JPMorgan Chase & Co. Downgrades Editas Medicine (NASDAQ:EDIT) to Underweight

Editas Medicine (NASDAQ:EDIT - Get Free Report) was downgraded by equities researchers at JPMorgan Chase & Co. from a "neutral" rating to an "underweight" rating in a report released on Monday, Marketbeat reports.

Several other research analysts have also recently weighed in on the stock. Royal Bank of Canada lowered their price target on shares of Editas Medicine from $5.00 to $4.00 and set a "sector perform" rating on the stock in a research report on Friday. Barclays reduced their price objective on shares of Editas Medicine from $5.00 to $3.00 and set an "equal weight" rating on the stock in a report on Friday. Bank of America lowered shares of Editas Medicine from a "buy" rating to an "underperform" rating and reduced their price objective for the company from $13.00 to $1.00 in a report on Monday, November 25th. Truist Financial lowered shares of Editas Medicine from a "buy" rating to a "hold" rating in a report on Friday. Finally, Stifel Nicolaus lowered shares of Editas Medicine from a "buy" rating to a "hold" rating and reduced their price objective for the company from $11.00 to $3.00 in a report on Friday. Three analysts have rated the stock with a sell rating, nine have issued a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, Editas Medicine presently has an average rating of "Hold" and an average target price of $7.00.

Editas Medicine Stock Performance

Shares of EDIT stock traded up $0.04 on Monday, hitting $1.48. 4,962,453 shares of the stock traded hands, compared to its average volume of 2,031,027. The firm's 50-day moving average price is $2.76 and its two-hundred day moving average price is $3.89. The stock has a market capitalization of $122.17 million, a PE ratio of -0.58 and a beta of 1.86. Editas Medicine has a twelve month low of $1.39 and a twelve month high of $11.58.

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

Institutional Trading of Editas Medicine

A number of large investors have recently made changes to their positions in the company. Barclays PLC increased its stake in shares of Editas Medicine by 46.9% during the third quarter. Barclays PLC now owns 178,507 shares of the company's stock worth $607,000 after buying an additional 56,986 shares during the period. Public Employees Retirement System of Ohio increased its stake in shares of Editas Medicine by 172.1% during the third quarter. Public Employees Retirement System of Ohio now owns 33,203 shares of the company's stock worth $113,000 after buying an additional 21,000 shares during the period. Y Intercept Hong Kong Ltd purchased a new stake in shares of Editas Medicine during the third quarter worth approximately $47,000. XTX Topco Ltd purchased a new stake in shares of Editas Medicine during the third quarter worth approximately $179,000. Finally, 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 worth $2,131,000 after buying an additional 171,656 shares during the period. 71.90% of the stock is currently 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.