Editas Medicine (NASDAQ:EDIT) Downgraded by Wall Street Zen to Sell

Wall Street Zen downgraded shares of Editas Medicine (NASDAQ:EDIT) from a hold rating to a sell rating in a research note released on Sunday morning.

A number of other research firms also recently commented on EDIT. TD Cowen reiterated a “buy” rating on shares of Editas Medicine in a research note on Monday, March 9th. JonesTrading upgraded Editas Medicine from a “hold” rating to a “buy” rating and set a $8.00 price objective on the stock in a research note on Tuesday, March 10th. Chardan Capital lifted their target price on Editas Medicine from $3.50 to $4.00 and gave the stock a “buy” rating in a research report on Tuesday, May 5th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Editas Medicine in a report on Monday, April 20th. Finally, Robert W. Baird set a $6.00 price target on Editas Medicine in a research report on Monday, March 9th. Five research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Editas Medicine presently has an average rating of “Moderate Buy” and an average price target of $5.40.

Editas Medicine Price Performance

EDIT opened at $3.11 on Friday. The stock has a market capitalization of $304.50 million, a PE ratio of -2.53 and a beta of 2.14. The firm’s fifty day moving average price is $2.68 and its 200 day moving average price is $2.47. Editas Medicine has a 12-month low of $1.35 and a 12-month high of $4.54.

Editas Medicine (NASDAQ:EDIT) last announced its quarterly earnings data on Tuesday, May 5th. The company reported ($0.26) earnings per share for the quarter, topping the consensus estimate of ($0.30) by $0.04. The company had revenue of $2.83 million during the quarter, compared to analyst estimates of $6.37 million. Editas Medicine had a negative net margin of 281.59% and a negative return on equity of 677.39%. On average, equities research analysts forecast that Editas Medicine will post -1.04 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Editas Medicine

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Victory Capital Management Inc. acquired a new stake in shares of Editas Medicine during the 3rd quarter worth approximately $36,000. Captrust Financial Advisors acquired a new position in Editas Medicine during the 2nd quarter valued at approximately $26,000. Sei Investments Co. acquired a new position in Editas Medicine during the 3rd quarter valued at approximately $46,000. Abel Hall LLC bought a new position in Editas Medicine during the 1st quarter worth $36,000. Finally, Baader Bank Aktiengesellschaft acquired a new stake in Editas Medicine in the third quarter worth $50,000. 71.90% of the stock is currently owned by institutional investors and hedge funds.

Editas Medicine Company Profile

Editas Medicine is a clinical-stage biotechnology company focused on translating the power of gene editing into a new class of transformative genomic medicines. Founded in 2013 and headquartered in Cambridge, Massachusetts, the company leverages proprietary CRISPR/Cas9 and CRISPR/Cas12a (Cpf1) platforms to develop therapies aimed at correcting disease-causing genetic mutations. Editas Medicine’s research and development efforts span multiple therapeutic areas, including inherited retinal diseases, hemoglobinopathies, and oncology.

The company’s pipeline includes EDIT-101, a lead candidate designed to treat Leber congenital amaurosis type 10 (LCA10), which has entered early-stage clinical trials, and EDIT-301, targeting sickle cell disease and β-thalassemia using an ex vivo editing approach.