Robert W. Baird Cuts Editas Medicine (NASDAQ:EDIT) Price Target to $8.00

Editas Medicine (NASDAQ:EDIT) had its price target dropped by analysts at Robert W. Baird from $10.00 to $8.00 in a research note issued to investors on Friday,Benzinga reports. The firm currently has an “outperform” rating on the stock. Robert W. Baird’s target price points to a potential upside of 323.28% from the company’s previous close.

Other equities research analysts have also recently issued research reports about the stock. Truist Financial cut shares of Editas Medicine from a “buy” rating to a “hold” rating in a research report on Friday. Evercore ISI upgraded shares of Editas Medicine from an “in-line” rating to an “outperform” rating in a research report on Wednesday, November 6th. Barclays dropped their price target on shares of Editas Medicine from $7.00 to $5.00 and set an “equal weight” rating for the company in a research report on Tuesday, November 5th. Wells Fargo & Company downgraded Editas Medicine from an “overweight” rating to an “equal weight” rating and reduced their price target for the stock from $7.00 to $4.00 in a research report on Wednesday. Finally, Bank of America lowered 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. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating and four have given a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $7.08.

Editas Medicine Price Performance

Shares of Editas Medicine stock opened at $1.89 on Friday. Editas Medicine has a 1 year low of $1.86 and a 1 year high of $11.58. The company has a market capitalization of $156.02 million, a price-to-earnings ratio of -0.74 and a beta of 1.86. The business has a fifty day simple moving average of $2.80 and a two-hundred day simple moving average of $3.94.

Editas Medicine (NASDAQ:EDIT) last released its quarterly earnings results on Monday, November 4th. The company reported ($0.75) earnings per share for the quarter, meeting the consensus estimate of ($0.75). Editas Medicine had a negative net margin of 340.96% and a negative return on equity of 80.13%. The firm had revenue of $0.06 million for the quarter, compared to analysts’ expectations of $3.93 million. During the same period in the prior year, the firm earned ($0.55) EPS. The business’s revenue was down 98.9% on a year-over-year basis. As a group, equities analysts anticipate that Editas Medicine will post -2.59 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. International Assets Investment Management LLC boosted its stake in shares of Editas Medicine by 10.5% in the 2nd quarter. International Assets Investment Management LLC now owns 31,457 shares of the company’s stock valued at $147,000 after purchasing an additional 3,000 shares in the last quarter. The Manufacturers Life Insurance Company lifted its stake in Editas Medicine by 10.1% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 33,599 shares of the company’s stock valued at $157,000 after purchasing an additional 3,089 shares during the last quarter. Rhumbline Advisers boosted its position in Editas Medicine by 2.9% in the second quarter. Rhumbline Advisers now owns 137,986 shares of the company’s stock valued at $644,000 after buying an additional 3,862 shares in the last quarter. Allspring Global Investments Holdings LLC grew its stake in shares of Editas Medicine by 20.0% during the third quarter. Allspring Global Investments Holdings LLC now owns 24,485 shares of the company’s stock worth $83,000 after buying an additional 4,089 shares during the last quarter. Finally, China Universal Asset Management Co. Ltd. increased its holdings in shares of Editas Medicine by 64.2% during the third quarter. China Universal Asset Management Co. Ltd. now owns 15,863 shares of the company’s stock worth $54,000 after buying an additional 6,202 shares in the last quarter. 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.