Editas Medicine (NASDAQ:EDIT) Stock Rating Upgraded by Wells Fargo & Company

Editas Medicine (NASDAQ:EDIT) was upgraded by research analysts at Wells Fargo & Company from an “equal weight” rating to an “overweight” rating in a research note issued on Thursday, Benzinga reports. The firm currently has a $6.00 price objective on the stock, up from their prior price objective of $4.00. Wells Fargo & Company‘s target price points to a potential upside of 108.70% from the stock’s previous close.

Other research analysts have also recently issued reports about the company. LADENBURG THALM/SH SH assumed coverage on Editas Medicine in a report on Tuesday, August 18th. They set a “buy” rating and a $6.00 price objective for the company. Guggenheim upgraded shares of Editas Medicine from a “neutral” rating to a “buy” rating and set a $5.00 target price for the company in a research report on Wednesday, September 23rd. Wall Street Zen raised shares of Editas Medicine from a “sell” rating to a “hold” rating in a report on Saturday, August 8th. Finally, Weiss Ratings upgraded shares of Editas Medicine from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Tuesday, August 11th. Six research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $5.83.

Editas Medicine Stock Performance

Shares of EDIT stock traded up $0.12 during trading hours on Thursday, hitting $2.88. The company had a trading volume of 2,229,730 shares, compared to its average volume of 2,210,878. Editas Medicine has a 12 month low of $1.66 and a 12 month high of $4.33. The firm has a market capitalization of $441.54 million, a price-to-earnings ratio of -3.83 and a beta of 2.00. The firm’s fifty day moving average is $2.85 and its 200 day moving average is $2.89.

Editas Medicine (NASDAQ:EDIT) last announced its quarterly earnings results on Wednesday, August 5th. The company reported ($0.15) EPS for the quarter, beating the consensus estimate of ($0.27) by $0.12. Editas Medicine had a negative return on equity of 196.63% and a negative net margin of 157.32%.The business had revenue of $11.89 million for the quarter, compared to analyst estimates of $2.85 million. On average, sell-side analysts expect that Editas Medicine will post -0.8 EPS for the current fiscal year.

Institutional Trading of Editas Medicine

Several large investors have recently made changes to their positions in EDIT. Legal & General Group Plc acquired a new stake in shares of Editas Medicine in the second quarter valued at $31,000. Pallas Capital Advisors LLC acquired a new position in Editas Medicine during the 2nd quarter worth about $38,000. Abel Hall LLC acquired a new position in Editas Medicine during the 1st quarter worth about $36,000. Callan Family Office LLC bought a new stake in Editas Medicine during the 2nd quarter worth about $47,000. Finally, Strategic Advisory Partners LLC bought a new stake in Editas Medicine during the 2nd quarter worth about $49,000. Institutional investors own 71.90% of the company’s stock.

Editas Medicine Company Profile

Editas Medicine, Inc is a biotechnology company focused on developing genomic medicines that use CRISPR-based gene-editing technologies to treat diseases caused by genetic abnormalities. The company’s research programs are designed to modify or correct disease-associated genes in patients’ cells, with the goal of developing potentially durable treatments.

Its lead investigational program is reni-cel, formerly known as EDIT-301, an ex vivo CRISPR gene-editing therapy being studied for sickle cell disease and transfusion-dependent beta thalassemia.