Editas Medicine (NASDAQ:EDIT) Stock Rating Reaffirmed by Royal Bank of Canada

Royal Bank of Canada restated their sector perform rating on shares of Editas Medicine (NASDAQ:EDIT - Free Report) in a research report sent to investors on Thursday morning, Benzinga reports. The brokerage currently has a $8.00 price objective on the stock.

Several other equities research analysts have also recently issued reports on the stock. Oppenheimer restated a market perform rating and set a $12.00 price objective on shares of Editas Medicine in a research report on Tuesday, June 18th. 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. Evercore ISI lowered their price objective on Editas Medicine from $15.00 to $7.00 and set an in-line rating for the company in a research report on Thursday, May 30th. Barclays reduced their target price on Editas Medicine from $9.00 to $7.00 and set an equal weight rating on the stock in a research report on Thursday, August 8th. Finally, Truist Financial lowered their price target on Editas Medicine from $20.00 to $12.00 and set a buy rating for the company in a report on Thursday, August 8th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and four have issued a buy rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of Hold and a consensus price target of $10.90.

Editas Medicine Stock Up 0.8 %

EDIT traded up $0.03 during trading on Thursday, reaching $3.91. The company's stock had a trading volume of 2,496,467 shares, compared to its average volume of 1,884,056. The company has a market cap of $321.55 million, a price-to-earnings ratio of -1.86 and a beta of 1.99. The firm has a fifty day simple moving average of $4.38 and a two-hundred day simple moving average of $5.50. Editas Medicine has a 1 year low of $3.40 and a 1 year high of $11.69.

Editas Medicine (NASDAQ:EDIT - Get Free Report) last announced its quarterly earnings data on Wednesday, August 7th. The company reported ($0.82) EPS for the quarter, missing analysts' consensus estimates of ($0.70) by ($0.12). Editas Medicine had a negative return on equity of 62.61% and a negative net margin of 288.59%. The company had revenue of $0.51 million for the quarter, compared to analysts' expectations of $4.78 million. During the same quarter in the previous year, the business posted ($0.56) EPS. The business's quarterly revenue was down 82.2% compared to the same quarter last year. As a group, equities analysts forecast that Editas Medicine will post -2.97 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, EVP Linda Burkly sold 11,886 shares of the company's stock in a transaction on Thursday, July 25th. The stock was sold at an average price of $5.42, for a total transaction of $64,422.12. Following the sale, the executive vice president now owns 73,136 shares of the company's stock, valued at $396,397.12. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, EVP Linda Burkly sold 11,886 shares of the business's stock in a transaction dated Thursday, July 25th. The stock was sold at an average price of $5.42, for a total transaction 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 $396,397.12. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Baisong Mei sold 6,619 shares of the firm's stock in a transaction that occurred on Friday, July 19th. The shares were sold at an average price of $5.21, for a total transaction of $34,484.99. Following the completion of the sale, the executive vice president now directly owns 134,413 shares in the company, valued at approximately $700,291.73. The disclosure for this sale can be found here. Insiders have sold a total of 20,578 shares of company stock worth $105,997 in the last ninety days. 1.90% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Editas Medicine

Institutional investors have recently modified their holdings of the company. Russell Investments Group Ltd. lifted its stake in Editas Medicine by 401.9% during the fourth quarter. Russell Investments Group Ltd. now owns 5,190 shares of the company's stock worth $53,000 after purchasing an additional 4,156 shares during the last quarter. Headlands Technologies LLC raised its holdings in Editas Medicine by 481.7% during the first quarter. Headlands Technologies LLC now owns 9,493 shares of the company's stock worth $70,000 after purchasing an additional 7,861 shares in the last quarter. EntryPoint Capital LLC purchased a new stake in shares of Editas Medicine during the 1st quarter worth approximately $72,000. Koss Olinger Consulting LLC acquired a new position in shares of Editas Medicine in the 2nd quarter valued at $47,000. Finally, HB Wealth Management LLC purchased a new position in shares of Editas Medicine in the 1st quarter valued at $76,000. 71.90% of the stock is owned by hedge funds and other 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.