Zacks Investment Research Downgrades Editas Medicine (EDIT) to Sell

Editas Medicine (NASDAQ:EDIT) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued to investors on Tuesday, January 9th.

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. “

Several other research analysts have also weighed in on the company. ValuEngine lowered Editas Medicine from a “hold” rating to a “sell” rating in a research report on Friday, December 1st. BidaskClub lowered Editas Medicine from a “buy” rating to a “hold” rating in a report on Thursday, December 7th. Cowen reissued a “buy” rating on shares of Editas Medicine in a report on Tuesday, November 7th. Cann reissued a “hold” rating on shares of Editas Medicine in a report on Tuesday, November 7th. Finally, Morgan Stanley reissued an “equal weight” rating and set a $28.00 price objective (up previously from $27.00) on shares of Editas Medicine in a report on Friday, October 6th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating, five have assigned a buy rating and two have given a strong buy rating to the company’s stock. Editas Medicine has an average rating of “Buy” and a consensus target price of $30.73.

Editas Medicine (NASDAQ EDIT) opened at $34.75 on Tuesday. The company has a debt-to-equity ratio of 0.19, a current ratio of 10.12 and a quick ratio of 10.12. Editas Medicine has a 52-week low of $13.12 and a 52-week high of $41.60. The firm has a market capitalization of $1,530.00 and a PE ratio of -10.73.

Editas Medicine (NASDAQ:EDIT) last issued its earnings results on Tuesday, November 7th. The company reported ($0.64) earnings per share for the quarter, missing the consensus estimate of ($0.60) by ($0.04). Editas Medicine had a negative return on equity of 70.19% and a negative net margin of 1,127.03%. The firm had revenue of $6.28 million during the quarter, compared to analyst estimates of $2.66 million. During the same period in the previous year, the company earned ($0.59) earnings per share. The business’s revenue for the quarter was up 553.0% on a year-over-year basis. sell-side analysts anticipate that Editas Medicine will post -2.92 earnings per share for the current year.

In related news, CFO Andrew A. F. Hack sold 5,000 shares of the stock in a transaction that occurred on Friday, November 17th. The stock was sold at an average price of $24.81, for a total transaction of $124,050.00. Following the completion of the sale, the chief financial officer now owns 5,000 shares in the company, valued at approximately $124,050. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Katrine Bosley sold 20,000 shares of the stock in a transaction that occurred on Tuesday, January 30th. The shares were sold at an average price of $38.79, for a total value of $775,800.00. Following the sale, the insider now owns 1,354,431 shares of the company’s stock, valued at approximately $52,538,378.49. The disclosure for this sale can be found here. In the last three months, insiders have sold 76,315 shares of company stock worth $2,386,021. 19.40% of the stock is currently owned by insiders.

Large investors have recently made changes to their positions in the stock. IHT Wealth Management LLC bought a new stake in Editas Medicine during the 2nd quarter valued at approximately $107,000. Great West Life Assurance Co. Can boosted its stake in Editas Medicine by 519.9% during the 3rd quarter. Great West Life Assurance Co. Can now owns 4,959 shares of the company’s stock valued at $114,000 after purchasing an additional 4,159 shares during the period. Legal & General Group Plc boosted its stake in Editas Medicine by 308.4% during the 2nd quarter. Legal & General Group Plc now owns 8,654 shares of the company’s stock valued at $145,000 after purchasing an additional 6,535 shares during the period. Royal Bank of Canada boosted its stake in Editas Medicine by 4.1% during the 2nd quarter. Royal Bank of Canada now owns 9,364 shares of the company’s stock valued at $157,000 after purchasing an additional 372 shares during the period. Finally, Plancorp LLC bought a new stake in shares of Editas Medicine in the 4th quarter worth approximately $235,000. Hedge funds and other institutional investors own 64.07% of the company’s stock.

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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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