Editas Medicine (NASDAQ:EDIT) Price Target Lowered to $12.00 at Truist Financial

Editas Medicine (NASDAQ:EDIT) had its price objective reduced by Truist Financial from $20.00 to $12.00 in a report released on Thursday morning, Benzinga reports. Truist Financial currently has a buy rating on the stock.

EDIT has been the subject of several other research reports. Bank of America upgraded shares of Editas Medicine from a neutral rating to a buy rating and boosted their price target for the company from $13.00 to $15.00 in a report on Thursday. StockNews.com lowered shares of Editas Medicine from a hold rating to a sell rating in a research note on Thursday, May 9th. Oppenheimer reiterated a market perform rating and set a $12.00 price objective on shares of Editas Medicine in a research note on Tuesday, June 18th. Citigroup cut their price target on shares of Editas Medicine from $16.00 to $15.00 and set a buy rating on the stock in a research note on Thursday, May 9th. Finally, Morgan Stanley upgraded shares of Editas Medicine from an underweight rating to an equal weight rating and set a $7.00 price target on the stock in a research note on Thursday, May 9th. One equities research 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. Based on data from MarketBeat, the stock presently has a consensus rating of Hold and a consensus target price of $11.50.

Editas Medicine Trading Down 5.6 %

Shares of EDIT stock traded down $0.23 during trading hours on Thursday, reaching $3.97. 1,792,838 shares of the stock were exchanged, compared to its average volume of 1,926,969. Editas Medicine has a 12-month low of $3.92 and a 12-month high of $11.69. The company’s 50-day moving average price is $5.15 and its 200-day moving average price is $6.38. The firm has a market capitalization of $326.48 million, a price-to-earnings ratio of -1.89 and a beta of 2.01.

Editas Medicine (NASDAQ:EDIT) last released its quarterly earnings data on Wednesday, August 7th. The company reported ($0.82) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.69) by ($0.13). The company had revenue of $0.51 million during the quarter, compared to analysts’ expectations of $4.78 million. Editas Medicine had a negative net margin of 239.36% and a negative return on equity of 47.34%. Editas Medicine’s quarterly revenue was down 82.2% on a year-over-year basis. During the same period last year, the firm earned ($0.56) earnings per share. On average, sell-side analysts expect that Editas Medicine will post -2.7 EPS for the current year.

Insider Buying and Selling

In related news, EVP Baisong Mei sold 6,619 shares of the stock in a transaction on Friday, July 19th. The shares were sold at an average price of $5.21, for a total transaction of $34,484.99. Following the sale, the executive vice president now directly owns 134,413 shares of the company’s stock, valued at $700,291.73. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In related news, EVP Baisong Mei sold 6,619 shares of the stock in a transaction on Friday, July 19th. The shares were sold at an average price of $5.21, for a total transaction of $34,484.99. Following the sale, the executive vice president now directly owns 134,413 shares of the company’s stock, valued at $700,291.73. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Linda Burkly sold 11,886 shares of the stock in a transaction on Thursday, July 25th. The stock was 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. The disclosure for this sale can be found here. Over the last three months, insiders have sold 31,207 shares of company stock valued at $168,768. Corporate insiders own 1.90% of the company’s stock.

Hedge Funds Weigh In On Editas Medicine

A number of large investors have recently added to or reduced their stakes in EDIT. Dimensional Fund Advisors LP raised its position in Editas Medicine by 40.6% during the fourth quarter. Dimensional Fund Advisors LP now owns 2,392,396 shares of the company’s stock worth $24,236,000 after acquiring an additional 690,366 shares during the period. Raymond James & Associates raised its position in Editas Medicine by 49.7% during the second quarter. Raymond James & Associates now owns 526,815 shares of the company’s stock worth $2,460,000 after acquiring an additional 174,993 shares during the period. Hennion & Walsh Asset Management Inc. acquired a new position in Editas Medicine during the second quarter worth $786,000. Los Angeles Capital Management LLC acquired a new position in Editas Medicine during the first quarter worth $1,097,000. Finally, Seven Eight Capital LP acquired a new stake in shares of Editas Medicine in the fourth quarter valued at about $1,482,000. 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.