Evercore ISI Cuts Editas Medicine (NASDAQ:EDIT) Price Target to $5.00

Editas Medicine (NASDAQ:EDIT) had its price objective cut by Evercore ISI from $7.00 to $5.00 in a report issued on Monday morning,Benzinga reports. They currently have an outperform rating on the stock.

A number of other brokerages also recently commented on EDIT. Royal Bank of Canada lowered their price objective on Editas Medicine from $5.00 to $4.00 and set a “sector perform” rating for the company in a research note on Friday, December 13th. Chardan Capital restated a “neutral” rating on shares of Editas Medicine in a research report on Friday, December 13th. Bank of America lowered shares of Editas Medicine from a “buy” rating to an “underperform” rating and reduced their target price for the company from $13.00 to $1.00 in a research note on Monday, November 25th. Robert W. Baird dropped their price target on shares of Editas Medicine from $10.00 to $8.00 and set an “outperform” rating on the stock in a research note on Friday, December 13th. Finally, Stifel Nicolaus downgraded Editas Medicine from a “buy” rating to a “hold” rating and reduced their price objective for the stock from $11.00 to $3.00 in a research report on Friday, December 13th. Three investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $7.00.

Editas Medicine Price Performance

Editas Medicine stock opened at $1.35 on Monday. The company has a market cap of $111.03 million, a PE ratio of -0.53 and a beta of 1.86. Editas Medicine has a 12 month low of $1.33 and a 12 month high of $11.58. The company has a fifty day moving average price of $2.65 and a two-hundred day moving average price of $3.82.

Editas Medicine (NASDAQ:EDIT) last released its quarterly earnings data on Monday, November 4th. The company reported ($0.75) earnings per share for the quarter, hitting the consensus estimate of ($0.75). The firm had revenue of $0.06 million for the quarter, compared to analyst estimates of $3.93 million. Editas Medicine had a negative net margin of 340.96% and a negative return on equity of 80.13%. Editas Medicine’s quarterly revenue was down 98.9% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.55) earnings per share. Equities research analysts anticipate that Editas Medicine will post -2.59 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of EDIT. Signaturefd LLC boosted its position in shares of Editas Medicine by 494.8% during the 3rd quarter. Signaturefd LLC now owns 9,326 shares of the company’s stock valued at $32,000 after purchasing an additional 7,758 shares in the last quarter. Ballentine Partners LLC bought a new stake in Editas Medicine during the third quarter worth approximately $36,000. Arcadia Investment Management Corp MI bought a new stake in Editas Medicine during the third quarter worth approximately $39,000. Koss Olinger Consulting LLC acquired a new position in Editas Medicine in the second quarter worth approximately $47,000. Finally, Y Intercept Hong Kong Ltd bought a new position in shares of Editas Medicine in the third quarter valued at $47,000. 71.90% of the stock is owned by institutional investors and hedge funds.

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.