Editas Medicine (NASDAQ:EDIT) Price Target Lowered to $7.00 at Wells Fargo & Company

Editas Medicine (NASDAQ:EDIT) had its price target cut by Wells Fargo & Company from $9.00 to $7.00 in a report issued on Tuesday, Benzinga reports. They currently have an overweight rating on the stock.

Several other equities research analysts have also recently commented on EDIT. Evercore ISI dropped their target price on Editas Medicine from $7.00 to $3.00 and set an “in-line” rating on the stock in a report on Wednesday, October 23rd. Raymond James downgraded Editas Medicine from an “outperform” rating to a “market perform” rating in a research note on Monday. 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. Chardan Capital lowered their target price on Editas Medicine from $20.00 to $12.00 and set a “buy” rating on the stock in a report on Tuesday, October 22nd. Finally, Truist Financial cut their price target on shares of Editas Medicine from $12.00 to $8.00 and set a “buy” rating for the company in a report on Tuesday. One analyst has rated the stock with a sell rating, seven have issued a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $9.08.

Editas Medicine Stock Performance

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

Editas Medicine (NASDAQ:EDIT) last released its earnings results on Monday, November 4th. The company reported ($0.75) EPS for the quarter, meeting the consensus estimate of ($0.75). Editas Medicine had a negative net margin of 288.59% and a negative return on equity of 62.61%. The firm had revenue of $0.06 million for the quarter, compared to analysts’ expectations of $3.93 million. During the same quarter last year, the company earned ($0.55) EPS. Editas Medicine’s quarterly revenue was down 98.9% on a year-over-year basis. Analysts forecast that Editas Medicine will post -2.96 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in EDIT. Signaturefd LLC lifted its position in shares of Editas Medicine by 494.8% in the 3rd quarter. Signaturefd LLC now owns 9,326 shares of the company’s stock valued at $32,000 after acquiring an additional 7,758 shares in the last quarter. Ballentine Partners LLC acquired a new stake in Editas Medicine during the 3rd quarter valued at $36,000. Arcadia Investment Management Corp MI purchased a new stake in shares of Editas Medicine in the third quarter valued at $39,000. Koss Olinger Consulting LLC acquired a new stake in shares of Editas Medicine in the second quarter worth $47,000. Finally, China Universal Asset Management Co. Ltd. grew its holdings 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 in the last quarter. 71.90% of the stock is owned by hedge funds and other institutional investors.

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.