Editas Medicine (NASDAQ:EDIT) Given "Neutral" Rating at Chardan Capital

Chardan Capital reiterated their neutral rating on shares of Editas Medicine (NASDAQ:EDIT - Free Report) in a research note released on Friday, Marketbeat reports.

Several other equities research analysts have also issued reports on EDIT. Robert W. Baird decreased 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. Bank of America cut Editas Medicine from a "buy" rating to an "underperform" rating and dropped their price target for the company from $13.00 to $1.00 in a research report on Monday, November 25th. Barclays cut 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. Truist Financial cut Editas Medicine from a "buy" rating to a "hold" rating in a research note on Friday. Finally, Raymond James lowered shares of Editas Medicine from an "outperform" rating to a "market perform" rating in a research report on Monday, November 4th. Two research analysts have rated the stock with a sell rating, ten have issued a hold rating and three have issued a buy rating to the company. According to MarketBeat, Editas Medicine currently has an average rating of "Hold" and an average price target of $6.85.

Editas Medicine Price Performance

Shares of NASDAQ EDIT traded down $0.45 during mid-day trading on Friday, reaching $1.44. 10,544,595 shares of the company's stock traded hands, compared to its average volume of 2,018,744. The business has a 50-day simple moving average of $2.80 and a 200 day simple moving average of $3.94. The stock has a market cap of $118.87 million, a P/E ratio of -0.59 and a beta of 1.86. 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 issued its quarterly earnings data on Monday, November 4th. The company reported ($0.75) earnings per share for the quarter, meeting the consensus estimate of ($0.75). The business had revenue of $0.06 million for the quarter, compared to analysts' expectations of $3.93 million. Editas Medicine had a negative return on equity of 80.13% and a negative net margin of 340.96%. The business's revenue was down 98.9% on a year-over-year basis. During the same period last year, the business earned ($0.55) EPS. Equities research analysts anticipate that Editas Medicine will post -2.59 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of EDIT. Millennium Management LLC grew its stake in shares of Editas Medicine by 10.0% in the second 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 last quarter. Integral Health Asset Management LLC grew its position in shares of Editas Medicine by 50.0% in the 2nd quarter. Integral Health Asset Management LLC now owns 675,000 shares of the company's stock worth $3,152,000 after buying an additional 225,000 shares during the last quarter. Stifel Financial Corp increased its stake 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 during the period. Jacobs Levy Equity Management Inc. increased its stake in shares of Editas Medicine by 133.2% during the third quarter. Jacobs Levy Equity Management Inc. now owns 529,834 shares of the company's stock valued at $1,807,000 after buying an additional 302,652 shares during the period. Finally, Raymond James & Associates lifted its stake in Editas Medicine by 49.7% in the second quarter. Raymond James & Associates now owns 526,815 shares of the company's stock worth $2,460,000 after acquiring an additional 174,993 shares during the period. 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.