Brokerages Set Editas Medicine, Inc. (NASDAQ:EDIT) Target Price at $11.22

Editas Medicine, Inc. (NASDAQ:EDIT) has been given a consensus recommendation of “Hold” by the eleven research firms that are covering the firm, Marketbeat.com reports. Seven equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The average 12 month price objective among brokers that have issued a report on the stock in the last year is $10.90.

A number of equities analysts have recently issued reports on EDIT shares. Oppenheimer reiterated a “market perform” rating and set a $12.00 price objective on shares of Editas Medicine in a research note on Tuesday, June 18th. Royal Bank of Canada reissued a “sector perform” rating and issued a $8.00 price target on shares of Editas Medicine in a research report on Thursday. Bank of America raised Editas Medicine from a “neutral” rating to a “buy” rating and raised their price objective for the company from $13.00 to $15.00 in a research report on Thursday, August 8th. Truist Financial reduced their target price on shares of Editas Medicine from $20.00 to $12.00 and set a “buy” rating for the company in a report on Thursday, August 8th. Finally, Evercore ISI lowered their price target on shares of Editas Medicine from $15.00 to $7.00 and set an “in-line” rating on the stock in a report on Thursday, May 30th.

Editas Medicine Trading Down 3.6 %

Shares of EDIT stock opened at $3.77 on Wednesday. Editas Medicine has a twelve month low of $3.40 and a twelve month high of $11.69. The stock has a fifty day simple moving average of $4.34 and a two-hundred day simple moving average of $5.41. The stock has a market capitalization of $310.04 million, a price-to-earnings ratio of -1.80 and a beta of 1.99.

Editas Medicine (NASDAQ:EDIT) last issued its earnings results on Wednesday, August 7th. The company reported ($0.82) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.70) by ($0.12). The business had revenue of $0.51 million for the quarter, compared to the consensus estimate of $4.78 million. Editas Medicine had a negative return on equity of 62.61% and a negative net margin of 288.59%. The firm’s revenue was down 82.2% on a year-over-year basis. During the same quarter in the previous year, the company earned ($0.56) earnings per share. Research analysts predict that Editas Medicine will post -2.97 EPS for the current fiscal year.

Insider Activity at Editas Medicine

In other Editas Medicine news, EVP Linda Burkly sold 11,886 shares of the business’s stock in a transaction that occurred on Thursday, July 25th. The shares were sold at an average price of $5.42, for a total transaction of $64,422.12. Following the sale, the executive vice president now owns 73,136 shares of the company’s stock, valued at approximately $396,397.12. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, EVP Linda Burkly sold 11,886 shares of Editas Medicine stock in a transaction on Thursday, July 25th. The shares were sold at an average price of $5.42, for a total transaction of $64,422.12. Following the completion of the sale, the executive vice president now directly owns 73,136 shares in the company, valued at $396,397.12. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Baisong Mei sold 6,619 shares of the company’s stock in a transaction on Friday, July 19th. The shares were sold at an average price of $5.21, for a total value of $34,484.99. Following the completion of the transaction, the executive vice president now directly owns 134,413 shares in the company, valued at $700,291.73. The disclosure for this sale can be found here. Insiders sold 20,578 shares of company stock valued at $105,997 in the last three months. 1.90% of the stock is owned by insiders.

Institutional Investors Weigh In On Editas Medicine

A number of institutional investors and hedge funds have recently modified their holdings of the company. Dimensional Fund Advisors LP lifted its stake in Editas Medicine by 40.6% during the 4th quarter. Dimensional Fund Advisors LP now owns 2,392,396 shares of the company’s stock valued at $24,236,000 after acquiring an additional 690,366 shares during the period. Integral Health Asset Management LLC lifted its position in Editas Medicine by 50.0% during the second quarter. Integral Health Asset Management LLC now owns 675,000 shares of the company’s stock valued at $3,152,000 after purchasing an additional 225,000 shares during the period. Millennium Management LLC boosted its holdings in Editas Medicine by 10.0% in the second quarter. Millennium Management LLC now owns 2,459,629 shares of the company’s stock valued at $11,486,000 after purchasing an additional 223,012 shares during the last quarter. Raymond James & Associates raised its stake in shares of Editas Medicine by 49.7% during the 2nd quarter. Raymond James & Associates now owns 526,815 shares of the company’s stock valued at $2,460,000 after buying an additional 174,993 shares during the last quarter. Finally, Hennion & Walsh Asset Management Inc. acquired a new position in shares of Editas Medicine in the 2nd quarter valued at about $786,000. Institutional investors and hedge funds own 71.90% of the company’s stock.

About Editas Medicine

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.