Editas Medicine (EDIT) Downgraded to “Buy” at BidaskClub

BidaskClub lowered shares of Editas Medicine (NASDAQ:EDIT) from a strong-buy rating to a buy rating in a report released on Saturday.

Several other brokerages have also recently weighed in on EDIT. Zacks Investment Research raised Editas Medicine from a hold rating to a buy rating and set a $40.00 price objective on the stock in a research note on Tuesday, May 15th. Chardan Capital reduced their price objective on Editas Medicine from $72.50 to $55.00 and set a buy rating on the stock in a research note on Tuesday, May 15th. Morgan Stanley reissued an equal weight rating and set a $43.00 price objective (up from $28.00) on shares of Editas Medicine in a research note on Wednesday, March 14th. ValuEngine raised Editas Medicine from a hold rating to a buy rating in a research note on Saturday, June 2nd. Finally, JMP Securities boosted their price objective on Editas Medicine from $40.00 to $67.00 and gave the stock an outperform rating in a research note on Wednesday, March 7th. One research analyst has rated the stock with a sell rating, four have given a hold rating and eight have assigned a buy rating to the stock. The company presently has an average rating of Buy and a consensus price target of $46.14.

Shares of Editas Medicine opened at $36.82 on Friday, according to MarketBeat Ratings. The company has a current ratio of 11.71, a quick ratio of 11.71 and a debt-to-equity ratio of 0.13. Editas Medicine has a 1-year low of $15.28 and a 1-year high of $45.02. The company has a market cap of $1.69 billion, a price-to-earnings ratio of -12.36 and a beta of 3.77.

Editas Medicine (NASDAQ:EDIT) last issued its quarterly earnings data on Thursday, May 3rd. The company reported ($0.67) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.82) by $0.15. Editas Medicine had a negative return on equity of 58.73% and a negative net margin of 707.98%. The company had revenue of $3.90 million for the quarter, compared to analysts’ expectations of $4.04 million. During the same period in the previous year, the firm posted ($0.85) earnings per share. The firm’s revenue for the quarter was up 473.5% on a year-over-year basis. analysts predict that Editas Medicine will post -2.96 EPS for the current fiscal year.

In other news, CFO Andrew A. F. Hack sold 10,000 shares of the company’s stock in a transaction that occurred on Monday, June 4th. The stock was sold at an average price of $38.63, for a total transaction of $386,300.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Vickesh Myer sold 14,000 shares of the company’s stock in a transaction that occurred on Tuesday, June 19th. The shares were sold at an average price of $38.26, for a total value of $535,640.00. Following the transaction, the insider now directly owns 4,300 shares in the company, valued at approximately $164,518. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 60,666 shares of company stock worth $2,210,884. Insiders own 5.20% of the company’s stock.

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Glenmede Trust Co. NA bought a new position in shares of Editas Medicine during the fourth quarter valued at approximately $153,000. Element Capital Management LLC bought a new position in shares of Editas Medicine during the first quarter valued at approximately $201,000. Gerber Kawasaki Wealth & Investment Management bought a new position in shares of Editas Medicine during the first quarter valued at approximately $205,000. Cambridge Investment Research Advisors Inc. bought a new position in shares of Editas Medicine during the first quarter valued at approximately $207,000. Finally, Martingale Asset Management L P bought a new position in shares of Editas Medicine during the fourth quarter valued at approximately $219,000. 65.27% of the stock is currently owned by hedge funds and other institutional investors.

About Editas Medicine

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.

Analyst Recommendations for Editas Medicine (NASDAQ:EDIT)

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