Editas Medicine (NASDAQ:EDIT) Downgraded to "Underperform" Rating by Bank of America

Editas Medicine (NASDAQ:EDIT - Get Free Report) was downgraded by Bank of America from a "buy" rating to an "underperform" rating in a research report issued to clients and investors on Monday, MarketBeat.com reports. They presently have a $1.00 target price on the stock, down from their prior target price of $13.00. Bank of America's price objective suggests a potential downside of 57.98% from the company's previous close.

A number of other equities research analysts have also recently commented on EDIT. Evercore ISI upgraded shares of Editas Medicine from an "in-line" rating to an "outperform" rating in a report on Wednesday, November 6th. Stifel Nicolaus lowered their price objective on shares of Editas Medicine from $17.00 to $11.00 and set a "buy" rating on the stock in a research report on Tuesday, November 5th. Raymond James lowered shares of Editas Medicine from an "outperform" rating to a "market perform" rating in a research note on Monday, November 4th. Royal Bank of Canada cut their price objective on Editas Medicine from $8.00 to $5.00 and set a "sector perform" rating for the company in a report on Tuesday, November 5th. Finally, Truist Financial reduced their price target on shares of Editas Medicine from $12.00 to $8.00 and set a "buy" rating for the company in a research report on Tuesday, November 5th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, Editas Medicine currently has a consensus rating of "Hold" and an average target price of $7.92.

Editas Medicine Price Performance

EDIT stock traded down $0.06 during midday trading on Monday, hitting $2.38. The stock had a trading volume of 2,714,472 shares, compared to its average volume of 1,946,713. The business has a 50-day moving average of $3.20 and a two-hundred day moving average of $4.27. The firm has a market cap of $196.47 million, a price-to-earnings ratio of -0.97 and a beta of 2.01. Editas Medicine has a 52-week low of $2.30 and a 52-week high of $11.69.

Editas Medicine (NASDAQ:EDIT - Get Free Report) last issued its quarterly earnings results on Monday, November 4th. The company reported ($0.75) earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of ($0.75). Editas Medicine had a negative net margin of 340.96% and a negative return on equity of 80.13%. The company had revenue of $0.06 million during the quarter, compared to analysts' expectations of $3.93 million. During the same period last year, the company posted ($0.55) EPS. Editas Medicine's revenue was down 98.9% on a year-over-year basis. Research analysts predict that Editas Medicine will post -2.69 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the stock. Russell Investments Group Ltd. grew its stake in shares of Editas Medicine by 147.4% during the first quarter. Russell Investments Group Ltd. now owns 12,838 shares of the company's stock worth $95,000 after acquiring an additional 7,648 shares during the last quarter. Vanguard Group Inc. increased its position in shares of Editas Medicine by 1.1% during the first 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 in the last quarter. Price T Rowe Associates Inc. MD raised its stake in Editas Medicine by 16.9% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 49,704 shares of the company's stock valued at $369,000 after purchasing an additional 7,174 shares during the last quarter. Bayesian Capital Management LP acquired a new stake in shares of Editas Medicine in the first quarter valued at about $181,000. Finally, Kennedy Capital Management LLC purchased a new stake in Editas Medicine during the 1st quarter valued at about $988,000. Hedge funds and other institutional investors own 71.90% of the company's stock.

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.