Editas Medicine (NASDAQ:EDIT) Upgraded to Buy at Zacks Investment Research

Zacks Investment Research upgraded shares of Editas Medicine (NASDAQ:EDIT) from a hold rating to a buy rating in a report released on Tuesday morning, Zacks.com reports. They currently have $34.00 price objective on the stock.

According to Zacks, “Editas' lead candidate EDIT-101, which uses CRISPR gene editing to treat LCA10, a genetic illness that causes blindness, is being developed in partnership with Allergan. The disease has a significant unmet need as no therapies are presently approved. A phase I/II dose escalation study on EDIT-101 initiated patient enrolment in July 2019. Editas has some high-profile collaborations with big pharma companies for its CRISPR technology, which provide research support and funds to pursue its pipeline development. It is also developing EDIT-301 for sickle cell disease and beta-thalassemia. However, due to lack of a marketed product, Editas is heavily dependent on its partners for collaboration revenues, which remains a concern. Shares have outperformed the industry in the past year.”

Other equities analysts also recently issued reports about the company. BidaskClub upgraded Editas Medicine from a sell rating to a hold rating in a research report on Tuesday, December 10th. Chardan Capital reiterated a buy rating and set a $55.00 price objective on shares of Editas Medicine in a research report on Tuesday, December 10th. Finally, ValuEngine downgraded Editas Medicine from a buy rating to a hold rating in a research report on Saturday, December 21st. Five analysts have rated the stock with a hold rating and five have given a buy rating to the stock. The stock presently has a consensus rating of Buy and an average price target of $37.00.

Shares of NASDAQ EDIT opened at $32.51 on Tuesday. The company has a current ratio of 5.08, a quick ratio of 5.08 and a debt-to-equity ratio of 0.06. The stock has a 50 day simple moving average of $30.54 and a 200-day simple moving average of $25.30. The company has a market cap of $1.57 billion, a PE ratio of -13.95 and a beta of 2.63. Editas Medicine has a 12-month low of $19.00 and a 12-month high of $33.01.

Editas Medicine (NASDAQ:EDIT) last issued its quarterly earnings data on Tuesday, November 12th. The company reported ($0.66) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.73) by $0.07. The business had revenue of $3.90 million during the quarter, compared to the consensus estimate of $4.72 million. Editas Medicine had a negative return on equity of 56.53% and a negative net margin of 842.47%. The business’s revenue was down 73.1% on a year-over-year basis. During the same period in the previous year, the firm posted ($0.32) earnings per share. Sell-side analysts forecast that Editas Medicine will post -1.78 earnings per share for the current fiscal year.

Hedge funds and other institutional investors have recently modified their holdings of the company. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of Editas Medicine by 17.0% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,261 shares of the company’s stock worth $97,000 after buying an additional 618 shares during the period. First Trust Advisors LP bought a new stake in Editas Medicine during the third quarter worth approximately $681,000. California Public Employees Retirement System raised its holdings in Editas Medicine by 55.0% during the third quarter. California Public Employees Retirement System now owns 93,300 shares of the company’s stock worth $2,122,000 after purchasing an additional 33,100 shares in the last quarter. Granahan Investment Management Inc. MA raised its holdings in Editas Medicine by 8.3% during the third quarter. Granahan Investment Management Inc. MA now owns 55,017 shares of the company’s stock worth $1,251,000 after purchasing an additional 4,221 shares in the last quarter. Finally, Barclays PLC raised its holdings in Editas Medicine by 70.9% during the third quarter. Barclays PLC now owns 55,378 shares of the company’s stock worth $1,259,000 after purchasing an additional 22,979 shares in the last quarter. Institutional investors and hedge funds own 86.30% of the company’s stock.

Editas Medicine Company Profile

Editas Medicine, Inc operates as a clinical stage genome editing company. The company focuses on developing transformative genomic medicines to treat a range of serious diseases. It develops a proprietary genome editing platform based on CRISPR technology to target genetically addressable diseases and therapeutic areas.

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