Chardan Capital Reaffirms Buy Rating for Editas Medicine (NASDAQ:EDIT)

Editas Medicine (NASDAQ:EDIT)‘s stock had its “buy” rating reissued by analysts at Chardan Capital in a note issued to investors on Tuesday, Benzinga reports. They presently have a $12.00 price target on the stock. Chardan Capital’s price objective would suggest a potential upside of 284.62% from the stock’s current price.

Other analysts have also recently issued research reports about the stock. Truist Financial reduced their price objective on shares of Editas Medicine from $12.00 to $8.00 and set a “buy” rating on the stock in a research note on Tuesday. Wells Fargo & Company reduced their price target on Editas Medicine from $9.00 to $7.00 and set an “overweight” rating on the stock in a research report on Tuesday. Evercore ISI lowered their price objective on Editas Medicine from $7.00 to $3.00 and set an “in-line” rating for the company in a research report on Wednesday, October 23rd. Stifel Nicolaus reduced their target price on Editas Medicine from $17.00 to $11.00 and set a “buy” rating on the stock in a report on Tuesday. Finally, Bank of America raised shares of Editas Medicine from a “neutral” rating to a “buy” rating and increased their target price for the company from $13.00 to $15.00 in a research report on Thursday, August 8th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat.com, Editas Medicine currently has an average rating of “Hold” and an average price target of $9.08.

Editas Medicine Trading Up 8.3 %

EDIT traded up $0.24 on Tuesday, reaching $3.12. The stock had a trading volume of 2,129,497 shares, compared to its average volume of 1,924,155. The firm has a 50-day moving average of $3.44 and a 200-day moving average of $4.52. Editas Medicine has a fifty-two week low of $2.70 and a fifty-two week high of $11.69. The company has a market capitalization of $257.33 million, a price-to-earnings ratio of -1.22 and a beta of 2.01.

Editas Medicine (NASDAQ:EDIT) last issued its quarterly earnings data on Monday, November 4th. The company reported ($0.75) earnings per share (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 during the quarter, compared to analyst estimates of $3.93 million. During the same quarter last year, the business earned ($0.55) EPS. The firm’s quarterly revenue was down 98.9% on a year-over-year basis. Sell-side analysts anticipate that Editas Medicine will post -2.96 EPS for the current fiscal year.

Hedge Funds Weigh In On Editas Medicine

Hedge funds have recently added to or reduced their stakes in the stock. Mirae Asset Global Investments Co. Ltd. raised its stake in shares of Editas Medicine by 59.0% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 314,774 shares of the company’s stock worth $2,246,000 after purchasing an additional 116,803 shares during the last quarter. Jennison Associates LLC grew its holdings in Editas Medicine by 29.1% during the first quarter. Jennison Associates LLC now owns 106,520 shares of the company’s stock worth $790,000 after buying an additional 24,000 shares in the last quarter. Headlands Technologies LLC raised its position in Editas Medicine by 481.7% in the 1st quarter. Headlands Technologies LLC now owns 9,493 shares of the company’s stock valued at $70,000 after buying an additional 7,861 shares during the last quarter. Russell Investments Group Ltd. lifted its stake in Editas Medicine by 147.4% during the 1st quarter. Russell Investments Group Ltd. now owns 12,838 shares of the company’s stock valued at $95,000 after acquiring an additional 7,648 shares in the last quarter. Finally, Vanguard Group Inc. boosted its holdings in Editas Medicine by 1.1% during the 1st quarter. Vanguard Group Inc. now owns 8,555,597 shares of the company’s stock worth $63,483,000 after acquiring an additional 93,740 shares during the last quarter. Institutional investors and hedge funds 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.