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.
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