Barclays Cuts Editas Medicine (NASDAQ:EDIT) Price Target to $3.00

Editas Medicine (NASDAQ:EDIT - Free Report) had its price target reduced by Barclays from $5.00 to $3.00 in a research note issued to investors on Friday,Benzinga reports. They currently have an equal weight rating on the stock.

A number of other research analysts have also recently weighed in on the stock. Truist Financial cut shares of Editas Medicine from a "buy" rating to a "hold" rating in a report on Friday. Robert W. Baird dropped their price target on shares of Editas Medicine from $10.00 to $8.00 and set an "outperform" rating for the company in a research note on Friday. Stifel Nicolaus lowered Editas Medicine from a "buy" rating to a "hold" rating and cut their price objective for the stock from $11.00 to $3.00 in a research report on Friday. Chardan Capital reiterated a "neutral" rating on shares of Editas Medicine in a report on Friday. Finally, Royal Bank of Canada lowered their target price on Editas Medicine from $8.00 to $5.00 and set a "sector perform" rating for the company in a research note on Tuesday, November 5th. Two research analysts have rated the stock with a sell rating, ten have given a hold rating and three have given a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $6.85.

Editas Medicine Stock Down 23.8 %

EDIT traded down $0.45 during trading on Friday, reaching $1.44. The company's stock had a trading volume of 10,559,555 shares, compared to its average volume of 2,018,744. The company has a market cap of $118.87 million, a price-to-earnings ratio of -0.56 and a beta of 1.86. The firm has a fifty day simple moving average of $2.76 and a two-hundred day simple moving average of $3.91. Editas Medicine has a 1 year low of $1.41 and a 1 year high of $11.58.

Editas Medicine (NASDAQ:EDIT - Get Free Report) last posted its quarterly earnings results on Monday, November 4th. The company reported ($0.75) earnings per share for the quarter, meeting the consensus estimate of ($0.75). Editas Medicine had a negative net margin of 340.96% and a negative return on equity of 80.13%. The business had revenue of $0.06 million during the quarter, compared to analysts' expectations of $3.93 million. During the same quarter in the prior year, the company posted ($0.55) EPS. The business's revenue for the quarter was down 98.9% on a year-over-year basis. As a group, equities analysts forecast that Editas Medicine will post -2.59 EPS for the current fiscal year.

Hedge Funds Weigh In On Editas Medicine

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