Truist Financial Cuts Editas Medicine (NASDAQ:EDIT) Price Target to $8.00

Editas Medicine (NASDAQ:EDIT) had its target price cut by Truist Financial from $12.00 to $8.00 in a report issued on Tuesday,Benzinga reports. They currently have a buy rating on the stock.

Several other research analysts have also weighed in on EDIT. Barclays lowered their price objective on Editas Medicine from $7.00 to $5.00 and set an “equal weight” rating for the company in a research report on Tuesday. Royal Bank of Canada reiterated a “sector perform” rating and set a $8.00 price target on shares of Editas Medicine in a report on Thursday, September 19th. Wells Fargo & Company reduced their price objective on shares of Editas Medicine from $27.00 to $9.00 and set an “overweight” rating on the stock in a report on Wednesday, October 23rd. Bank of America raised shares of Editas Medicine from a “neutral” rating to a “buy” rating and increased their target price for the stock from $13.00 to $15.00 in a research note on Thursday, August 8th. Finally, Evercore ISI reduced their price target on shares of Editas Medicine from $7.00 to $3.00 and set an “in-line” rating on the stock in a research note on Wednesday, October 23rd. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat.com, Editas Medicine currently has an average rating of “Hold” and an average target price of $9.08.

Editas Medicine Stock Down 3.4 %

Shares of EDIT opened at $3.17 on Tuesday. Editas Medicine has a 52-week low of $2.70 and a 52-week high of $11.69. The stock has a market cap of $261.46 million, a PE ratio of -1.24 and a beta of 2.01. The firm’s fifty day moving average is $3.40 and its two-hundred day moving average is $4.49.

Editas Medicine (NASDAQ:EDIT) last posted its quarterly earnings results on Monday, November 4th. The company reported ($0.75) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.75). The business had revenue of $0.06 million during the quarter, compared to analyst estimates of $3.93 million. Editas Medicine had a negative return on equity of 72.15% and a negative net margin of 340.96%. The business’s revenue was down 98.9% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.55) earnings per share. As a group, research analysts anticipate that Editas Medicine will post -2.96 earnings per share for the current year.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. Drive Wealth Management LLC acquired a new stake in Editas Medicine in the 3rd quarter worth about $65,000. GSA Capital Partners LLP lifted its holdings in shares of Editas Medicine by 89.0% during the 3rd quarter. GSA Capital Partners LLP now owns 182,725 shares of the company’s stock worth $623,000 after acquiring an additional 86,020 shares during the period. Arcadia Investment Management Corp MI acquired a new stake in shares of Editas Medicine in the third quarter worth approximately $39,000. China Universal Asset Management Co. Ltd. grew its holdings in Editas Medicine by 64.2% in the third quarter. China Universal Asset Management Co. Ltd. now owns 15,863 shares of the company’s stock valued at $54,000 after purchasing an additional 6,202 shares during the period. Finally, Ballentine Partners LLC acquired a new position in Editas Medicine during the third quarter worth approximately $36,000. Hedge funds and other institutional investors own 71.90% of the company’s stock.

About Editas Medicine

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.