Drive Wealth Management LLC Invests $65,000 in Editas Medicine, Inc. (NASDAQ:EDIT)

Drive Wealth Management LLC bought a new position in shares of Editas Medicine, Inc. (NASDAQ:EDIT) during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 18,937 shares of the company’s stock, valued at approximately $65,000.

Several other institutional investors have also recently added to or reduced their stakes in EDIT. Signaturefd LLC lifted its position in Editas Medicine by 494.8% in the third quarter. Signaturefd LLC now owns 9,326 shares of the company’s stock valued at $32,000 after acquiring an additional 7,758 shares during the last quarter. Ballentine Partners LLC purchased a new stake in shares of Editas Medicine in the 3rd quarter valued at about $36,000. Arcadia Investment Management Corp MI acquired a new stake in shares of Editas Medicine in the 3rd quarter valued at about $39,000. Koss Olinger Consulting LLC purchased a new position in Editas Medicine during the 2nd quarter worth approximately $47,000. Finally, China Universal Asset Management Co. Ltd. increased its position in 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 worth $54,000 after buying an additional 6,202 shares during the period. Hedge funds and other institutional investors own 71.90% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on the stock. Evercore ISI upgraded shares of Editas Medicine from an “in-line” rating to an “outperform” rating in a research report on Wednesday, November 6th. Wells Fargo & Company dropped their price objective on shares of Editas Medicine from $9.00 to $7.00 and set an “overweight” rating on the stock in a research note on Tuesday, November 5th. Truist Financial decreased their target price on shares of Editas Medicine from $12.00 to $8.00 and set a “buy” rating for the company in a research note on Tuesday, November 5th. Stifel Nicolaus dropped their price target on Editas Medicine from $17.00 to $11.00 and set a “buy” rating on the stock in a research report on Tuesday, November 5th. Finally, Bank of America raised Editas Medicine from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $13.00 to $15.00 in a research report on Thursday, August 8th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat.com, Editas Medicine currently has an average rating of “Hold” and a consensus price target of $9.08.

Editas Medicine Stock Performance

Editas Medicine stock opened at $2.52 on Tuesday. Editas Medicine, Inc. has a fifty-two week low of $2.51 and a fifty-two week high of $11.69. The firm has a market capitalization of $208.02 million, a price-to-earnings ratio of -0.98 and a beta of 2.01. The stock’s fifty day moving average is $3.33 and its two-hundred day moving average is $4.38.

Editas Medicine (NASDAQ:EDIT) last issued its quarterly earnings data on Monday, November 4th. The company reported ($0.75) EPS for the quarter, meeting analysts’ consensus estimates of ($0.75). The firm had revenue of $0.06 million for the quarter, compared to analysts’ expectations of $3.93 million. Editas Medicine had a negative net margin of 340.96% and a negative return on equity of 80.13%. The firm’s revenue was down 98.9% on a year-over-year basis. During the same period in the prior year, the company earned ($0.55) EPS. As a group, sell-side analysts forecast that Editas Medicine, Inc. will post -2.73 EPS for the current fiscal year.

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.