Editas Medicine, Inc. (EDIT) Downgraded by Zacks Investment Research
Editas Medicine, Inc. (NASDAQ:EDIT) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued 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 equities analysts also recently commented on EDIT. Cann started coverage on Editas Medicine in a report on Monday, July 17th. They set a “market perform” rating for the company. Oppenheimer Holdings, Inc. reiterated a “market perform” rating on shares of Editas Medicine in a report on Tuesday, July 18th. J P Morgan Chase & Co set a $27.00 target price on Editas Medicine and gave the company a “hold” rating in a report on Wednesday, August 9th. Barclays PLC started coverage on Editas Medicine in a report on Wednesday, September 6th. They set an “overweight” rating and a $28.00 target price for the company. Finally, ValuEngine upgraded Editas Medicine from a “sell” rating to a “hold” rating in a report on Saturday, September 30th. 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 company’s stock. The stock presently has an average rating of “Hold” and an average price target of $26.73.
Shares of Editas Medicine (NASDAQ:EDIT) traded up $1.70 during mid-day trading on Monday, reaching $24.38. The company’s stock had a trading volume of 761,900 shares, compared to its average volume of 918,725. The company has a quick ratio of 10.12, a current ratio of 10.12 and a debt-to-equity ratio of 0.19. Editas Medicine has a 12-month low of $13.12 and a 12-month high of $29.20.
Editas Medicine (NASDAQ:EDIT) last announced its quarterly earnings data on Tuesday, November 7th. The company reported ($0.64) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.60) by ($0.04). The company had revenue of $6.28 million during the quarter, compared to the consensus estimate of $2.66 million. Editas Medicine had a negative net margin of 1,127.03% and a negative return on equity of 70.19%. The business’s revenue for the quarter was up 553.0% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.59) EPS. equities analysts predict that Editas Medicine will post -2.86 EPS for the current year.
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In other Editas Medicine news, insider Katrine Bosley sold 16,666 shares of the stock in a transaction on Tuesday, September 5th. The stock was sold at an average price of $20.33, for a total value of $338,819.78. Following the completion of the transaction, the insider now owns 1,414,629 shares in the company, valued at $28,759,407.57. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In the last quarter, insiders sold 43,332 shares of company stock valued at $946,504. 19.40% of the stock is owned by corporate insiders.
Institutional investors and hedge funds have recently bought and sold shares of the business. IHT Wealth Management LLC bought a new position in Editas Medicine in the second quarter worth $107,000. Great West Life Assurance Co. Can raised its holdings in Editas Medicine by 519.9% in the third quarter. Great West Life Assurance Co. Can now owns 4,959 shares of the company’s stock worth $114,000 after purchasing an additional 4,159 shares in the last quarter. Bank of America Corp DE raised its holdings in Editas Medicine by 72.2% in the first quarter. Bank of America Corp DE now owns 5,936 shares of the company’s stock worth $133,000 after purchasing an additional 2,489 shares in the last quarter. DekaBank Deutsche Girozentrale bought a new position in Editas Medicine in the second quarter worth $127,000. Finally, Legal & General Group Plc raised its holdings in Editas Medicine by 308.4% in the second quarter. Legal & General Group Plc now owns 8,654 shares of the company’s stock worth $145,000 after purchasing an additional 6,535 shares in the last quarter. Institutional investors and hedge funds own 67.17% of the company’s stock.
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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