Editas Medicine (NASDAQ:EDIT) Price Target Lowered to $8.00 at Truist Financial

Editas Medicine (NASDAQ:EDIT) had its price target cut by Truist Financial from $12.00 to $8.00 in a research report sent to investors on Tuesday morning, Benzinga reports. They currently have a buy rating on the stock.

Several other research analysts also recently commented on EDIT. Royal Bank of Canada reissued a “sector perform” rating and set a $8.00 target price on shares of Editas Medicine in a research note on Thursday, September 19th. Bank of America raised shares of Editas Medicine from a “neutral” rating to a “buy” rating and increased their price objective for the company from $13.00 to $15.00 in a research note on Thursday, August 8th. Barclays decreased their target price 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. Raymond James downgraded Editas Medicine from an “outperform” rating to a “market perform” rating in a report on Monday. Finally, Chardan Capital lowered their target price on Editas Medicine from $20.00 to $12.00 and set a “buy” rating for the company in a report on Tuesday, October 22nd. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, Editas Medicine currently has a consensus rating of “Hold” and an average target price of $9.08.

Editas Medicine Price Performance

Shares of NASDAQ:EDIT opened at $3.12 on Tuesday. Editas Medicine has a 1 year low of $2.70 and a 1 year high of $11.69. The stock has a market capitalization of $257.33 million, a price-to-earnings ratio of -1.22 and a beta of 2.01. The company’s 50 day simple moving average is $3.42 and its 200 day simple moving average is $4.51.

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

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in EDIT. Integral Health Asset Management LLC increased its position in shares of Editas Medicine by 50.0% during the second 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 period. Millennium Management LLC grew its holdings in Editas Medicine by 10.0% during the 2nd quarter. Millennium Management LLC now owns 2,459,629 shares of the company’s stock worth $11,486,000 after acquiring an additional 223,012 shares during the period. Raymond James & Associates raised its position in shares of Editas Medicine by 49.7% in the 2nd 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 in the last quarter. Hennion & Walsh Asset Management Inc. acquired a new position in shares of Editas Medicine in the 2nd quarter valued at about $786,000. Finally, Kennedy Capital Management LLC bought a new stake in shares of Editas Medicine during the 1st quarter valued at about $988,000. 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.