Editas Medicine (NASDAQ:EDIT) Raised to Overweight at Wells Fargo & Company

Key Points

• Wells Fargo upgraded Editas Medicine to “overweight” from “equal weight” and raised its price target to $6.00 from $4.00, implying approximately 108.7% upside from the $2.88 share price.
• Analyst sentiment is broadly positive: Editas has a consensus “Moderate Buy” rating and an average price target of $5.83, with six analysts assigning Buy ratings and one assigning Sell.
• Editas reported quarterly revenue of $11.89 million and an adjusted loss of $0.15 per share, beating consensus estimates; institutional investors own approximately 71.9% of the company.

Editas Medicine (NASDAQ:EDIT - Get Free Report) was upgraded by equities research analysts at Wells Fargo & Company from an "equal weight" rating to an "overweight" rating in a research note issued on Thursday, Benzinga reports. The firm presently has a $6.00 price target on the stock, up from their previous price target of $4.00. Wells Fargo & Company's price target would indicate a potential upside of 108.70% from the company's current price.

Several other analysts also recently issued reports on EDIT. Guggenheim raised shares of Editas Medicine from a "neutral" rating to a "buy" rating and set a $5.00 price objective for the company in a report on Wednesday, September 23rd. Weiss Ratings upgraded shares of Editas Medicine from a "sell (e+)" rating to a "sell (d-)" rating in a report on Tuesday, August 11th. Wall Street Zen raised shares of Editas Medicine from a "sell" rating to a "hold" rating in a research report on Saturday, August 8th. Finally, LADENBURG THALM/SH SH began coverage on shares of Editas Medicine in a report on Tuesday, August 18th. They set a "buy" rating and a $6.00 price target for the company. Six investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Editas Medicine currently has a consensus rating of "Moderate Buy" and a consensus price target of $5.83.

Editas Medicine Price Performance

EDIT traded up $0.12 on Thursday, hitting $2.88. The company had a trading volume of 2,229,730 shares, compared to its average volume of 2,210,878. The company's fifty day moving average price is $2.85 and its 200 day moving average price is $2.89. Editas Medicine has a 1-year low of $1.66 and a 1-year high of $4.33. The stock has a market cap of $441.54 million, a price-to-earnings ratio of -3.83 and a beta of 2.00.

Editas Medicine (NASDAQ:EDIT - Get Free Report) last announced its earnings results on Wednesday, August 5th. The company reported ($0.15) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.27) by $0.12. Editas Medicine had a negative return on equity of 196.63% and a negative net margin of 157.32%.The firm had revenue of $11.89 million during the quarter, compared to analysts' expectations of $2.85 million. On average, sell-side analysts forecast that Editas Medicine will post -0.8 EPS for the current year.

Institutional Trading of Editas Medicine

Hedge funds and other institutional investors have recently bought and sold shares of the stock. GSA Capital Partners LLP bought a new stake in shares of Editas Medicine during the second quarter valued at approximately $1,190,000. Opaleye Management Inc. lifted its position in Editas Medicine by 100.4% in the second quarter. Opaleye Management Inc. now owns 3,861,930 shares of the company's stock worth $12,513,000 after purchasing an additional 1,934,933 shares during the period. Seven Fleet Capital Management LP acquired a new stake in Editas Medicine during the second quarter worth $4,311,000. Renaissance Technologies LLC boosted its stake in Editas Medicine by 30.7% during the first quarter. Renaissance Technologies LLC now owns 3,972,160 shares of the company's stock worth $9,811,000 after buying an additional 932,382 shares in the last quarter. Finally, BlackRock Inc. bought a new stake in Editas Medicine in the 2nd quarter valued at $34,312,000. 71.90% of the stock is currently owned by institutional investors and hedge funds.

Editas Medicine Company Profile

Editas Medicine, Inc is a biotechnology company focused on developing genomic medicines that use CRISPR-based gene-editing technologies to treat diseases caused by genetic abnormalities. The company's research programs are designed to modify or correct disease-associated genes in patients' cells, with the goal of developing potentially durable treatments.

Its lead investigational program is reni-cel, formerly known as EDIT-301, an ex vivo CRISPR gene-editing therapy being studied for sickle cell disease and transfusion-dependent beta thalassemia.

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