Wells Fargo & Company Cuts Editas Medicine (NASDAQ:EDIT) Price Target to $7.00

Editas Medicine (NASDAQ:EDIT) had its price target decreased by Wells Fargo & Company from $9.00 to $7.00 in a report released on Tuesday,Benzinga reports. Wells Fargo & Company currently has an overweight rating on the stock.

Several other equities research analysts also recently commented on the company. Raymond James downgraded Editas Medicine from an “outperform” rating to a “market perform” rating in a report on Monday. Royal Bank of Canada restated a “sector perform” rating and set a $8.00 price target on shares of Editas Medicine in a research note on Thursday, September 19th. Evercore ISI dropped their price objective on shares of Editas Medicine from $7.00 to $3.00 and set an “in-line” rating on the stock in a research note on Wednesday, October 23rd. Barclays decreased their target price on shares of Editas Medicine from $7.00 to $5.00 and set an “equal weight” rating for the company in a research report on Tuesday. Finally, Bank of America upgraded shares of Editas Medicine from a “neutral” rating to a “buy” rating and upped their target price for the stock from $13.00 to $15.00 in a report on Thursday, August 8th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $9.08.

Editas Medicine Stock Down 3.4 %

EDIT opened at $3.17 on Tuesday. Editas Medicine has a twelve month low of $2.70 and a twelve month high of $11.69. The company has a fifty day moving average of $3.40 and a 200-day moving average of $4.49. The stock has a market cap of $261.46 million, a PE ratio of -1.24 and a beta of 2.01.

Editas Medicine (NASDAQ:EDIT) last issued its earnings results on Monday, November 4th. The company reported ($0.75) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.75). The business had revenue of $0.06 million during the quarter, compared to the consensus estimate of $3.93 million. Editas Medicine had a negative return on equity of 72.15% and a negative net margin of 340.96%. The firm’s revenue for the quarter was down 98.9% on a year-over-year basis. During the same period in the previous year, the company posted ($0.55) earnings per share. Sell-side analysts anticipate that Editas Medicine will post -2.96 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in EDIT. Integral Health Asset Management LLC grew its position in shares of Editas Medicine by 50.0% in the 2nd quarter. Integral Health Asset Management LLC now owns 675,000 shares of the company’s stock worth $3,152,000 after buying an additional 225,000 shares during the period. Millennium Management LLC grew 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 worth $11,486,000 after purchasing an additional 223,012 shares during the period. Raymond James & Associates increased its stake in shares of Editas Medicine by 49.7% during the second quarter. Raymond James & Associates now owns 526,815 shares of the company’s stock valued at $2,460,000 after purchasing an additional 174,993 shares in the last quarter. Hennion & Walsh Asset Management Inc. purchased a new position in shares of Editas Medicine during the second quarter valued at approximately $786,000. Finally, Kennedy Capital Management LLC purchased a new position in shares of Editas Medicine during the first quarter valued at approximately $988,000. 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.