Editas Medicine, Inc. (EDIT) Downgraded by Zacks Investment Research
Zacks Investment Research cut shares of Editas Medicine, Inc. (NASDAQ:EDIT) from a buy rating to a hold rating in a report released on Monday.
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. “
Several other analysts also recently weighed in on the stock. Cann started coverage on shares of Editas Medicine in a research report on Monday, July 17th. They issued a market perform rating on the stock. Barclays PLC started coverage on shares of Editas Medicine in a research report on Wednesday, September 6th. They issued an overweight rating and a $28.00 price objective on the stock. ValuEngine downgraded shares of Editas Medicine from a hold rating to a sell rating in a research report on Wednesday, October 25th. Oppenheimer Holdings, Inc. reiterated a market perform rating on shares of Editas Medicine in a research report on Tuesday, July 18th. Finally, J P Morgan Chase & Co set a $27.00 price objective on shares of Editas Medicine and gave the company a hold rating in a research report on Wednesday, August 9th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company’s stock. Editas Medicine has a consensus rating of Hold and a consensus price target of $26.73.
Shares of Editas Medicine (NASDAQ:EDIT) opened at $24.34 on Monday. Editas Medicine has a 52-week low of $13.12 and a 52-week high of $29.20. The company has a quick ratio of 10.12, a current ratio of 10.12 and a debt-to-equity ratio of 0.19.
Editas Medicine (NASDAQ:EDIT) last issued its quarterly earnings data on Tuesday, November 7th. The company reported ($0.64) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.60) by ($0.04). The firm had revenue of $6.28 million during the quarter, compared to the consensus estimate of $2.66 million. Editas Medicine had a negative net margin of 1,127.03% and a negative return on equity of 70.19%. The company’s revenue for the quarter was up 553.0% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.59) earnings per share. sell-side analysts expect that Editas Medicine will post -2.92 EPS for the current year.
In other Editas Medicine news, CEO Katrine Bosley sold 10,000 shares of the business’s stock in a transaction dated Friday, September 1st. The shares were sold at an average price of $20.42, for a total transaction of $204,200.00. Following the sale, the chief executive officer now directly owns 1,414,629 shares in the company, valued at approximately $28,886,724.18. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders have sold a total of 43,332 shares of company stock worth $946,504 over the last 90 days. 19.40% of the stock is owned by insiders.
Hedge funds have recently added to or reduced their stakes in the business. IHT Wealth Management LLC bought a new stake in shares of Editas Medicine during the 2nd quarter worth about $107,000. Great West Life Assurance Co. Can raised its position in shares of Editas Medicine by 519.9% during the 3rd quarter. Great West Life Assurance Co. Can now owns 4,959 shares of the company’s stock worth $114,000 after buying an additional 4,159 shares in the last quarter. Bank of America Corp DE raised its position in shares of Editas Medicine by 72.2% during the 1st quarter. Bank of America Corp DE now owns 5,936 shares of the company’s stock worth $133,000 after buying an additional 2,489 shares in the last quarter. DekaBank Deutsche Girozentrale bought a new stake in shares of Editas Medicine during the 2nd quarter worth about $127,000. Finally, Legal & General Group Plc raised its position in shares of Editas Medicine by 308.4% during the 2nd quarter. Legal & General Group Plc now owns 8,654 shares of the company’s stock worth $145,000 after buying an additional 6,535 shares in the last quarter. Institutional investors own 67.17% of the company’s stock.
Editas Medicine Company Profile
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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