Editas Medicine (NASDAQ:EDIT) Price Target Lowered to $5.00 at Evercore ISI

Editas Medicine (NASDAQ:EDIT - Get Free Report) had its price objective lowered by Evercore ISI from $7.00 to $5.00 in a research note issued on Monday,Benzinga reports. The brokerage presently has an "outperform" rating on the stock. Evercore ISI's price objective suggests a potential upside of 237.84% from the stock's current price.

A number of other equities analysts have also weighed in on EDIT. Wells Fargo & Company lowered Editas Medicine from an "overweight" rating to an "equal weight" rating and decreased their target price for the stock from $7.00 to $4.00 in a research note on Wednesday, December 11th. JPMorgan Chase & Co. cut shares of Editas Medicine from a "neutral" rating to an "underweight" rating in a research report on Monday. Truist Financial lowered shares of Editas Medicine from a "buy" rating to a "hold" rating in a research report on Friday. Chardan Capital restated a "neutral" rating on shares of Editas Medicine in a research report on Friday. Finally, Royal Bank of Canada cut their target price on shares of Editas Medicine from $5.00 to $4.00 and set a "sector perform" rating for the company in a research report on Friday. Three investment analysts have rated the stock with a sell rating, nine have given a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $7.00.

Editas Medicine Stock Performance

EDIT stock traded up $0.04 during midday trading on Monday, reaching $1.48. 4,987,924 shares of the company's stock traded hands, compared to its average volume of 2,031,132. The firm has a market capitalization of $122.17 million, a PE ratio of -0.58 and a beta of 1.86. The company has a 50-day moving average price of $2.76 and a two-hundred day moving average price of $3.89. Editas Medicine has a 52 week low of $1.39 and a 52 week high of $11.58.

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

Hedge Funds Weigh In On Editas Medicine

A number of large investors have recently bought and sold shares of the stock. Signaturefd LLC grew its stake in shares of Editas Medicine by 494.8% in the third quarter. Signaturefd LLC now owns 9,326 shares of the company's stock worth $32,000 after purchasing an additional 7,758 shares during the last quarter. Ballentine Partners LLC bought a new stake in shares of Editas Medicine in the 3rd quarter worth approximately $36,000. Arcadia Investment Management Corp MI purchased a new position in shares of Editas Medicine during the third quarter valued at approximately $39,000. Koss Olinger Consulting LLC purchased a new stake in Editas Medicine in the second quarter worth $47,000. Finally, Y Intercept Hong Kong Ltd bought a new stake in Editas Medicine in the third quarter valued at $47,000. 71.90% of the stock is owned by hedge funds and other institutional investors.

About Editas Medicine

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.