Editas Medicine (NASDAQ:EDIT) Price Target Cut to $15.00

Editas Medicine (NASDAQ:EDIT) had its price target lowered by research analysts at Citigroup from $16.00 to $15.00 in a note issued to investors on Thursday, Benzinga reports. The firm presently has a “buy” rating on the stock. Citigroup’s price target would suggest a potential upside of 169.78% from the company’s current price.

A number of other brokerages also recently weighed in on EDIT. Barclays lowered their target price on shares of Editas Medicine from $11.00 to $9.00 and set an “equal weight” rating for the company in a research note on Thursday. Morgan Stanley upgraded Editas Medicine from an “underweight” rating to an “equal weight” rating and set a $7.00 target price for the company in a report on Thursday. StockNews.com raised Editas Medicine from a “sell” rating to a “hold” rating in a research note on Friday, March 1st. Finally, JPMorgan Chase & Co. raised their price objective on shares of Editas Medicine from $8.00 to $9.00 and gave the stock a “neutral” rating in a research report on Tuesday, February 27th. Six investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, Editas Medicine presently has an average rating of “Hold” and a consensus price target of $13.90.

Editas Medicine Stock Performance

NASDAQ:EDIT traded up $0.53 during mid-day trading on Thursday, reaching $5.56. 2,717,523 shares of the company’s stock were exchanged, compared to its average volume of 1,843,758. The firm has a market capitalization of $457.23 million, a PE ratio of -2.67 and a beta of 2.09. The business’s fifty day simple moving average is $7.03 and its two-hundred day simple moving average is $8.24. Editas Medicine has a one year low of $4.91 and a one year high of $11.91.

Editas Medicine (NASDAQ:EDIT) last announced its quarterly earnings data on Wednesday, May 8th. The company reported ($0.76) EPS for the quarter, missing the consensus estimate of ($0.63) by ($0.13). Editas Medicine had a negative net margin of 196.12% and a negative return on equity of 42.95%. The firm had revenue of $1.10 million for the quarter, compared to analyst estimates of $11.14 million. During the same quarter in the prior year, the firm earned ($0.71) earnings per share. The firm’s revenue for the quarter was down 88.9% on a year-over-year basis. As a group, equities research analysts forecast that Editas Medicine will post -2.61 EPS for the current year.

Insider Activity

In other news, CEO Gilmore Neil O’neill sold 77,824 shares of the company’s stock in a transaction dated Tuesday, March 5th. The stock was sold at an average price of $9.42, for a total value of $733,102.08. Following the completion of the transaction, the chief executive officer now directly owns 327,470 shares in the company, valued at approximately $3,084,767.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, CEO Gilmore Neil O’neill sold 77,824 shares of the stock in a transaction that occurred on Tuesday, March 5th. The stock was sold at an average price of $9.42, for a total transaction of $733,102.08. Following the completion of the sale, the chief executive officer now owns 327,470 shares of the company’s stock, valued at $3,084,767.40. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, SVP Baisong Mei sold 20,327 shares of the stock in a transaction dated Monday, March 4th. The stock was sold at an average price of $9.42, for a total transaction of $191,480.34. Following the sale, the senior vice president now owns 141,543 shares of the company’s stock, valued at $1,333,335.06. The disclosure for this sale can be found here. Corporate insiders own 1.90% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. raised its position in shares of Editas Medicine by 4.5% in the 3rd quarter. Vanguard Group Inc. now owns 8,536,208 shares of the company’s stock worth $66,582,000 after purchasing an additional 370,734 shares during the last quarter. Citigroup Inc. raised its holdings in Editas Medicine by 13.6% in the 3rd quarter. Citigroup Inc. now owns 212,582 shares of the company’s stock worth $1,658,000 after acquiring an additional 25,532 shares during the last quarter. International Assets Investment Management LLC raised its holdings in Editas Medicine by 1,183.6% in the 4th quarter. International Assets Investment Management LLC now owns 288,269 shares of the company’s stock worth $28,457,000 after acquiring an additional 265,812 shares during the last quarter. QRG Capital Management Inc. purchased a new position in Editas Medicine in the 3rd quarter worth approximately $635,000. Finally, China Universal Asset Management Co. Ltd. raised its stake in shares of Editas Medicine by 351.1% in the fourth quarter. China Universal Asset Management Co. Ltd. now owns 9,450 shares of the company’s stock worth $96,000 after purchasing an additional 7,355 shares during the last quarter. Hedge funds and other institutional investors 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.