Editas Medicine (NASDAQ:EDIT) Stock Price Down 7.5% After Analyst Downgrade

Shares of Editas Medicine, Inc. (NASDAQ:EDITGet Rating) fell 7.5% during mid-day trading on Monday after Robert W. Baird lowered their price target on the stock from $44.00 to $33.00. The stock traded as low as $15.41 and last traded at $15.42. 8,937 shares changed hands during mid-day trading, a decline of 100% from the average session volume of 1,823,620 shares. The stock had previously closed at $16.67.

A number of other equities analysts have also recently commented on EDIT. StockNews.com started coverage on Editas Medicine in a report on Thursday, March 31st. They issued a “sell” rating on the stock. Evercore ISI cut Editas Medicine to a “hold” rating and set a $15.00 price target on the stock. in a report on Friday, February 11th. Chardan Capital reduced their target price on Editas Medicine from $75.00 to $60.00 and set a “buy” rating on the stock in a report on Friday, February 25th. Oppenheimer reduced their target price on Editas Medicine from $80.00 to $55.00 and set an “outperform” rating on the stock in a report on Friday, February 25th. Finally, Barclays dropped their price target on Editas Medicine from $39.00 to $18.00 in a research report on Friday, February 25th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, Editas Medicine presently has an average rating of “Hold” and a consensus price target of $37.36.

A number of large investors have recently made changes to their positions in EDIT. CKW Financial Group bought a new position in Editas Medicine during the 3rd quarter valued at $28,000. CWM LLC bought a new position in shares of Editas Medicine during the 4th quarter valued at about $30,000. Ahrens Investment Partners LLC bought a new position in shares of Editas Medicine during the 4th quarter valued at about $32,000. C M Bidwell & Associates Ltd. bought a new position in shares of Editas Medicine during the 4th quarter valued at about $38,000. Finally, Manchester Capital Management LLC acquired a new position in shares of Editas Medicine in the third quarter worth about $82,000. Hedge funds and other institutional investors own 67.71% of the company’s stock.

The firm’s fifty day simple moving average is $17.33 and its 200 day simple moving average is $25.92. The company has a market capitalization of $1.07 billion, a price-to-earnings ratio of -5.41 and a beta of 1.96.

Editas Medicine (NASDAQ:EDITGet Rating) last posted its quarterly earnings data on Thursday, February 24th. The company reported ($0.61) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.89) by $0.28. Editas Medicine had a negative net margin of 753.61% and a negative return on equity of 32.19%. The business had revenue of $12.50 million during the quarter, compared to the consensus estimate of $4.70 million. During the same period in the prior year, the firm earned ($1.00) EPS. Editas Medicine’s quarterly revenue was up 9.6% compared to the same quarter last year. As a group, equities analysts anticipate that Editas Medicine, Inc. will post -3.2 earnings per share for the current year.

Editas Medicine Company Profile (NASDAQ:EDIT)

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 clinical trial for Leber Congenital Amaurosis 10 that leads to inherited childhood blindness.

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