts’ expectations of $3.93 million. During the same quarter in the prior year, the firm posted ($0.55) earnings per share. The business’s quarterly revenue was down 98.9% compared to the same quarter last year. As a group, analysts forecast that Editas Medicine will post -2.96 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. Vanguard Group Inc. lifted its stake in Editas Medicine by 1.1% during the 1st quarter. Vanguard Group Inc. now owns 8,555,597 shares of the company’s stock valued at $63,483,000 after acquiring an additional 93,740 shares in the last quarter. Millennium Management LLC boosted its holdings in Editas Medicine by 10.0% during the second quarter. Millennium Management LLC now owns 2,459,629 shares of the company’s stock worth $11,486,000 after purchasing an additional 223,012 shares during the last quarter. Integral Health Asset Management LLC grew its position in Editas Medicine by 50.0% in the 2nd 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. Raymond James & Associates increased its stake in Editas Medicine by 49.7% in the 2nd quarter. Raymond James & Associates now owns 526,815 shares of the company’s stock valued at $2,460,000 after buying an additional 174,993 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. lifted its position in shares of Editas Medicine by 59.0% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 314,774 shares of the company’s stock worth $2,246,000 after buying an additional 116,803 shares in the last quarter. 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.