Editas Medicine, Inc. (NASDAQ:EDIT) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Monday.
According to Zacks, “Editas Medicine, Inc. is a genome editing company. It focuses on translating its genome editing technology into a novel class of human therapeutics which enable precise and corrective molecular modification to treat diseases. Editas Medicine, Inc. is based in Cambridge, Massachusetts. “
A number of other research firms also recently commented on EDIT. ValuEngine raised shares of Editas Medicine from a “sell” rating to a “hold” rating in a research note on Saturday, September 30th. Cann initiated coverage on shares of Editas Medicine in a research note on Monday, July 17th. They set a “market perform” rating for the company. J P Morgan Chase & Co set a $27.00 target price on shares of Editas Medicine and gave the stock a “hold” rating in a research report on Wednesday, August 9th. Cowen and Company reissued a “buy” rating on shares of Editas Medicine in a research report on Tuesday, November 7th. Finally, Barclays PLC initiated coverage on shares of Editas Medicine in a research report on Wednesday, September 6th. They set an “overweight” rating and a $28.00 target price for the company. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, four have issued a buy rating and one has issued a strong buy rating to the stock. The company currently has a consensus rating of “Hold” and an average price target of $26.73.
Editas Medicine (NASDAQ EDIT) opened at $23.55 on Monday. Editas Medicine has a one year low of $13.12 and a one year high of $29.20. The company has a debt-to-equity ratio of 0.19, a quick ratio of 10.12 and a current ratio of 10.12.
Editas Medicine (NASDAQ:EDIT) last posted its quarterly earnings data on Tuesday, November 7th. The company reported ($0.64) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.60) by ($0.04). Editas Medicine had a negative net margin of 1,127.03% and a negative return on equity of 70.19%. The company had revenue of $6.28 million for the quarter, compared to analyst estimates of $2.66 million. During the same period in the prior year, the company earned ($0.59) EPS. The company’s revenue was up 553.0% compared to the same quarter last year. sell-side analysts expect that Editas Medicine will post -2.92 earnings per share for the current fiscal year.
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In related news, insider Katrine Bosley sold 8,333 shares of the stock in a transaction that occurred on Wednesday, November 1st. The shares were sold at an average price of $23.64, for a total transaction of $196,992.12. Following the completion of the sale, the insider now owns 1,393,322 shares of the company’s stock, valued at approximately $32,938,132.08. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In the last three months, insiders have sold 43,332 shares of company stock valued at $946,504. Corporate insiders own 19.40% of the company’s stock.
Institutional investors and hedge funds have recently bought and sold shares of the stock. Nisa Investment Advisors LLC acquired a new stake in Editas Medicine during the 2nd quarter worth approximately $1,322,000. First Midwest Bank Trust Division purchased a new position in Editas Medicine in the 3rd quarter worth approximately $1,349,000. Bank of New York Mellon Corp boosted its holdings in Editas Medicine by 53.3% in the 1st quarter. Bank of New York Mellon Corp now owns 63,490 shares of the company’s stock worth $1,418,000 after acquiring an additional 22,061 shares during the period. Greenwoods Asset Management Ltd purchased a new position in Editas Medicine in the 2nd quarter worth approximately $1,191,000. Finally, Hershey Trust Co. purchased a new position in Editas Medicine in the 2nd quarter worth approximately $244,000. 67.17% of the stock is owned by hedge funds and other institutional investors.
About Editas Medicine
Editas Medicine, Inc is a genome editing company. It is engaged in treating patients with genetically defined diseases by correcting their disease-causing genes. It operates through developing and commercializing genome editing technology segment. It is developing a genome editing platform based on clustered, regularly interspaced short palindromic repeats (CRISPR) technology.
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