Editas Medicine (NASDAQ:EDIT) Price Target Cut to $7.00 by Analysts at Morgan Stanley

Editas Medicine (NASDAQ:EDITGet Rating) had its target price trimmed by Morgan Stanley from $8.00 to $7.00 in a research report report published on Tuesday morning, Benzinga reports. The firm currently has an underweight rating on the stock.

Other equities analysts also recently issued research reports about the company. SVB Leerink increased their price target on Editas Medicine from $6.00 to $7.00 and gave the stock a market perform rating in a research report on Monday. StockNews.com started coverage on Editas Medicine in a research report on Wednesday, October 12th. They set a sell rating on the stock. Credit Suisse Group reiterated a neutral rating and set a $13.00 price target on shares of Editas Medicine in a research report on Tuesday, December 6th. Evercore ISI reduced their target price on Editas Medicine to $8.00 in a report on Monday, November 21st. Finally, Chardan Capital reduced their target price on Editas Medicine from $43.00 to $35.00 and set a buy rating for the company in a report on Thursday, November 17th. Three research analysts have rated the stock with a sell rating, eight have issued a hold rating and four have given a buy rating to the company. According to MarketBeat.com, Editas Medicine has a consensus rating of Hold and a consensus target price of $16.86.

Editas Medicine Stock Up 7.9 %

Shares of EDIT opened at $8.83 on Tuesday. Editas Medicine has a 52 week low of $7.70 and a 52 week high of $21.59. The company has a market capitalization of $607.18 million, a price-to-earnings ratio of -3.00 and a beta of 1.90. The stock’s 50-day moving average price is $9.37 and its 200-day moving average price is $12.66.

Editas Medicine (NASDAQ:EDITGet Rating) last issued its earnings results on Wednesday, November 2nd. The company reported ($0.81) EPS for the quarter, topping analysts’ consensus estimates of ($0.87) by $0.06. The firm had revenue of $0.04 million for the quarter, compared to the consensus estimate 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, equities analysts anticipate that Editas Medicine will post -3.15 EPS for the current fiscal year.

Institutional Investors Weigh In On Editas Medicine

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Bank of New York Mellon Corp raised its holdings in Editas Medicine by 0.4% in the 1st quarter. Bank of New York Mellon Corp now owns 288,878 shares of the company’s stock valued at $5,494,000 after buying an additional 1,060 shares during the period. US Bancorp DE lifted its position in Editas Medicine by 13.6% in the first quarter. US Bancorp DE now owns 12,699 shares of the company’s stock valued at $243,000 after buying an additional 1,520 shares during the last quarter. PNC Financial Services Group Inc. lifted its position in Editas Medicine by 88.2% in the first quarter. PNC Financial Services Group Inc. now owns 41,811 shares of the company’s stock valued at $795,000 after buying an additional 19,594 shares during the last quarter. Bank of Montreal Can acquired a new position in Editas Medicine in the first quarter valued at about $1,011,000. Finally, MetLife Investment Management LLC lifted its position in Editas Medicine by 57.4% in the first quarter. MetLife Investment Management LLC now owns 37,148 shares of the company’s stock valued at $707,000 after buying an additional 13,546 shares during the last quarter. Institutional investors and hedge funds own 69.67% of the company’s stock.

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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