Evercore ISI Cuts Editas Medicine (NASDAQ:EDIT) Price Target to $3.00

Editas Medicine (NASDAQ:EDIT - Free Report) had its target price lowered by Evercore ISI from $7.00 to $3.00 in a report released on Wednesday, Benzinga reports. The firm currently has an in-line rating on the stock.

EDIT has been the topic of a number of other reports. Chardan Capital reduced their target price on shares of Editas Medicine from $20.00 to $12.00 and set a "buy" rating on the stock in a report on Tuesday. Barclays decreased their target price on 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. Truist Financial lowered their price target on shares of Editas Medicine from $20.00 to $12.00 and set a "buy" rating for the company in a report on Thursday, August 8th. Bank of America upgraded Editas Medicine from a "neutral" rating to a "buy" rating and lifted their price objective for the stock from $13.00 to $15.00 in a report on Thursday, August 8th. Finally, Royal Bank of Canada reaffirmed a "sector perform" rating and issued a $8.00 target price on shares of Editas Medicine in a research report on Thursday, September 19th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and five have issued a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price of $9.91.

Editas Medicine Trading Down 2.4 %

Shares of NASDAQ:EDIT traded down $0.08 on Wednesday, reaching $3.21. 2,380,890 shares of the company were exchanged, compared to its average volume of 1,920,665. The company has a 50-day moving average of $3.58 and a 200-day moving average of $4.71. The firm has a market cap of $263.98 million, a price-to-earnings ratio of -1.53 and a beta of 1.99. Editas Medicine has a 1-year low of $2.91 and a 1-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) EPS for the quarter, missing the consensus estimate of ($0.70) by ($0.12). The business had revenue of $0.51 million during the quarter, compared to analysts' expectations of $4.78 million. Editas Medicine had a negative return on equity of 62.61% and a negative net margin of 288.59%. Editas Medicine's quarterly revenue was down 82.2% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.56) earnings per share. As a group, analysts forecast that Editas Medicine will post -2.98 earnings per share for the current year.

Insider Buying and Selling

In other news, EVP Linda Burkly sold 11,886 shares of Editas Medicine stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $5.42, for a total value of $64,422.12. Following the completion of the transaction, the executive vice president now directly owns 73,136 shares of the company's stock, valued at approximately $396,397.12. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders have sold 13,959 shares of company stock worth $71,512 over the last ninety days. 1.90% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the stock. International Assets Investment Management LLC boosted its holdings in shares of Editas Medicine by 10.5% during the second quarter. International Assets Investment Management LLC now owns 31,457 shares of the company's stock valued at $147,000 after acquiring an additional 3,000 shares during the period. The Manufacturers Life Insurance Company increased its holdings in shares of Editas Medicine by 10.1% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 33,599 shares of the company's stock worth $157,000 after acquiring an additional 3,089 shares during the period. Rhumbline Advisers increased its holdings in shares of Editas Medicine by 2.9% in the 2nd quarter. Rhumbline Advisers now owns 137,986 shares of the company's stock worth $644,000 after acquiring an additional 3,862 shares during the period. Allspring Global Investments Holdings LLC increased its holdings in shares of Editas Medicine by 20.0% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 24,485 shares of the company's stock worth $83,000 after acquiring an additional 4,089 shares during the period. Finally, Price T Rowe Associates Inc. MD increased its holdings in shares of 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 worth $369,000 after acquiring an additional 7,174 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.