Editas Medicine (NASDAQ:EDIT) Shares Up 4% on Analyst Upgrade

Editas Medicine, Inc. (NASDAQ:EDITGet Rating)’s stock price rose 4% on Tuesday after SVB Leerink raised their price target on the stock from $6.00 to $7.00. SVB Leerink currently has a market perform rating on the stock. Editas Medicine traded as high as $8.51 and last traded at $8.51. Approximately 490,845 shares changed hands during mid-day trading, a decline of 74% from the average daily volume of 1,884,476 shares. The stock had previously closed at $8.18.

Other analysts have also recently issued reports about the company. Oppenheimer cut Editas Medicine from an “outperform” rating to a “market perform” rating and lowered their target price for the stock from $28.00 to $12.00 in a research note on Thursday, November 17th. Chardan Capital lowered their target price on Editas Medicine from $43.00 to $35.00 and set a “buy” rating for the company in a research note on Thursday, November 17th. Evercore ISI decreased their price target on shares of Editas Medicine to $8.00 in a research note on Monday, November 21st. Citigroup initiated coverage on shares of Editas Medicine in a research note on Tuesday, December 13th. They set a “neutral” rating and a $11.00 price target for the company. Finally, Credit Suisse Group reaffirmed a “neutral” rating and set a $13.00 price target on shares of Editas Medicine in a research note on Tuesday, December 6th. Three analysts have rated the stock with a sell rating, eight have given a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $16.86.

Institutional Investors Weigh In On Editas Medicine

Several hedge funds have recently added to or reduced their stakes in EDIT. State Street Corp lifted its holdings in Editas Medicine by 43.8% during the 2nd quarter. State Street Corp now owns 7,879,890 shares of the company’s stock valued at $93,219,000 after purchasing an additional 2,399,852 shares during the last quarter. Woodline Partners LP lifted its holdings in Editas Medicine by 4,346.2% during the 2nd quarter. Woodline Partners LP now owns 1,016,891 shares of the company’s stock valued at $12,030,000 after purchasing an additional 994,020 shares during the last quarter. BlackRock Inc. lifted its holdings in Editas Medicine by 15.5% during the 1st quarter. BlackRock Inc. now owns 6,275,270 shares of the company’s stock valued at $119,355,000 after purchasing an additional 841,894 shares during the last quarter. Renaissance Technologies LLC lifted its holdings in Editas Medicine by 296.1% during the 1st quarter. Renaissance Technologies LLC now owns 903,400 shares of the company’s stock valued at $17,183,000 after purchasing an additional 675,300 shares during the last quarter. Finally, PFM Health Sciences LP lifted its holdings in Editas Medicine by 103.1% during the 3rd quarter. PFM Health Sciences LP now owns 1,279,054 shares of the company’s stock valued at $15,656,000 after purchasing an additional 649,370 shares during the last quarter. Institutional investors and hedge funds own 69.67% of the company’s stock.

Editas Medicine Stock Performance

The firm has a market cap of $607.18 million, a price-to-earnings ratio of -3.00 and a beta of 1.90. The firm has a fifty day simple moving average of $9.37 and a 200-day simple moving average of $12.66.

Editas Medicine (NASDAQ:EDITGet Rating) last posted its earnings results on Wednesday, November 2nd. The company reported ($0.81) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.87) by $0.06. Editas Medicine had a negative return on equity of 41.33% and a negative net margin of 784.32%. The company had revenue of $0.04 million during the quarter, compared to the consensus estimate of $5.86 million. Analysts expect that Editas Medicine, Inc. will post -3.15 earnings per share for the current fiscal year.

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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