Wells Fargo & Company Trims Editas Medicine (NASDAQ:EDIT) Target Price to $9.00

Editas Medicine (NASDAQ:EDIT) had its target price decreased by Wells Fargo & Company from $27.00 to $9.00 in a research report sent to investors on Wednesday, Benzinga reports. Wells Fargo & Company currently has an overweight rating on the stock.

Other analysts have also recently issued reports about the company. Barclays lowered their price target on Editas Medicine from $9.00 to $7.00 and set an “equal weight” rating on the stock in a research report on Thursday, August 8th. Chardan Capital dropped their target price 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. Truist Financial reduced their price target on shares of Editas Medicine from $20.00 to $12.00 and set a “buy” rating on the stock in a research report on Thursday, August 8th. Bank of America raised shares of Editas Medicine from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $13.00 to $15.00 in a report on Thursday, August 8th. Finally, Royal Bank of Canada reissued a “sector perform” rating and issued a $8.00 target price on shares of Editas Medicine in a report on Thursday, September 19th. One research analyst has rated the stock with a sell rating, six have given a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, Editas Medicine has a consensus rating of “Hold” and an average target price of $9.91.

Editas Medicine Stock Performance

Shares of EDIT stock opened at $3.18 on Wednesday. The firm has a fifty day moving average of $3.55 and a 200-day moving average of $4.68. The stock has a market cap of $261.52 million, a price-to-earnings ratio of -1.51 and a beta of 1.99. Editas Medicine has a 52-week low of $2.91 and a 52-week high of $11.69.

Editas Medicine (NASDAQ:EDIT) last posted its quarterly earnings results on Wednesday, August 7th. The company reported ($0.82) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.70) by ($0.12). Editas Medicine had a negative return on equity of 62.61% and a negative net margin of 288.59%. The business had revenue of $0.51 million during the quarter, compared to analyst estimates of $4.78 million. During the same period last year, the company earned ($0.56) EPS. The business’s revenue for the quarter was down 82.2% on a year-over-year basis. On average, sell-side analysts predict that Editas Medicine will post -2.98 earnings per share for the current year.

Institutional Trading of Editas Medicine

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Millennium Management LLC boosted its stake in shares of Editas Medicine by 10.0% in the 2nd quarter. Millennium Management LLC now owns 2,459,629 shares of the company’s stock valued at $11,486,000 after purchasing an additional 223,012 shares during the last quarter. Integral Health Asset Management LLC lifted its holdings in Editas Medicine by 50.0% in the second quarter. Integral Health Asset Management LLC now owns 675,000 shares of the company’s stock valued at $3,152,000 after buying an additional 225,000 shares during the period. Vanguard Group Inc. boosted its stake in Editas Medicine by 1.1% in the first quarter. Vanguard Group Inc. now owns 8,555,597 shares of the company’s stock valued at $63,483,000 after acquiring an additional 93,740 shares during the last quarter. Price T Rowe Associates Inc. MD grew its holdings in Editas Medicine by 16.9% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 49,704 shares of the company’s stock worth $369,000 after acquiring an additional 7,174 shares during the period. Finally, Kennedy Capital Management LLC bought a new stake in shares of Editas Medicine during the 1st quarter valued at $988,000. 71.90% of the stock is 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.