Editas Medicine (NASDAQ:EDIT) Downgraded to Underperform Rating by Bank of America

Bank of America lowered shares of Editas Medicine (NASDAQ:EDIT) from a buy rating to an underperform rating in a research note released on Monday morning, MarketBeat Ratings reports. The firm currently has $1.00 target price on the stock, down from their prior target price of $13.00.

EDIT has been the topic of a number of other reports. Royal Bank of Canada dropped their price target on Editas Medicine from $8.00 to $5.00 and set a “sector perform” rating on the stock in a research note on Tuesday, November 5th. Wells Fargo & Company lowered their target price on Editas Medicine from $9.00 to $7.00 and set an “overweight” rating on the stock in a research report on Tuesday, November 5th. Evercore ISI raised shares of Editas Medicine from an “in-line” rating to an “outperform” rating in a research report on Wednesday, November 6th. Stifel Nicolaus lowered their price objective on shares of Editas Medicine from $17.00 to $11.00 and set a “buy” rating on the stock in a report on Tuesday, November 5th. Finally, Barclays dropped their price objective on shares of Editas Medicine from $7.00 to $5.00 and set an “equal weight” rating on the stock in a research note on Tuesday, November 5th. Two research analysts have rated the stock with a sell rating, six have given a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average price target of $7.92.

Editas Medicine Stock Down 0.5 %

NASDAQ:EDIT opened at $2.20 on Monday. Editas Medicine has a twelve month low of $2.13 and a twelve month high of $11.69. The company has a fifty day moving average of $3.07 and a 200-day moving average of $4.19. The firm has a market capitalization of $181.61 million, a P/E ratio of -0.86 and a beta of 2.01.

Editas Medicine (NASDAQ:EDIT) last posted its quarterly earnings results on Monday, November 4th. The company reported ($0.75) earnings per share for the quarter, meeting the consensus estimate 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 during the quarter, compared to the consensus estimate of $3.93 million. During the same period in the previous year, the firm posted ($0.55) earnings per share. The business’s revenue was down 98.9% compared to the same quarter last year. On average, analysts anticipate that Editas Medicine will post -2.63 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the company. Jacobs Levy Equity Management Inc. grew 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 worth $1,807,000 after purchasing an additional 302,652 shares in the last quarter. Integral Health Asset Management LLC boosted its stake in shares of 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 buying an additional 225,000 shares during the last quarter. Millennium Management LLC grew its holdings in shares of Editas Medicine by 10.0% in the second 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. Raymond James & Associates grew its holdings in shares of Editas Medicine by 49.7% in the second quarter. Raymond James & Associates now owns 526,815 shares of the company’s stock valued at $2,460,000 after acquiring an additional 174,993 shares in the last quarter. Finally, Stifel Financial Corp increased its position in shares of Editas Medicine by 37.9% during the third quarter. Stifel Financial Corp now owns 624,876 shares of the company’s stock valued at $2,131,000 after acquiring an additional 171,656 shares during the last quarter. 71.90% of the stock is owned by institutional investors.

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.