Editas Medicine (NASDAQ:EDIT) Given New $9.00 Price Target at Barclays

Editas Medicine (NASDAQ:EDIT) had its price target dropped by analysts at Barclays from $11.00 to $9.00 in a note issued to investors on Thursday, Benzinga reports. The firm presently has an “equal weight” rating on the stock. Barclays‘s price objective points to a potential upside of 64.84% from the company’s current price.

A number of other analysts also recently issued reports on the company. Citigroup lifted their price target on Editas Medicine from $11.00 to $16.00 and gave the company a “buy” rating in a research report on Thursday, February 29th. Morgan Stanley upgraded shares of Editas Medicine from an “underweight” rating to an “equal weight” rating and set a $7.00 target price for the company in a research report on Thursday. StockNews.com upgraded shares of Editas Medicine from a “sell” rating to a “hold” rating in a report on Friday, March 1st. Finally, JPMorgan Chase & Co. upped their price objective on shares of Editas Medicine from $8.00 to $9.00 and gave the stock a “neutral” rating in a report on Tuesday, February 27th. Six equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $14.00.

Editas Medicine Stock Up 8.3 %

EDIT traded up $0.42 during trading on Thursday, reaching $5.46. 1,098,557 shares of the company were exchanged, compared to its average volume of 1,825,129. Editas Medicine has a 12-month low of $4.91 and a 12-month high of $11.91. The company’s 50-day moving average is $7.03 and its two-hundred day moving average is $8.24. The company has a market cap of $449.00 million, a price-to-earnings ratio of -2.66 and a beta of 2.09.

Editas Medicine (NASDAQ:EDIT) last posted its earnings results on Wednesday, May 8th. The company reported ($0.76) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.63) by ($0.13). Editas Medicine had a negative return on equity of 42.95% and a negative net margin of 196.12%. The firm had revenue of $1.10 million during the quarter, compared to analysts’ expectations of $11.14 million. During the same quarter in the prior year, the company earned ($0.71) earnings per share. The business’s revenue for the quarter was down 88.9% compared to the same quarter last year. Equities analysts forecast that Editas Medicine will post -2.61 earnings per share for the current year.

Insider Activity

In other news, CEO Gilmore Neil O’neill sold 77,824 shares of the firm’s stock in a transaction on Tuesday, March 5th. The stock was sold at an average price of $9.42, for a total value of $733,102.08. Following the completion of the sale, the chief executive officer now owns 327,470 shares of the company’s stock, valued at approximately $3,084,767.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CEO Gilmore Neil O’neill sold 77,824 shares of Editas Medicine stock in a transaction dated Tuesday, March 5th. The stock was sold at an average price of $9.42, for a total transaction of $733,102.08. Following the completion of the sale, the chief executive officer now owns 327,470 shares of the company’s stock, valued at $3,084,767.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Baisong Mei sold 20,327 shares of Editas Medicine stock in a transaction dated Monday, March 4th. The shares were sold at an average price of $9.42, for a total value of $191,480.34. Following the transaction, the senior vice president now owns 141,543 shares of the company’s stock, valued at approximately $1,333,335.06. The disclosure for this sale can be found here. Company insiders own 1.90% of the company’s stock.

Institutional Trading of Editas Medicine

A number of institutional investors have recently made changes to their positions in EDIT. Clear Street Markets LLC purchased a new position in Editas Medicine during the third quarter worth about $44,000. Russell Investments Group Ltd. raised its position in Editas Medicine by 401.9% in the fourth quarter. Russell Investments Group Ltd. now owns 5,190 shares of the company’s stock valued at $53,000 after purchasing an additional 4,156 shares during the period. Amalgamated Bank boosted its holdings in Editas Medicine by 18.0% during the 3rd quarter. Amalgamated Bank now owns 8,023 shares of the company’s stock valued at $63,000 after acquiring an additional 1,226 shares during the period. Headlands Technologies LLC increased its stake in Editas Medicine by 481.7% during the 1st quarter. Headlands Technologies LLC now owns 9,493 shares of the company’s stock worth $70,000 after buying an additional 7,861 shares during the period. Finally, HB Wealth Management LLC purchased a new stake in shares of Editas Medicine during the first quarter worth $76,000. 71.90% of the stock is owned by institutional investors and hedge funds.

Editas Medicine Company Profile

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 BRILLIANCE trial for Leber Congenital Amaurosis; and reni-cel, a clinical development gene-edited medicine to treat sickle cell disease and transfusion-dependent beta-thalassemia.