Editas Medicine (EDIT) Stock Rating Lowered by Zacks Investment Research
Zacks Investment Research lowered shares of Editas Medicine (NASDAQ:EDIT) from a hold rating to a sell rating in a research report report published on Tuesday.
According to Zacks, “Editas Medicine, Inc. is a genome editing company. It focuses on translating its genome editing technology into a novel class of human therapeutics which enable precise and corrective molecular modification to treat diseases. Editas Medicine, Inc. is based in Cambridge, Massachusetts. “
EDIT has been the topic of several other research reports. ValuEngine lowered Editas Medicine from a hold rating to a sell rating in a research report on Wednesday, October 25th. BidaskClub upgraded Editas Medicine from a hold rating to a buy rating in a research report on Wednesday, December 27th. Cann reiterated a hold rating on shares of Editas Medicine in a report on Tuesday, November 7th. Morgan Stanley reiterated an equal weight rating and issued a $28.00 price target (up previously from $27.00) on shares of Editas Medicine in a report on Friday, October 6th. Finally, Cowen reiterated a buy rating on shares of Editas Medicine in a report on Tuesday, November 7th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating, five have assigned a buy rating and one has given a strong buy rating to the stock. The stock currently has an average rating of Hold and an average price target of $26.73.
Shares of Editas Medicine (EDIT) traded up $1.15 during trading on Tuesday, hitting $31.17. The company had a trading volume of 1,530,600 shares, compared to its average volume of 2,274,917. Editas Medicine has a 52 week low of $13.12 and a 52 week high of $36.00. The company has a current ratio of 10.12, a quick ratio of 10.12 and a debt-to-equity ratio of 0.19. The company has a market cap of $1,390.00 and a price-to-earnings ratio of -9.62.
Editas Medicine (NASDAQ:EDIT) last announced its earnings results on Tuesday, November 7th. The company reported ($0.64) EPS for the quarter, missing the consensus estimate of ($0.60) by ($0.04). Editas Medicine had a negative net margin of 1,127.03% and a negative return on equity of 70.19%. The business had revenue of $6.28 million for the quarter, compared to the consensus estimate of $2.66 million. During the same quarter in the previous year, the company earned ($0.59) EPS. The firm’s revenue for the quarter was up 553.0% on a year-over-year basis. analysts predict that Editas Medicine will post -2.92 earnings per share for the current fiscal year.
In other news, CFO Andrew A. F. Hack sold 5,000 shares of the stock in a transaction that occurred on Friday, November 17th. The stock was sold at an average price of $24.81, for a total value of $124,050.00. Following the completion of the sale, the chief financial officer now directly owns 5,000 shares of the company’s stock, valued at $124,050. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Katrine Bosley sold 8,333 shares of the stock in a transaction that occurred on Wednesday, November 1st. The stock was sold at an average price of $23.64, for a total value of $196,992.12. Following the completion of the sale, the insider now directly owns 1,393,322 shares of the company’s stock, valued at $32,938,132.08. The disclosure for this sale can be found here. In the last quarter, insiders sold 61,310 shares of company stock worth $1,689,449. Corporate insiders own 19.40% of the company’s stock.
Institutional investors have recently modified their holdings of the company. First Midwest Bank Trust Division purchased a new stake in shares of Editas Medicine in the third quarter worth approximately $1,349,000. Greenwoods Asset Management Ltd purchased a new stake in shares of Editas Medicine during the second quarter valued at approximately $1,191,000. American Century Companies Inc. purchased a new stake in shares of Editas Medicine during the third quarter valued at approximately $7,497,000. Bank of New York Mellon Corp increased its position in shares of Editas Medicine by 123.8% during the second quarter. Bank of New York Mellon Corp now owns 142,122 shares of the company’s stock valued at $2,385,000 after acquiring an additional 78,632 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership purchased a new stake in shares of Editas Medicine during the second quarter valued at approximately $285,000. 65.70% of the stock is owned by hedge funds and other institutional investors.
About Editas Medicine
Editas Medicine, Inc is a genome editing company. It is engaged in treating patients with genetically defined diseases by correcting their disease-causing genes. It operates through developing and commercializing genome editing technology segment. It is developing a genome editing platform based on clustered, regularly interspaced short palindromic repeats (CRISPR) technology.
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