Royal Bank of Canada Lowers Editas Medicine (NASDAQ:EDIT) Price Target to $5.00

Editas Medicine (NASDAQ:EDIT - Free Report) had its price target lowered by Royal Bank of Canada from $8.00 to $5.00 in a research note released on Tuesday, Benzinga reports. The firm currently has a sector perform rating on the stock.

A number of other brokerages have also commented on EDIT. Raymond James lowered shares of Editas Medicine from an "outperform" rating to a "market perform" rating in a report on Monday. Stifel Nicolaus dropped their price target on Editas Medicine from $17.00 to $11.00 and set a "buy" rating on the stock in a research report on Tuesday. Truist Financial reduced their target price on shares of Editas Medicine from $12.00 to $8.00 and set a "buy" rating on the stock in a research report on Tuesday. Barclays cut their price objective on shares of Editas Medicine from $7.00 to $5.00 and set an "equal weight" rating on the stock in a report on Tuesday. Finally, Wells Fargo & Company lowered their target price on shares of Editas Medicine from $9.00 to $7.00 and set an "overweight" rating for the company in a report on Tuesday. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and an average price target of $9.08.

Editas Medicine Trading Up 8.3 %

Shares of NASDAQ EDIT traded up $0.24 during midday trading on Tuesday, hitting $3.12. The company's stock had a trading volume of 2,129,497 shares, compared to its average volume of 1,924,155. The stock has a fifty day moving average price of $3.44 and a 200 day moving average price of $4.52. The firm has a market capitalization of $257.33 million, a price-to-earnings ratio of -1.20 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 issued its quarterly earnings data on Monday, November 4th. The company reported ($0.75) earnings per share (EPS) for the quarter, hitting analysts' consensus estimates 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 62.61% and a negative net margin of 288.59%. The firm's quarterly revenue was down 98.9% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.55) EPS. On average, equities research analysts predict that Editas Medicine will post -2.96 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Editas Medicine

A number of institutional investors and hedge funds have recently modified their holdings of the business. GSA Capital Partners LLP increased its stake in Editas Medicine by 89.0% in the 3rd quarter. GSA Capital Partners LLP now owns 182,725 shares of the company's stock worth $623,000 after buying an additional 86,020 shares during the period. Arcadia Investment Management Corp MI bought a new stake in shares of Editas Medicine in the third quarter valued at about $39,000. China Universal Asset Management Co. Ltd. lifted its position in shares of Editas Medicine by 64.2% in the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 15,863 shares of the company's stock worth $54,000 after purchasing an additional 6,202 shares during the period. Ballentine Partners LLC bought a new position in shares of Editas Medicine during the third quarter valued at approximately $36,000. Finally, Hennion & Walsh Asset Management Inc. increased its holdings in Editas Medicine by 34.7% during the third quarter. Hennion & Walsh Asset Management Inc. now owns 226,756 shares of the company's stock valued at $773,000 after buying an additional 58,385 shares during the period. 71.90% of the stock is owned by 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.