Editas Medicine (NASDAQ:EDIT) Price Target Cut to $8.00 by Analysts at Robert W. Baird

Editas Medicine (NASDAQ:EDIT - Get Free Report) had its price target lowered by analysts at Robert W. Baird from $10.00 to $8.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm currently has an "outperform" rating on the stock. Robert W. Baird's target price points to a potential upside of 455.56% from the company's previous close.

EDIT has been the topic of several other reports. Truist Financial cut shares of Editas Medicine from a "buy" rating to a "hold" rating in a report on Friday. Raymond James lowered Editas Medicine from an "outperform" rating to a "market perform" rating in a report on Monday, November 4th. Barclays dropped their price target on Editas Medicine from $7.00 to $5.00 and set an "equal weight" rating for the company in a research note on Tuesday, November 5th. Stifel Nicolaus lowered shares of Editas Medicine from a "buy" rating to a "hold" rating and decreased their target price for the company from $11.00 to $3.00 in a report on Friday. Finally, Wells Fargo & Company downgraded shares of Editas Medicine from an "overweight" rating to an "equal weight" rating and cut their price target for the stock from $7.00 to $4.00 in a report on Wednesday. Two research analysts have rated the stock with a sell rating, ten have issued a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $6.85.

Editas Medicine Stock Down 23.8 %

Shares of NASDAQ EDIT traded down $0.45 during midday trading on Friday, hitting $1.44. 10,526,657 shares of the company's stock were exchanged, compared to its average volume of 2,018,724. Editas Medicine has a 12 month low of $1.41 and a 12 month high of $11.58. The company's 50 day moving average price is $2.80 and its 200 day moving average price is $3.94. The firm has a market capitalization of $118.87 million, a PE ratio of -0.59 and a beta of 1.86.

Editas Medicine (NASDAQ:EDIT - Get Free Report) last released its quarterly earnings data on Monday, November 4th. The company reported ($0.75) EPS for the quarter, meeting the consensus estimate of ($0.75). The firm had revenue of $0.06 million for the quarter, compared to the consensus estimate 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 quarterly revenue was down 98.9% on a year-over-year basis. During the same period in the previous year, the company earned ($0.55) earnings per share. On average, equities research analysts anticipate that Editas Medicine will post -2.59 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of EDIT. Price T Rowe Associates Inc. MD boosted its position in Editas Medicine by 16.9% during the first quarter. Price T Rowe Associates Inc. MD now owns 49,704 shares of the company's stock valued at $369,000 after acquiring an additional 7,174 shares during the last quarter. Hoylecohen LLC bought a new stake in Editas Medicine in the second quarter worth approximately $55,000. Raymond James & Associates lifted its stake in Editas Medicine by 49.7% in the second quarter. Raymond James & Associates now owns 526,815 shares of the company's stock valued at $2,460,000 after buying an additional 174,993 shares during the period. Hennion & Walsh Asset Management Inc. bought a new position in shares of Editas Medicine during the 2nd quarter worth approximately $786,000. Finally, Aries Wealth Management acquired a new stake in shares of Editas Medicine during the 2nd quarter worth approximately $65,000. Institutional investors and hedge funds own 71.90% of the company's stock.

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.