Robert W. Baird Issues Pessimistic Forecast for Editas Medicine (NASDAQ:EDIT) Stock Price

Editas Medicine (NASDAQ:EDIT) had its target price reduced by Robert W. Baird from $10.00 to $8.00 in a research report released on Friday morning,Benzinga reports. They currently have an outperform rating on the stock.

A number of other equities research analysts have also issued reports on the stock. Stifel Nicolaus lowered shares of Editas Medicine from a “buy” rating to a “hold” rating and cut their price target for the stock from $11.00 to $3.00 in a report on Friday. Raymond James downgraded Editas Medicine from an “outperform” rating to a “market perform” rating in a report on Monday, November 4th. Bank of America cut Editas Medicine from a “buy” rating to an “underperform” rating and dropped their price objective for the stock from $13.00 to $1.00 in a report on Monday, November 25th. Wells Fargo & Company downgraded Editas Medicine from an “overweight” rating to an “equal weight” rating and decreased their target price for the company from $7.00 to $4.00 in a report on Wednesday. Finally, Chardan Capital reaffirmed a “buy” rating and issued a $12.00 price target on shares of Editas Medicine in a research note on Tuesday, November 5th. Two analysts have rated the stock with a sell rating, ten have given a hold rating and three have given a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $6.85.

Editas Medicine Price Performance

Shares of EDIT stock opened at $1.44 on Friday. The business has a 50-day moving average of $2.76 and a 200 day moving average of $3.91. Editas Medicine has a 1-year low of $1.41 and a 1-year high of $11.58. The stock has a market capitalization of $118.87 million, a PE ratio of -0.56 and a beta of 1.86.

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, meeting analysts’ consensus estimates of ($0.75). Editas Medicine had a negative return on equity of 80.13% and a negative net margin of 340.96%. The firm had revenue of $0.06 million during the quarter, compared to analyst estimates of $3.93 million. During the same quarter in the prior year, the firm posted ($0.55) earnings per share. The business’s quarterly revenue was down 98.9% compared to the same quarter last year. Analysts anticipate that Editas Medicine will post -2.59 EPS for the current year.

Institutional Investors Weigh In On Editas Medicine

Several hedge funds and other institutional investors have recently modified their holdings of EDIT. Jacobs Levy Equity Management Inc. lifted its position in Editas Medicine by 133.2% during the third quarter. Jacobs Levy Equity Management Inc. now owns 529,834 shares of the company’s stock valued at $1,807,000 after purchasing an additional 302,652 shares in the last quarter. Integral Health Asset Management LLC raised its stake in shares of Editas Medicine by 50.0% in the second 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 lifted its position in shares of Editas Medicine by 10.0% during the 2nd quarter. Millennium Management LLC now owns 2,459,629 shares of the company’s stock valued at $11,486,000 after buying an additional 223,012 shares in the last quarter. Raymond James & Associates lifted its position in shares of Editas Medicine by 49.7% during the 2nd quarter. Raymond James & Associates now owns 526,815 shares of the company’s stock valued at $2,460,000 after buying an additional 174,993 shares in the last quarter. Finally, Stifel Financial Corp increased its holdings in Editas Medicine by 37.9% in the 3rd quarter. Stifel Financial Corp now owns 624,876 shares of the company’s stock worth $2,131,000 after acquiring an additional 171,656 shares in the last quarter. 71.90% of the stock is currently owned by hedge funds and other 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.