JPMorgan Chase & Co. Downgrades Editas Medicine (NASDAQ:EDIT) to Underweight

Editas Medicine (NASDAQ:EDIT) was downgraded by investment analysts at JPMorgan Chase & Co. from a “neutral” rating to an “underweight” rating in a report issued on Monday,Briefing.com Automated Import reports.

A number of other equities analysts have also issued reports on EDIT. Raymond James lowered shares of Editas Medicine from an “outperform” rating to a “market perform” rating in a research report on Monday, November 4th. Evercore ISI upgraded Editas Medicine from an “in-line” rating to an “outperform” rating in a research report on Wednesday, November 6th. Bank of America cut Editas Medicine from a “buy” rating to an “underperform” rating and lowered their target price for the company from $13.00 to $1.00 in a research note on Monday, November 25th. Chardan Capital reaffirmed a “neutral” rating on shares of Editas Medicine in a research note on Friday. Finally, Stifel Nicolaus cut Editas Medicine from a “buy” rating to a “hold” rating and dropped their price objective for the stock from $11.00 to $3.00 in a report on Friday. Three research analysts have rated the stock with a sell rating, nine have assigned a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $6.85.

Editas Medicine Price Performance

NASDAQ EDIT opened at $1.44 on Monday. The stock’s 50 day simple moving average is $2.76 and its 200 day simple moving average is $3.89. Editas Medicine has a one year low of $1.41 and a one year high of $11.58. The firm has a market cap of $118.87 million, a PE ratio of -0.56 and a beta of 1.86.

Editas Medicine (NASDAQ:EDIT) last announced its earnings results on Monday, November 4th. The company reported ($0.75) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.75). The company had revenue of $0.06 million during the quarter, compared to analyst estimates of $3.93 million. Editas Medicine had a negative return on equity of 80.13% and a negative net margin of 340.96%. The firm’s quarterly revenue was down 98.9% compared to the same quarter last year. During the same period last year, the company posted ($0.55) earnings per share. As a group, equities analysts expect that Editas Medicine will post -2.59 earnings per share for the current year.

Institutional Trading of Editas Medicine

A number of large investors have recently made changes to their positions in the company. Raymond James & Associates lifted its holdings in Editas Medicine by 49.7% during the second quarter. Raymond James & Associates now owns 526,815 shares of the company’s stock worth $2,460,000 after acquiring an additional 174,993 shares in the last quarter. Hennion & Walsh Asset Management Inc. bought a new stake in shares of Editas Medicine in the second quarter worth about $786,000. Aries Wealth Management acquired a new stake in shares of Editas Medicine during the second quarter worth about $65,000. Bank of New York Mellon Corp raised its position in shares of Editas Medicine by 4.0% during the second quarter. Bank of New York Mellon Corp now owns 296,154 shares of the company’s stock worth $1,383,000 after purchasing an additional 11,332 shares during the period. Finally, Allspring Global Investments Holdings LLC bought a new position in shares of Editas Medicine during the 2nd quarter valued at about $95,000. 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.