Editas Medicine (NASDAQ:EDIT) Downgraded to Hold Rating by Truist Financial

Editas Medicine (NASDAQ:EDIT - Get Free Report) was downgraded by analysts at Truist Financial from a "buy" rating to a "hold" rating in a research note issued to investors on Friday, Marketbeat reports.

Several other equities analysts have also issued reports on EDIT. Royal Bank of Canada cut their price objective on shares of Editas Medicine from $8.00 to $5.00 and set a "sector perform" rating on the stock in a report on Tuesday, November 5th. Stifel Nicolaus reduced their price target on Editas Medicine from $17.00 to $11.00 and set a "buy" rating on the stock in a research report on Tuesday, November 5th. 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 research note on Tuesday, November 5th. Chardan Capital restated a "buy" rating and set a $12.00 price target on shares of Editas Medicine in a research note on Tuesday, November 5th. Finally, Wells Fargo & Company cut shares of Editas Medicine from an "overweight" rating to an "equal weight" rating and lowered their target price for the stock from $7.00 to $4.00 in a research note on Wednesday. Two research analysts have rated the stock with a sell rating, ten have given a hold rating and three have issued a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $6.85.

Editas Medicine Trading Down 24.6 %

EDIT traded down $0.47 during trading on Friday, hitting $1.43. 9,033,671 shares of the company traded hands, compared to its average volume of 2,011,957. The company has a market cap of $117.63 million, a PE ratio of -0.59 and a beta of 1.86. The stock's 50-day simple moving average is $2.80 and its two-hundred day simple moving average is $3.94. 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 data on Monday, November 4th. The company reported ($0.75) earnings per share (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 business had revenue of $0.06 million during the quarter, compared to analyst estimates of $3.93 million. During the same period last year, the company earned ($0.55) EPS. The company's revenue for the quarter was down 98.9% on a year-over-year basis. Equities analysts expect that Editas Medicine will post -2.59 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of EDIT. Signaturefd LLC grew its position 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 during the period. Koss Olinger Consulting LLC purchased a new stake in shares of Editas Medicine during the 2nd quarter valued at $47,000. Ballentine Partners LLC acquired a new stake in shares of Editas Medicine during the 3rd quarter worth $36,000. Arcadia Investment Management Corp MI purchased a new position in shares of Editas Medicine in the 3rd quarter worth $39,000. Finally, Hoylecohen LLC acquired a new stake in Editas Medicine during the second quarter worth about $55,000. 71.90% of the stock is owned by hedge funds and other institutional investors.

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.