Editas Medicine (NASDAQ:EDIT) Upgraded at BidaskClub

BidaskClub upgraded shares of Editas Medicine (NASDAQ:EDIT) from a hold rating to a buy rating in a research note released on Saturday morning, BidAskClub reports.

A number of other equities analysts also recently issued reports on the company. Morgan Stanley set a $29.00 price target on Editas Medicine and gave the stock a hold rating in a research report on Friday, August 9th. ValuEngine raised Editas Medicine from a hold rating to a buy rating in a research report on Thursday, August 1st. Zacks Investment Research downgraded Editas Medicine from a buy rating to a hold rating in a research report on Friday, May 10th. Oppenheimer reaffirmed a hold rating on shares of Editas Medicine in a research report on Wednesday, May 8th. Finally, Chardan Capital reaffirmed a buy rating and set a $55.00 price target on shares of Editas Medicine in a research report on Thursday, July 25th. Five analysts have rated the stock with a hold rating and eight have given a buy rating to the company. The stock presently has a consensus rating of Buy and an average price target of $36.40.

Shares of EDIT stock opened at $25.78 on Friday. The business’s fifty day simple moving average is $24.87 and its 200-day simple moving average is $23.60. The company has a market cap of $1.26 billion, a PE ratio of -11.06 and a beta of 2.53. The company has a current ratio of 4.45, a quick ratio of 8.46 and a debt-to-equity ratio of 0.07. Editas Medicine has a 12-month low of $17.80 and a 12-month high of $33.80.

Editas Medicine (NASDAQ:EDIT) last issued its quarterly earnings results on Tuesday, August 6th. The company reported ($0.69) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.59) by ($0.10). The business had revenue of $2.33 million for the quarter, compared to analyst estimates of $6.88 million. Editas Medicine had a negative return on equity of 47.46% and a negative net margin of 412.70%. The business’s revenue for the quarter was down 68.4% on a year-over-year basis. During the same period in the previous year, the company posted ($0.82) earnings per share. On average, equities analysts forecast that Editas Medicine will post -2.65 earnings per share for the current year.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in EDIT. Nikko Asset Management Americas Inc. increased its position in shares of Editas Medicine by 319.8% in the 2nd quarter. Nikko Asset Management Americas Inc. now owns 3,111,700 shares of the company’s stock valued at $76,983,000 after acquiring an additional 2,370,395 shares during the period. ARK Investment Management LLC increased its position in shares of Editas Medicine by 50.8% in the 1st quarter. ARK Investment Management LLC now owns 4,559,434 shares of the company’s stock valued at $111,478,000 after acquiring an additional 1,534,945 shares during the period. Sumitomo Mitsui Trust Holdings Inc. increased its position in shares of Editas Medicine by 109.8% in the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,514,927 shares of the company’s stock valued at $37,479,000 after acquiring an additional 792,931 shares during the period. Vanguard Group Inc. increased its position in shares of Editas Medicine by 9.0% in the 2nd quarter. Vanguard Group Inc. now owns 4,290,861 shares of the company’s stock valued at $106,156,000 after acquiring an additional 355,256 shares during the period. Finally, Norges Bank acquired a new position in shares of Editas Medicine in the 4th quarter valued at $7,022,000. 79.67% of the stock is currently owned by hedge funds and other institutional investors.

Editas Medicine Company Profile

Editas Medicine, Inc operates as a clinical stage genome editing company. The company focuses on developing transformative genomic medicines to treat a range of serious diseases. It develops a proprietary genome editing platform based on CRISPR technology to target genetically addressable diseases and therapeutic areas.

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Analyst Recommendations for Editas Medicine (NASDAQ:EDIT)

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