Editas Medicine (NASDAQ:EDIT) Stock Rating Lowered by Wells Fargo & Company

Wells Fargo & Company lowered shares of Editas Medicine (NASDAQ:EDIT - Free Report) from an overweight rating to an equal weight rating in a report issued on Wednesday morning, Marketbeat Ratings reports. The firm currently has $4.00 target price on the stock, down from their prior target price of $7.00.

Several other research analysts have also recently issued reports on EDIT. Raymond James cut Editas Medicine from an "outperform" rating to a "market perform" rating in a research note on Monday, November 4th. 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, November 5th. Bank of America lowered shares of Editas Medicine from a "buy" rating to an "underperform" rating and lowered their price objective for the stock from $13.00 to $1.00 in a research note on Monday, November 25th. Barclays dropped their target price 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, November 5th. Finally, Chardan Capital restated a "buy" rating and issued a $12.00 price target on shares of Editas Medicine in a report on Tuesday, November 5th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $7.67.

Editas Medicine Stock Performance

EDIT stock traded down $0.11 during midday trading on Wednesday, reaching $1.99. The company's stock had a trading volume of 2,789,793 shares, compared to its average volume of 1,976,507. Editas Medicine has a 1 year low of $1.89 and a 1 year high of $11.58. The firm has a market capitalization of $164.27 million, a price-to-earnings ratio of -0.82 and a beta of 1.87. The stock has a fifty day simple moving average of $2.85 and a two-hundred day simple moving average of $3.97.

Editas Medicine (NASDAQ:EDIT - Get Free Report) last posted its quarterly earnings results on Monday, November 4th. The company reported ($0.75) EPS for the quarter, hitting the consensus estimate of ($0.75). The company 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 firm's revenue was down 98.9% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.55) EPS. As a group, analysts forecast that Editas Medicine will post -2.62 EPS for the current fiscal year.

Institutional Investors Weigh In On Editas Medicine

Institutional investors have recently added to or reduced their stakes in the business. Signaturefd LLC raised its stake in Editas Medicine by 494.8% in the 3rd quarter. Signaturefd LLC now owns 9,326 shares of the company's stock worth $32,000 after acquiring an additional 7,758 shares during the last quarter. Koss Olinger Consulting LLC acquired a new position in Editas Medicine in the 2nd quarter worth about $47,000. Ballentine Partners LLC acquired a new stake in Editas Medicine in the third quarter valued at approximately $36,000. Arcadia Investment Management Corp MI purchased a new stake in shares of Editas Medicine in the third quarter valued at approximately $39,000. Finally, Hoylecohen LLC acquired a new position in shares of Editas Medicine during the 2nd quarter worth approximately $55,000. 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.