Editas Medicine (NASDAQ:EDIT) Downgraded to Market Perform Rating by Raymond James

Raymond James downgraded shares of Editas Medicine (NASDAQ:EDIT) from an outperform rating to a market perform rating in a research report released on Monday, MarketBeat.com reports.

A number of other equities analysts have also recently weighed in on EDIT. Truist Financial decreased their price objective on Editas Medicine from $20.00 to $12.00 and set a “buy” rating on the stock in a report on Thursday, August 8th. Royal Bank of Canada restated a “sector perform” rating and issued a $8.00 price objective on shares of Editas Medicine in a report on Thursday, September 19th. 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 report on Thursday, August 8th. Chardan Capital lowered their price target on shares of Editas Medicine from $20.00 to $12.00 and set a “buy” rating for the company in a research note on Tuesday, October 22nd. Finally, Barclays reduced their price objective on Editas Medicine from $9.00 to $7.00 and set an “equal weight” rating on the stock in a research note on Thursday, August 8th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $9.91.

Editas Medicine Price Performance

Shares of Editas Medicine stock opened at $2.88 on Monday. Editas Medicine has a 1 year low of $2.70 and a 1 year high of $11.69. The firm has a market cap of $237.54 million, a PE ratio of -1.22 and a beta of 2.01. The company has a 50 day simple moving average of $3.44 and a two-hundred day simple moving average of $4.52.

Editas Medicine (NASDAQ:EDIT) last posted its quarterly earnings data on Monday, November 4th. The company reported ($0.75) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.75). The company had revenue of $0.06 million during the quarter, compared to the consensus estimate of $3.93 million. Editas Medicine had a negative net margin of 288.59% and a negative return on equity of 62.61%. The firm’s revenue was down 98.9% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.55) EPS. As a group, research analysts anticipate that Editas Medicine will post -2.96 earnings per share for the current year.

Hedge Funds Weigh In On Editas Medicine

Hedge funds and other institutional investors have recently made changes to their positions in the business. GSA Capital Partners LLP boosted its holdings in Editas Medicine by 89.0% in the third quarter. GSA Capital Partners LLP now owns 182,725 shares of the company’s stock valued at $623,000 after acquiring an additional 86,020 shares in the last quarter. Arcadia Investment Management Corp MI bought a new stake in shares of Editas Medicine during the 3rd quarter valued at about $39,000. China Universal Asset Management Co. Ltd. increased its position in shares of Editas Medicine by 64.2% during the third quarter. China Universal Asset Management Co. Ltd. now owns 15,863 shares of the company’s stock valued at $54,000 after buying an additional 6,202 shares during the period. Ballentine Partners LLC bought a new position in Editas Medicine in the third quarter worth about $36,000. Finally, Hennion & Walsh Asset Management Inc. lifted its holdings in Editas Medicine by 34.7% in the third quarter. Hennion & Walsh Asset Management Inc. now owns 226,756 shares of the company’s stock worth $773,000 after buying an additional 58,385 shares during the period. Institutional investors own 71.90% of the company’s stock.

Editas Medicine Company Profile

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.