Editas Medicine (NASDAQ:EDIT) PT Lowered to $12.00 at Chardan Capital

Editas Medicine (NASDAQ:EDIT) had its price target trimmed by Chardan Capital from $20.00 to $12.00 in a report released on Tuesday, Benzinga reports. The brokerage currently has a buy rating on the stock.

EDIT has been the topic of a number of other research reports. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $8.00 price target on shares of Editas Medicine in a research report on Thursday, September 19th. Bank of America upgraded Editas Medicine from a “neutral” rating to a “buy” rating and upped their target price for the company from $13.00 to $15.00 in a research report on Thursday, August 8th. Truist Financial decreased their target price on Editas Medicine from $20.00 to $12.00 and set a “buy” rating for the company in a research note on Thursday, August 8th. Finally, Barclays dropped their price target on Editas Medicine from $9.00 to $7.00 and set an “equal weight” rating on the stock in a research note on Thursday, August 8th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, Editas Medicine currently has an average rating of “Hold” and an average price target of $10.40.

Editas Medicine Price Performance

EDIT opened at $3.29 on Tuesday. Editas Medicine has a fifty-two week low of $2.91 and a fifty-two week high of $11.69. The company’s 50 day moving average price is $3.59 and its two-hundred day moving average price is $4.73. The firm has a market capitalization of $270.56 million, a price-to-earnings ratio of -1.57 and a beta of 1.99.

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

Insider Transactions at Editas Medicine

In related news, EVP Linda Burkly sold 11,886 shares of Editas Medicine stock in a transaction on Thursday, July 25th. The shares were sold at an average price of $5.42, for a total value of $64,422.12. Following the completion of the sale, the executive vice president now owns 73,136 shares of the company’s stock, valued at approximately $396,397.12. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders have sold 13,959 shares of company stock valued at $71,512 over the last ninety days. 1.90% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the business. Hennion & Walsh Asset Management Inc. raised its holdings in shares of Editas Medicine by 34.7% in the 3rd quarter. Hennion & Walsh Asset Management Inc. now owns 226,756 shares of the company’s stock worth $773,000 after acquiring an additional 58,385 shares during the last quarter. International Assets Investment Management LLC raised its stake in shares of Editas Medicine by 262.0% in the third quarter. International Assets Investment Management LLC now owns 113,863 shares of the company’s stock worth $388,000 after purchasing an additional 82,406 shares during the last quarter. Signaturefd LLC lifted its holdings in shares of Editas Medicine by 494.8% in the third quarter. Signaturefd LLC now owns 9,326 shares of the company’s stock valued at $32,000 after purchasing an additional 7,758 shares in the last quarter. Allspring Global Investments Holdings LLC boosted its position in shares of Editas Medicine by 20.0% during the third quarter. Allspring Global Investments Holdings LLC now owns 24,485 shares of the company’s stock valued at $83,000 after buying an additional 4,089 shares during the last quarter. Finally, Creative Planning grew its holdings in Editas Medicine by 113.7% during the third quarter. Creative Planning now owns 21,563 shares of the company’s stock worth $74,000 after buying an additional 11,473 shares in the last quarter. 71.90% of the stock is currently owned by institutional investors and hedge funds.

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.