Analysts Set Editas Medicine, Inc. (NASDAQ:EDIT) Target Price at $9.08

Editas Medicine, Inc. (NASDAQ:EDIT - Get Free Report) has been assigned an average recommendation of "Moderate Buy" from the thirteen analysts that are covering the firm, MarketBeat.com reports. Six investment analysts have rated the stock with a hold recommendation and seven have issued a buy recommendation on the company. The average 1-year target price among brokerages that have issued a report on the stock in the last year is $9.08.

A number of research firms recently commented on EDIT. Stifel Nicolaus reduced their target price on Editas Medicine from $17.00 to $11.00 and set a "buy" rating on the stock in a research note on Tuesday. Evercore ISI raised Editas Medicine from an "in-line" rating to an "outperform" rating in a research note on Wednesday. Bank of America raised Editas Medicine from a "neutral" rating to a "buy" rating and raised their price objective for the company from $13.00 to $15.00 in a research note on Thursday, August 8th. Raymond James cut Editas Medicine from an "outperform" rating to a "market perform" rating in a research note on Monday. Finally, Barclays cut their target price on Editas Medicine from $7.00 to $5.00 and set an "equal weight" rating on the stock in a research note on Tuesday.

Hedge Funds Weigh In On Editas Medicine

Hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its position in Editas Medicine by 1.1% in the 1st quarter. Vanguard Group Inc. now owns 8,555,597 shares of the company's stock worth $63,483,000 after purchasing an additional 93,740 shares during the period. Millennium Management LLC grew its position in Editas Medicine by 10.0% in the 2nd quarter. Millennium Management LLC now owns 2,459,629 shares of the company's stock worth $11,486,000 after purchasing an additional 223,012 shares during the period. Integral Health Asset Management LLC grew its position in shares of Editas Medicine by 50.0% during the 2nd quarter. Integral Health Asset Management LLC now owns 675,000 shares of the company's stock valued at $3,152,000 after acquiring an additional 225,000 shares during the period. Raymond James & Associates grew its position in shares of Editas Medicine by 49.7% during the 2nd quarter. Raymond James & Associates now owns 526,815 shares of the company's stock valued at $2,460,000 after acquiring an additional 174,993 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. grew its position in shares of Editas Medicine by 59.0% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 314,774 shares of the company's stock valued at $2,246,000 after acquiring an additional 116,803 shares during the period. 71.90% of the stock is currently owned by hedge funds and other institutional investors.

Editas Medicine Trading Down 3.4 %

Shares of NASDAQ:EDIT traded down $0.11 during trading on Thursday, hitting $3.17. 947,306 shares of the company were exchanged, compared to its average volume of 1,930,391. The stock has a 50 day moving average of $3.42 and a 200 day moving average of $4.50. Editas Medicine has a 52-week low of $2.70 and a 52-week high of $11.69.

Editas Medicine (NASDAQ:EDIT - Get Free Report) last issued its quarterly earnings data on Monday, November 4th. The company reported ($0.75) earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of ($0.75). Editas Medicine had a negative return on equity of 72.15% and a negative net margin of 340.96%. The company had revenue of $0.06 million for the quarter, compared to the consensus estimate of $3.93 million. During the same quarter last year, the business posted ($0.55) earnings per share. The firm's revenue was down 98.9% compared to the same quarter last year. As a group, analysts expect that Editas Medicine will post -2.96 EPS for the current year.

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.