Editas Medicine (NASDAQ:EDIT) Given New $9.00 Price Target at Barclays

Editas Medicine (NASDAQ:EDIT) had its price objective lowered by equities researchers at Barclays from $11.00 to $9.00 in a research note issued on Thursday, Benzinga reports. The brokerage presently has an “equal weight” rating on the stock. Barclays‘s price target points to a potential upside of 64.84% from the company’s current price.

Other research analysts have also recently issued reports about the stock. Citigroup lifted their price target on shares of Editas Medicine from $11.00 to $16.00 and gave the company a “buy” rating in a research report on Thursday, February 29th. Morgan Stanley raised shares of Editas Medicine from an “underweight” rating to an “equal weight” rating and set a $7.00 target price for the company in a report on Thursday. JPMorgan Chase & Co. lifted their target price on shares of Editas Medicine from $8.00 to $9.00 and gave the stock a “neutral” rating in a report on Tuesday, February 27th. Finally, StockNews.com raised shares of Editas Medicine from a “sell” rating to a “hold” rating in a report on Friday, March 1st. Six research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $14.00.

Editas Medicine Price Performance

NASDAQ EDIT traded up $0.42 during trading hours on Thursday, reaching $5.46. 1,098,557 shares of the company’s stock traded hands, compared to its average volume of 1,825,129. Editas Medicine has a 52-week low of $4.91 and a 52-week high of $11.91. The firm has a market cap of $449.00 million, a PE ratio of -2.66 and a beta of 2.09. The firm has a 50-day simple moving average of $7.03 and a 200 day simple moving average of $8.24.

Editas Medicine (NASDAQ:EDIT) last issued its quarterly earnings results on Wednesday, May 8th. The company reported ($0.76) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.63) by ($0.13). Editas Medicine had a negative net margin of 196.12% and a negative return on equity of 42.95%. The business had revenue of $1.10 million for the quarter, compared to analysts’ expectations of $11.14 million. During the same period last year, the business earned ($0.71) earnings per share. The company’s revenue was down 88.9% on a year-over-year basis. Sell-side analysts forecast that Editas Medicine will post -2.61 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, SVP Baisong Mei sold 20,327 shares of the business’s stock in a transaction dated Monday, March 4th. The stock was sold at an average price of $9.42, for a total value of $191,480.34. Following the transaction, the senior vice president now directly owns 141,543 shares in the company, valued at $1,333,335.06. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In related news, CEO Gilmore Neil O’neill sold 77,824 shares of the stock in a transaction dated Tuesday, March 5th. The stock was sold at an average price of $9.42, for a total transaction of $733,102.08. Following the completion of the sale, the chief executive officer now owns 327,470 shares in the company, valued at $3,084,767.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Baisong Mei sold 20,327 shares of the stock in a transaction dated Monday, March 4th. The stock was sold at an average price of $9.42, for a total value of $191,480.34. Following the sale, the senior vice president now owns 141,543 shares of the company’s stock, valued at approximately $1,333,335.06. The disclosure for this sale can be found here. 1.90% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Editas Medicine

Several institutional investors have recently added to or reduced their stakes in the company. SG Americas Securities LLC bought a new stake in shares of Editas Medicine in the 3rd quarter valued at approximately $396,000. Commonwealth Equity Services LLC lifted its stake in shares of Editas Medicine by 10.8% in the 3rd quarter. Commonwealth Equity Services LLC now owns 28,093 shares of the company’s stock valued at $219,000 after purchasing an additional 2,748 shares during the last quarter. Cambridge Investment Research Advisors Inc. lifted its stake in shares of Editas Medicine by 3.4% in the 3rd quarter. Cambridge Investment Research Advisors Inc. now owns 75,445 shares of the company’s stock valued at $588,000 after purchasing an additional 2,453 shares during the last quarter. Raymond James & Associates lifted its stake in shares of Editas Medicine by 5.8% in the 3rd quarter. Raymond James & Associates now owns 274,303 shares of the company’s stock valued at $2,140,000 after purchasing an additional 14,994 shares during the last quarter. Finally, Bank of New York Mellon Corp lifted its stake in shares of Editas Medicine by 14.2% in the 3rd quarter. Bank of New York Mellon Corp now owns 314,234 shares of the company’s stock valued at $2,451,000 after purchasing an additional 39,076 shares during the last quarter. Hedge funds and other 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.