Editas Medicine, Inc. (NASDAQ:EDIT) Given Consensus Recommendation of “Hold” by Brokerages

Shares of Editas Medicine, Inc. (NASDAQ:EDIT) have received an average recommendation of “Hold” from the fourteen research firms that are currently covering the stock, Marketbeat.com reports. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating and three have given a buy rating to the company. The average 1-year target price among analysts that have issued a report on the stock in the last year is $7.00.

Several research analysts have weighed in on the stock. Royal Bank of Canada lowered their target price on shares of Editas Medicine from $5.00 to $4.00 and set a “sector perform” rating on the stock in a research report on Friday, December 13th. Wells Fargo & Company cut Editas Medicine from an “overweight” rating to an “equal weight” rating and lowered their price target for the stock from $7.00 to $4.00 in a report on Wednesday, December 11th. Stifel Nicolaus downgraded Editas Medicine from a “buy” rating to a “hold” rating and dropped their price objective for the company from $11.00 to $3.00 in a research note on Friday, December 13th. JPMorgan Chase & Co. downgraded Editas Medicine from a “neutral” rating to an “underweight” rating in a research report on Monday, December 16th. Finally, Chardan Capital reissued a “neutral” rating on shares of Editas Medicine in a report on Friday, December 13th.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. The Manufacturers Life Insurance Company boosted its position in shares of Editas Medicine by 10.1% in the second quarter. The Manufacturers Life Insurance Company now owns 33,599 shares of the company’s stock worth $157,000 after acquiring an additional 3,089 shares during the last quarter. Rhumbline Advisers boosted its holdings in shares of Editas Medicine by 2.9% in the 2nd quarter. Rhumbline Advisers now owns 137,986 shares of the company’s stock valued at $644,000 after purchasing an additional 3,862 shares during the last quarter. Allspring Global Investments Holdings LLC grew its stake in shares of Editas Medicine by 20.0% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 24,485 shares of the company’s stock valued at $83,000 after buying an additional 4,089 shares during the period. China Universal Asset Management Co. Ltd. increased its holdings in shares of Editas Medicine by 64.2% during the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 15,863 shares of the company’s stock worth $54,000 after buying an additional 6,202 shares during the last quarter. Finally, Signaturefd LLC raised its position in shares of Editas Medicine by 494.8% in the 3rd 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. Institutional investors and hedge funds own 71.90% of the company’s stock.

Editas Medicine Price Performance

Editas Medicine stock opened at $1.41 on Tuesday. The stock’s 50 day moving average price is $1.64 and its 200 day moving average price is $3.09. Editas Medicine has a 1-year low of $1.12 and a 1-year high of $11.58. The company has a market cap of $116.40 million, a PE ratio of -0.55 and a beta of 1.95.

Editas Medicine (NASDAQ:EDIT) last issued its earnings results on Monday, November 4th. The company reported ($0.75) EPS for the quarter, hitting the consensus estimate of ($0.75). The company had revenue of $0.06 million for the quarter, compared to analyst estimates of $3.93 million. Editas Medicine had a negative net margin of 340.96% and a negative return on equity of 80.13%. The business’s revenue was down 98.9% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.55) EPS. On average, equities research analysts anticipate that Editas Medicine will post -2.73 EPS for the current fiscal year.

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.