Editas Medicine, Inc. (EDIT) Stock Rating Reaffirmed by Morgan Stanley
Editas Medicine, Inc. (NASDAQ:EDIT)‘s stock had its “equal weight” rating reaffirmed by stock analysts at Morgan Stanley in a report issued on Friday. They currently have a $28.00 price target on the stock, up from their previous price target of $27.00. Morgan Stanley’s price target points to a potential upside of 11.96% from the company’s current price.
EDIT has been the subject of several other reports. Zacks Investment Research raised Editas Medicine from a “hold” rating to a “buy” rating and set a $19.00 price objective for the company in a research report on Wednesday, July 12th. Cann started coverage on Editas Medicine in a research report on Monday, July 17th. They set a “market perform” rating for the company. J P Morgan Chase & Co set a $27.00 price objective on Editas Medicine and gave the stock a “hold” rating in a research report on Wednesday, August 9th. ValuEngine raised Editas Medicine from a “sell” rating to a “hold” rating in a research report on Saturday, September 30th. Finally, SunTrust Banks, Inc. started coverage on Editas Medicine in a research report on Thursday, July 13th. They set a “hold” rating and a $17.00 price objective for the company. Seven research analysts have rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the company. The company has a consensus rating of “Buy” and an average price target of $25.88.
Shares of Editas Medicine (NASDAQ:EDIT) opened at 25.01 on Friday. Editas Medicine has a 52 week low of $12.43 and a 52 week high of $28.50. The stock’s market capitalization is $1.02 billion. The company has a 50-day moving average price of $22.35 and a 200 day moving average price of $22.35.
Editas Medicine (NASDAQ:EDIT) last posted its quarterly earnings data on Wednesday, August 9th. The company reported ($0.65) earnings per share for the quarter, missing the consensus estimate of ($0.64) by ($0.01). The firm had revenue of $3.10 million for the quarter, compared to analyst estimates of $2.20 million. Editas Medicine had a negative return on equity of 67.75% and a negative net margin of 2,091.36%. The firm’s quarterly revenue was down 8.8% on a year-over-year basis. During the same period in the prior year, the company earned ($0.54) earnings per share. Analysts forecast that Editas Medicine will post ($2.88) earnings per share for the current fiscal year.
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In other news, insider Katrine Bosley sold 16,666 shares of the company’s stock in a transaction dated Tuesday, September 5th. The stock was sold at an average price of $20.33, for a total transaction of $338,819.78. Following the completion of the transaction, the insider now directly owns 1,414,629 shares of the company’s stock, valued at $28,759,407.57. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders have sold 51,665 shares of company stock valued at $1,083,165 over the last ninety days. 19.40% of the stock is owned by insiders.
Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Paulson & CO. Inc. bought a new stake in Editas Medicine during the first quarter worth about $1,116,000. UBS Group AG raised its holdings in Editas Medicine by 747.7% during the first quarter. UBS Group AG now owns 78,217 shares of the company’s stock worth $1,746,000 after acquiring an additional 68,990 shares in the last quarter. Driehaus Capital Management LLC raised its holdings in Editas Medicine by 169.8% during the first quarter. Driehaus Capital Management LLC now owns 125,684 shares of the company’s stock worth $2,805,000 after acquiring an additional 79,104 shares in the last quarter. Nisa Investment Advisors LLC bought a new stake in Editas Medicine during the second quarter worth about $1,322,000. Finally, Omega Advisors Inc. bought a new stake in Editas Medicine during the first quarter worth about $1,116,000. Institutional investors and hedge funds own 69.37% 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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