Editas Medicine (NASDAQ:EDIT) Stock Rating Lowered by Raymond James

Editas Medicine (NASDAQ:EDIT) was downgraded by equities research analysts at Raymond James from an “outperform” rating to a “market perform” rating in a report released on Monday, Marketbeat.com reports.

A number of other research analysts have also weighed in on the company. Chardan Capital cut their target price on Editas Medicine from $20.00 to $12.00 and set a “buy” rating on the stock in a research report on Tuesday, October 22nd. Wells Fargo & Company lowered their price objective on Editas Medicine from $27.00 to $9.00 and set an “overweight” rating for the company in a report on Wednesday, October 23rd. Royal Bank of Canada reissued a “sector perform” rating and issued a $8.00 price objective on shares of Editas Medicine in a report on Thursday, September 19th. Bank of America upgraded Editas Medicine from a “neutral” rating to a “buy” rating and lifted their target price for the company from $13.00 to $15.00 in a research note on Thursday, August 8th. Finally, Evercore ISI reduced their price objective on Editas Medicine from $7.00 to $3.00 and set an “in-line” rating for the company in a research report on Wednesday, October 23rd. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $9.91.

Editas Medicine Price Performance

Editas Medicine stock traded up $0.08 during trading on Monday, reaching $2.99. 2,288,178 shares of the company were exchanged, compared to its average volume of 1,915,380. Editas Medicine has a 52-week low of $2.70 and a 52-week high of $11.69. The company has a market capitalization of $246.62 million, a P/E ratio of -1.27 and a beta of 2.01. The stock’s 50 day simple moving average is $3.46 and its two-hundred day simple moving average is $4.54.

Editas Medicine (NASDAQ:EDIT) last released its earnings results on Wednesday, August 7th. The company reported ($0.82) EPS for the quarter, missing the consensus estimate of ($0.70) by ($0.12). Editas Medicine had a negative return on equity of 62.61% and a negative net margin of 288.59%. The company had revenue of $0.51 million for the quarter, compared to analyst estimates of $4.78 million. During the same period in the previous year, the firm earned ($0.56) earnings per share. The company’s revenue for the quarter was down 82.2% compared to the same quarter last year. As a group, equities analysts forecast that Editas Medicine will post -2.96 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the stock. Signaturefd LLC boosted its position in Editas Medicine by 494.8% during the third quarter. Signaturefd LLC now owns 9,326 shares of the company’s stock worth $32,000 after purchasing an additional 7,758 shares during the period. Ballentine Partners LLC bought a new stake in Editas Medicine during the 3rd quarter valued at $36,000. Arcadia Investment Management Corp MI purchased a new position in Editas Medicine during the 3rd quarter valued at $39,000. Koss Olinger Consulting LLC purchased a new stake in shares of Editas Medicine in the 2nd quarter worth about $47,000. Finally, China Universal Asset Management Co. Ltd. grew its position in Editas Medicine by 64.2% during the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 15,863 shares of the company’s stock valued at $54,000 after purchasing an additional 6,202 shares during the last quarter. 71.90% of the stock is owned by institutional investors.

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.