Editas Medicine (NASDAQ:EDIT) Cut to Underperform at Bank of America

Bank of America lowered shares of Editas Medicine (NASDAQ:EDIT) from a buy rating to an underperform rating in a report issued on Monday, MarketBeat reports. Bank of America currently has $1.00 target price on the stock, down from their previous target price of $13.00.

A number of other equities analysts have also recently weighed in on EDIT. Barclays decreased their price target on Editas Medicine from $7.00 to $5.00 and set an “equal weight” rating for the company in a report on Tuesday, November 5th. Chardan Capital reaffirmed a “buy” rating and set a $12.00 price target on shares of Editas Medicine in a report on Tuesday, November 5th. Stifel Nicolaus cut their price objective on shares of Editas Medicine from $17.00 to $11.00 and set a “buy” rating on the stock in a report on Tuesday, November 5th. Wells Fargo & Company decreased their price objective on shares of Editas Medicine from $9.00 to $7.00 and set an “overweight” rating for the company in a research report on Tuesday, November 5th. Finally, Royal Bank of Canada dropped their target price on Editas Medicine from $8.00 to $5.00 and set a “sector perform” rating on the stock in a research report on Tuesday, November 5th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $7.92.

Editas Medicine Stock Down 0.5 %

Editas Medicine stock opened at $2.20 on Monday. The firm has a market capitalization of $181.61 million, a P/E ratio of -0.86 and a beta of 2.01. The firm has a fifty day moving average of $3.14 and a 200-day moving average of $4.22. Editas Medicine has a 52-week low of $2.13 and a 52-week high of $11.69.

Editas Medicine (NASDAQ:EDIT) last released its quarterly earnings data on Monday, November 4th. The company reported ($0.75) EPS for the quarter, meeting the consensus estimate of ($0.75). Editas Medicine had a negative return on equity of 80.13% and a negative net margin of 340.96%. The company had revenue of $0.06 million for the quarter, compared to analyst estimates of $3.93 million. During the same period last year, the company posted ($0.55) earnings per share. The firm’s revenue was down 98.9% compared to the same quarter last year. On average, research analysts expect that Editas Medicine will post -2.63 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Barclays PLC raised its stake in Editas Medicine by 46.9% during the third quarter. Barclays PLC now owns 178,507 shares of the company’s stock worth $607,000 after acquiring an additional 56,986 shares during the period. Public Employees Retirement System of Ohio lifted its holdings in shares of Editas Medicine by 172.1% in the 3rd quarter. Public Employees Retirement System of Ohio now owns 33,203 shares of the company’s stock worth $113,000 after purchasing an additional 21,000 shares during the last quarter. Y Intercept Hong Kong Ltd bought a new stake in shares of Editas Medicine in the 3rd quarter worth approximately $47,000. XTX Topco Ltd acquired a new position in Editas Medicine during the 3rd quarter valued at approximately $179,000. Finally, Stifel Financial Corp grew its stake in Editas Medicine by 37.9% during the 3rd quarter. Stifel Financial Corp now owns 624,876 shares of the company’s stock worth $2,131,000 after buying an additional 171,656 shares during the last quarter. 71.90% of the stock is owned by institutional investors and hedge funds.

Editas Medicine Company Profile

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.