Editas Medicine (NASDAQ:EDIT) Downgraded by BidaskClub to “Hold”

Editas Medicine (NASDAQ:EDIT) was downgraded by research analysts at BidaskClub from a “buy” rating to a “hold” rating in a report issued on Tuesday, October 2nd.

EDIT has been the subject of several other reports. Zacks Investment Research cut Editas Medicine from a “buy” rating to a “hold” rating in a report on Thursday, August 9th. JPMorgan Chase & Co. set a $36.00 price objective on Editas Medicine and gave the company a “hold” rating in a report on Monday, August 6th. Finally, Raymond James began coverage on Editas Medicine in a report on Friday, September 21st. They issued an “outperform” rating and a $40.00 price objective for the company. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and seven have given a buy rating to the stock. Editas Medicine has a consensus rating of “Hold” and an average target price of $46.50.

EDIT stock opened at $27.86 on Tuesday. Editas Medicine has a twelve month low of $20.29 and a twelve month high of $45.02. The company has a market capitalization of $1.52 billion, a price-to-earnings ratio of -9.36 and a beta of 3.37. The company has a quick ratio of 14.50, a current ratio of 14.50 and a debt-to-equity ratio of 0.14.

Editas Medicine (NASDAQ:EDIT) last released its quarterly earnings data on Monday, August 6th. The company reported ($0.82) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.67) by ($0.15). Editas Medicine had a negative net margin of 623.35% and a negative return on equity of 61.27%. The business had revenue of $7.37 million during the quarter, compared to analyst estimates of $7.01 million. During the same period in the previous year, the business earned ($0.65) earnings per share. The business’s quarterly revenue was up 137.7% on a year-over-year basis. On average, research analysts predict that Editas Medicine will post -3 earnings per share for the current fiscal year.

In other Editas Medicine news, insider Vickesh Myer sold 14,000 shares of the company’s stock in a transaction dated Wednesday, July 18th. The stock was sold at an average price of $35.63, for a total value of $498,820.00. Following the sale, the insider now owns 3,000 shares in the company, valued at approximately $106,890. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Katrine Bosley sold 12,000 shares of the company’s stock in a transaction dated Monday, October 1st. The shares were sold at an average price of $31.02, for a total value of $372,240.00. Following the completion of the sale, the chief executive officer now owns 1,246,732 shares in the company, valued at approximately $38,673,626.64. The disclosure for this sale can be found here. Insiders sold a total of 86,333 shares of company stock worth $2,751,900 in the last quarter. Corporate insiders own 5.20% of the company’s stock.

Large investors have recently made changes to their positions in the company. Asset Dedication LLC lifted its stake in shares of Editas Medicine by 4,400.0% in the 2nd quarter. Asset Dedication LLC now owns 4,500 shares of the company’s stock valued at $161,000 after purchasing an additional 4,400 shares during the period. Element Capital Management LLC acquired a new position in Editas Medicine during the 1st quarter worth approximately $201,000. Reynders McVeigh Capital Management LLC acquired a new position in Editas Medicine during the 2nd quarter worth approximately $202,000. Telos Capital Management Inc. acquired a new position in Editas Medicine during the 2nd quarter worth approximately $203,000. Finally, Cambridge Investment Research Advisors Inc. acquired a new position in Editas Medicine during the 1st quarter worth approximately $207,000. 67.18% of the stock is currently owned by institutional investors.

Editas Medicine Company Profile

Editas Medicine, Inc operates as a genome editing company. It focuses on treating patients with genetically defined diseases by correcting their disease causing genes. The company develops a proprietary genome editing platform based on CRISPR technology to target genetically defined diseases with an initial focus on debilitating illnesses where there are no approved treatments.

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Analyst Recommendations for Editas Medicine (NASDAQ:EDIT)

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