Stifel Nicolaus Cuts Editas Medicine (NASDAQ:EDIT) Price Target to $11.00

Editas Medicine (NASDAQ:EDIT) had its price objective cut by Stifel Nicolaus from $17.00 to $11.00 in a research note published on Tuesday morning, Benzinga reports. They currently have a buy rating on the stock.

EDIT has been the topic of several other reports. Bank of America raised Editas Medicine from a “neutral” rating to a “buy” rating and boosted their target price for the company from $13.00 to $15.00 in a research note on Thursday, August 8th. Truist Financial reduced their price objective on shares of Editas Medicine from $12.00 to $8.00 and set a “buy” rating for the company in a research note on Tuesday. Evercore ISI dropped their target price 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. Chardan Capital reduced their price target on shares of Editas Medicine from $20.00 to $12.00 and set a “buy” rating for the company in a research report on Tuesday, October 22nd. Finally, Raymond James cut Editas Medicine from an “outperform” rating to a “market perform” rating in a research report on Monday. One analyst has rated the stock with a sell rating, seven have given a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $9.08.

Editas Medicine Stock Performance

Shares of NASDAQ:EDIT opened at $3.12 on Tuesday. Editas Medicine has a fifty-two week low of $2.70 and a fifty-two week high of $11.69. The company’s 50-day moving average is $3.42 and its 200 day moving average is $4.51. The company has a market capitalization of $257.33 million, a P/E ratio of -1.22 and a beta of 2.01.

Editas Medicine (NASDAQ:EDIT) last released its earnings results on Monday, November 4th. The company reported ($0.75) earnings per share (EPS) 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 62.61% and a negative net margin of 288.59%. The business’s revenue for the quarter was down 98.9% on a year-over-year basis. During the same period last year, the business posted ($0.55) earnings per share. As a group, research analysts predict that Editas Medicine will post -2.96 earnings per share for the current year.

Institutional Trading of Editas Medicine

Large investors have recently added to or reduced their stakes in the business. Signaturefd LLC grew 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 acquiring an additional 7,758 shares during the period. Ballentine Partners LLC purchased a new position in Editas Medicine during the third quarter valued at $36,000. Arcadia Investment Management Corp MI bought a new stake in Editas Medicine during the third quarter valued at about $39,000. Koss Olinger Consulting LLC purchased a new stake in Editas Medicine in the second quarter worth about $47,000. Finally, China Universal Asset Management Co. Ltd. raised its stake in shares of Editas Medicine by 64.2% in the third quarter. China Universal Asset Management Co. Ltd. now owns 15,863 shares of the company’s stock worth $54,000 after buying an additional 6,202 shares during the period. 71.90% of the stock is currently owned by 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.