Editas Medicine (NASDAQ:EDIT) Price Target Cut to $4.00 by Analysts at Robert W. Baird

Editas Medicine (NASDAQ:EDIT - Get Free Report) had its price target dropped by stock analysts at Robert W. Baird from $8.00 to $4.00 in a research report issued on Tuesday,Benzinga reports. The firm currently has an "outperform" rating on the stock. Robert W. Baird's target price would indicate a potential upside of 164.90% from the stock's previous close.

Other research analysts also recently issued reports about the stock. Cantor Fitzgerald upgraded shares of Editas Medicine from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, April 29th. HC Wainwright assumed coverage on shares of Editas Medicine in a research note on Monday, April 28th. They set a "buy" rating and a $3.00 price objective on the stock. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating, two have assigned a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $5.36.

Editas Medicine Price Performance

EDIT traded up $0.12 during trading hours on Tuesday, reaching $1.51. 1,603,717 shares of the stock traded hands, compared to its average volume of 2,574,681. The firm's fifty day simple moving average is $1.35 and its two-hundred day simple moving average is $1.66. The company has a market cap of $126.40 million, a price-to-earnings ratio of -0.59 and a beta of 2.15. Editas Medicine has a fifty-two week low of $0.91 and a fifty-two week high of $6.22.

Editas Medicine (NASDAQ:EDIT - Get Free Report) last released its quarterly earnings results on Monday, May 12th. The company reported ($0.43) earnings per share for the quarter, beating analysts' consensus estimates of ($0.51) by $0.08. Editas Medicine had a negative net margin of 340.96% and a negative return on equity of 80.13%. The business had revenue of $4.66 million during the quarter, compared to analyst estimates of $0.79 million. During the same period last year, the business earned ($76.00) EPS. On average, research analysts predict that Editas Medicine will post -2.71 earnings per share for the current year.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the business. Invesco Ltd. lifted its position in shares of Editas Medicine by 9.2% in the 4th quarter. Invesco Ltd. now owns 100,164 shares of the company's stock worth $127,000 after buying an additional 8,448 shares during the last quarter. Allspring Global Investments Holdings LLC lifted its position in shares of Editas Medicine by 45.9% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 35,781 shares of the company's stock worth $40,000 after buying an additional 11,252 shares during the last quarter. Intech Investment Management LLC lifted its position in shares of Editas Medicine by 43.1% in the 4th quarter. Intech Investment Management LLC now owns 40,942 shares of the company's stock worth $52,000 after buying an additional 12,336 shares during the last quarter. Dark Forest Capital Management LP lifted its position in shares of Editas Medicine by 66.9% in the 4th quarter. Dark Forest Capital Management LP now owns 32,787 shares of the company's stock worth $42,000 after buying an additional 13,138 shares during the last quarter. Finally, JPMorgan Chase & Co. lifted its position in shares of Editas Medicine by 2.1% in the 4th quarter. JPMorgan Chase & Co. now owns 787,599 shares of the company's stock worth $1,000,000 after buying an additional 16,419 shares during the last quarter. 71.90% of the stock is currently owned by institutional investors.

Editas Medicine Company Profile

Editas Medicine, Inc, a clinical stage genome editing company, focuses on developing transformative genomic medicines to treat a range of serious diseases. It develops a proprietary gene editing platform based on CRISPR technology. The company develops EDIT-101, which is in Phase 1/2 BRILLIANCE trial for Leber Congenital Amaurosis; and reni-cel, a clinical development gene-edited medicine to treat sickle cell disease and transfusion-dependent beta-thalassemia.