Editas Medicine, Inc. (EDIT) Rating Increased to Buy at Zacks Investment Research
Editas Medicine, Inc. (NASDAQ:EDIT) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Friday. The brokerage presently has a $25.00 price objective on the stock. Zacks Investment Research‘s price objective would indicate a potential upside of 2.54% from the stock’s current price.
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. “
Other equities research analysts also recently issued reports about the company. Oppenheimer Holdings, Inc. reiterated a “market perform” rating on shares of Editas Medicine in a report on Tuesday, July 18th. Cann reissued a “hold” rating on shares of Editas Medicine in a research note on Thursday, August 10th. Barclays PLC began coverage on Editas Medicine in a research note on Wednesday, September 6th. They issued an “overweight” rating and a $28.00 price objective for the company. SunTrust Banks, Inc. began coverage on Editas Medicine in a research note on Thursday, July 13th. They issued a “hold” rating and a $17.00 price objective for the company. Finally, Cowen and Company reissued a “buy” rating on shares of Editas Medicine in a research note on Tuesday, November 7th. One research analyst has rated the stock with a sell rating, five have issued a hold rating, five have given a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $26.73.
Shares of Editas Medicine (EDIT) traded up $1.70 during midday trading on Friday, hitting $24.38. The stock had a trading volume of 761,900 shares, compared to its average volume of 900,832. Editas Medicine has a twelve month low of $13.12 and a twelve month high of $29.20. The company has a debt-to-equity ratio of 0.19, a current ratio of 10.12 and a quick ratio of 6.74.
Editas Medicine (NASDAQ:EDIT) last announced its earnings results on Tuesday, November 7th. The company reported ($0.64) EPS for the quarter, missing the consensus estimate of ($0.60) by ($0.04). Editas Medicine had a negative net margin of 1,127.03% and a negative return on equity of 70.19%. The company had revenue of $6.28 million for the quarter, compared to analysts’ expectations of $2.66 million. During the same period in the prior year, the company earned ($0.59) earnings per share. The company’s revenue for the quarter was up 553.0% on a year-over-year basis. research analysts anticipate that Editas Medicine will post -2.86 earnings per share for the current fiscal year.
In related news, insider Katrine Bosley sold 8,333 shares of the stock in a transaction dated Monday, October 2nd. The stock was sold at an average price of $24.78, for a total value of $206,491.74. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Over the last three months, insiders sold 43,332 shares of company stock valued at $946,504. Company insiders own 19.40% of the company’s stock.
A number of hedge funds have recently modified their holdings of the business. IHT Wealth Management LLC acquired a new position in Editas Medicine in the 2nd quarter worth about $107,000. Royal Bank of Canada increased its position in Editas Medicine by 4.1% in the 2nd quarter. Royal Bank of Canada now owns 9,364 shares of the company’s stock worth $157,000 after purchasing an additional 372 shares during the last quarter. Bank of America Corp DE increased its position in Editas Medicine by 72.2% in the 1st quarter. Bank of America Corp DE now owns 5,936 shares of the company’s stock worth $133,000 after purchasing an additional 2,489 shares during the last quarter. Schwab Charles Investment Management Inc. increased its position in Editas Medicine by 8.4% in the 1st quarter. Schwab Charles Investment Management Inc. now owns 42,150 shares of the company’s stock worth $941,000 after purchasing an additional 3,249 shares during the last quarter. Finally, ProShare Advisors LLC increased its position in Editas Medicine by 18.9% in the 2nd quarter. ProShare Advisors LLC now owns 24,211 shares of the company’s stock worth $406,000 after purchasing an additional 3,857 shares during the last quarter. 70.51% of the stock is currently owned by institutional investors.
Editas Medicine Company Profile
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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