Editas Medicine (NASDAQ:EDIT) Price Target Raised to $7.00

Editas Medicine (NASDAQ:EDITGet Rating) had its target price boosted by SVB Leerink from $6.00 to $7.00 in a research report released on Monday morning, Benzinga reports. SVB Leerink currently has a market perform rating on the stock.

EDIT has been the subject of a number of other research reports. Oppenheimer cut Editas Medicine from an outperform rating to a market perform rating and reduced their price target for the stock from $28.00 to $12.00 in a research report on Thursday, November 17th. Chardan Capital reduced their price target on Editas Medicine from $43.00 to $35.00 and set a buy rating for the company in a research report on Thursday, November 17th. Royal Bank of Canada reduced their price target on Editas Medicine from $32.00 to $14.00 and set a sector perform rating for the company in a research report on Friday, November 18th. Citigroup began coverage on Editas Medicine in a research report on Tuesday, December 13th. They issued a neutral rating and a $11.00 price target for the company. Finally, Wells Fargo & Company reduced their price target on Editas Medicine from $50.00 to $36.00 and set an overweight rating for the company in a research report on Wednesday, January 4th. Three investment analysts have rated the stock with a sell rating, eight have given a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of Hold and a consensus target price of $16.93.

Editas Medicine Trading Up 1.6 %

EDIT opened at $8.18 on Monday. The stock has a market cap of $562.48 million, a price-to-earnings ratio of -2.78 and a beta of 1.90. Editas Medicine has a 1 year low of $7.70 and a 1 year high of $21.59. The stock has a fifty day moving average price of $9.46 and a 200 day moving average price of $12.71.

Editas Medicine (NASDAQ:EDITGet Rating) last released its quarterly earnings data on Wednesday, November 2nd. The company reported ($0.81) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.87) by $0.06. The firm had revenue of $0.04 million during the quarter, compared to analysts’ expectations of $5.86 million. Editas Medicine had a negative return on equity of 41.33% and a negative net margin of 784.32%. As a group, sell-side analysts forecast that Editas Medicine will post -3.15 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Editas Medicine

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Congress Asset Management Co. MA increased its stake in Editas Medicine by 0.8% during the second quarter. Congress Asset Management Co. MA now owns 79,065 shares of the company’s stock valued at $935,000 after acquiring an additional 622 shares during the period. Cambridge Investment Research Advisors Inc. increased its stake in Editas Medicine by 1.2% during the second quarter. Cambridge Investment Research Advisors Inc. now owns 65,312 shares of the company’s stock valued at $773,000 after acquiring an additional 752 shares during the period. Lazard Asset Management LLC increased its stake in Editas Medicine by 10.1% during the third quarter. Lazard Asset Management LLC now owns 9,552 shares of the company’s stock valued at $116,000 after acquiring an additional 873 shares during the period. HCR Wealth Advisors increased its stake in Editas Medicine by 4.8% during the second quarter. HCR Wealth Advisors now owns 22,000 shares of the company’s stock valued at $260,000 after acquiring an additional 1,000 shares during the period. Finally, Bank of New York Mellon Corp increased its stake in Editas Medicine by 0.4% during the first quarter. Bank of New York Mellon Corp now owns 288,878 shares of the company’s stock valued at $5,494,000 after acquiring an additional 1,060 shares during the period. 69.67% of the stock is currently owned by institutional investors.

About Editas Medicine

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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 clinical trial for Leber Congenital Amaurosis 10 that leads to inherited childhood blindness.

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Analyst Recommendations for Editas Medicine (NASDAQ:EDIT)

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