Editas Medicine (NASDAQ:EDIT) Downgraded by Raymond James to "Market Perform"

Editas Medicine (NASDAQ:EDIT - Get Free Report) was downgraded by stock analysts at Raymond James from an "outperform" rating to a "market perform" rating in a research report issued on Monday, Marketbeat reports.

EDIT has been the subject of several other research reports. Bank of America raised shares of Editas Medicine from a "neutral" rating to a "buy" rating and lifted their price target for the company from $13.00 to $15.00 in a research report on Thursday, August 8th. Royal Bank of Canada reissued a "sector perform" rating and issued a $8.00 price target on shares of Editas Medicine in a research report on Thursday, September 19th. Barclays reduced their price target on shares of Editas Medicine from $9.00 to $7.00 and set an "equal weight" rating for the company in a research report on Thursday, August 8th. Evercore ISI reduced their price target on shares of Editas Medicine from $7.00 to $3.00 and set an "in-line" rating for the company in a research report on Wednesday, October 23rd. Finally, Truist Financial cut their price objective on shares of Editas Medicine from $20.00 to $12.00 and set a "buy" rating on the stock in a report on Thursday, August 8th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $9.91.

Editas Medicine Price Performance

Shares of NASDAQ:EDIT traded down $0.03 during mid-day trading on Monday, hitting $2.88. The company had a trading volume of 3,951,402 shares, compared to its average volume of 1,923,188. The firm has a fifty day moving average price of $3.46 and a 200 day moving average price of $4.54. The company has a market capitalization of $237.54 million, a PE ratio of -1.27 and a beta of 2.01. Editas Medicine has a one year low of $2.70 and a one year high of $11.69.

Editas Medicine (NASDAQ:EDIT - Get Free Report) last released its quarterly earnings data on Wednesday, August 7th. The company reported ($0.82) earnings per share for the quarter, missing the consensus estimate of ($0.70) by ($0.12). The company had revenue of $0.51 million during the quarter, compared to the consensus estimate of $4.78 million. Editas Medicine had a negative net margin of 288.59% and a negative return on equity of 62.61%. The business's revenue was down 82.2% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.56) EPS. Research analysts expect that Editas Medicine will post -2.96 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Editas Medicine

Hedge funds have recently made changes to their positions in the business. Mirae Asset Global Investments Co. Ltd. raised its stake in Editas Medicine by 59.0% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 314,774 shares of the company's stock valued at $2,246,000 after acquiring an additional 116,803 shares during the period. Jennison Associates LLC raised its stake in Editas Medicine by 29.1% in the 1st quarter. Jennison Associates LLC now owns 106,520 shares of the company's stock valued at $790,000 after acquiring an additional 24,000 shares during the period. Headlands Technologies LLC raised its stake in Editas Medicine by 481.7% in the 1st quarter. Headlands Technologies LLC now owns 9,493 shares of the company's stock valued at $70,000 after acquiring an additional 7,861 shares during the period. Russell Investments Group Ltd. increased its position 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 valued at $95,000 after buying an additional 7,648 shares during the period. Finally, 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 valued at $63,483,000 after buying an additional 93,740 shares during the period. 71.90% of the stock is currently owned by 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.