Editas Medicine (NASDAQ:EDIT) Downgraded to Hold Rating by Stifel Nicolaus

Stifel Nicolaus downgraded shares of Editas Medicine (NASDAQ:EDIT) from a buy rating to a hold rating in a research report report published on Friday morning, MarketBeat reports. Stifel Nicolaus currently has $3.00 price target on the stock, down from their previous price target of $11.00.

A number of other brokerages also recently issued reports on EDIT. Evercore ISI upgraded shares of Editas Medicine from an “in-line” rating to an “outperform” rating in a research note on Wednesday, November 6th. Truist Financial downgraded shares of Editas Medicine from a “buy” rating to a “hold” rating in a research report on Friday. Wells Fargo & Company downgraded Editas Medicine from an “overweight” rating to an “equal weight” rating and reduced their target price for the company from $7.00 to $4.00 in a report on Wednesday. Barclays lowered their price target on Editas Medicine from $7.00 to $5.00 and set an “equal weight” rating for the company in a report on Tuesday, November 5th. Finally, Chardan Capital reaffirmed a “buy” rating and issued a $12.00 price objective on shares of Editas Medicine in a research note on Tuesday, November 5th. Two investment analysts have rated the stock with a sell rating, ten have issued a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $6.85.

Editas Medicine Trading Down 23.8 %

Shares of EDIT opened at $1.44 on Friday. Editas Medicine has a 12 month low of $1.41 and a 12 month high of $11.58. The firm’s 50 day moving average is $2.76 and its 200-day moving average is $3.91. The stock has a market capitalization of $118.87 million, a PE ratio of -0.56 and a beta of 1.86.

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

Hedge Funds Weigh In On Editas Medicine

Several large investors have recently modified their holdings of EDIT. Jacobs Levy Equity Management Inc. increased its holdings in Editas Medicine by 133.2% in the third quarter. Jacobs Levy Equity Management Inc. now owns 529,834 shares of the company’s stock valued at $1,807,000 after purchasing an additional 302,652 shares during the period. Integral Health Asset Management LLC grew its position in shares of Editas Medicine by 50.0% in the 2nd quarter. Integral Health Asset Management LLC now owns 675,000 shares of the company’s stock valued at $3,152,000 after buying an additional 225,000 shares during the last quarter. Millennium Management LLC increased its stake in shares of Editas Medicine by 10.0% in the second quarter. Millennium Management LLC now owns 2,459,629 shares of the company’s stock valued at $11,486,000 after buying an additional 223,012 shares during the period. Raymond James & Associates increased its stake in shares of Editas Medicine by 49.7% in the second quarter. Raymond James & Associates now owns 526,815 shares of the company’s stock valued at $2,460,000 after buying an additional 174,993 shares during the period. Finally, Stifel Financial Corp lifted its stake in shares of Editas Medicine by 37.9% in the third quarter. Stifel Financial Corp now owns 624,876 shares of the company’s stock worth $2,131,000 after acquiring an additional 171,656 shares during the period. Institutional investors own 71.90% of the company’s stock.

Editas Medicine Company Profile

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.