Wells Fargo & Company Issues Positive Forecast for Editas Medicine (NASDAQ:EDIT) Stock Price

Key Points

• Wells Fargo & Company has raised its price target for Editas Medicine from $3.00 to $4.00, indicating a potential upside of 51.92% from its current stock price.
• Multiple analysts have varying ratings on Editas Medicine, with targets ranging from $4.00 to $6.00, reflecting a consensus average target price of $5.10.
• Editas Medicine reported a loss of $0.63 per share in its latest earnings, missing expectations, but generated revenue of $3.58 million, surpassing estimates.

Editas Medicine (NASDAQ:EDIT - Free Report) had its target price lifted by Wells Fargo & Company from $3.00 to $4.00 in a report released on Wednesday,Benzinga reports. They currently have an equal weight rating on the stock.

EDIT has been the subject of a number of other reports. HC Wainwright boosted their price objective on shares of Editas Medicine from $3.00 to $5.00 and gave the stock a "buy" rating in a research note on Friday, August 15th. Robert W. Baird upped their target price on shares of Editas Medicine from $4.00 to $6.00 and gave the company an "outperform" rating in a research note on Wednesday, August 13th. Finally, Wall Street Zen cut shares of Editas Medicine from a "hold" rating to a "sell" rating in a research note on Saturday, August 16th. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, seven have issued a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, Editas Medicine currently has an average rating of "Hold" and a consensus target price of $5.10.

Editas Medicine Trading Up 0.2%

NASDAQ EDIT traded up $0.01 during trading on Wednesday, reaching $2.77. The company's stock had a trading volume of 915,321 shares, compared to its average volume of 2,811,876. The business has a 50-day moving average price of $2.71 and a 200-day moving average price of $1.99. Editas Medicine has a 1-year low of $0.91 and a 1-year high of $4.12. The stock has a market capitalization of $248.63 million, a PE ratio of -0.97 and a beta of 2.16.

Editas Medicine (NASDAQ:EDIT - Get Free Report) last issued its quarterly earnings data on Tuesday, August 12th. The company reported ($0.63) earnings per share for the quarter, missing analysts' consensus estimates of ($0.41) by ($0.22). Editas Medicine had a negative return on equity of 200.25% and a negative net margin of 608.88%.The firm had revenue of $3.58 million during the quarter, compared to analyst estimates of $1.81 million. As a group, analysts expect that Editas Medicine will post -2.71 earnings per share for the current year.

Institutional Investors Weigh In On Editas Medicine

A number of hedge funds have recently added to or reduced their stakes in the stock. Captrust Financial Advisors bought a new position in shares of Editas Medicine in the 2nd quarter valued at about $26,000. Allspring Global Investments Holdings LLC lifted its holdings in Editas Medicine by 45.9% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 35,781 shares of the company's stock valued at $40,000 after purchasing an additional 11,252 shares during the last quarter. Brave Asset Management Inc. raised its stake in Editas Medicine by 250.0% in the first quarter. Brave Asset Management Inc. now owns 35,000 shares of the company's stock valued at $41,000 after purchasing an additional 25,000 shares in the last quarter. SCS Capital Management LLC acquired a new position in Editas Medicine in the first quarter valued at about $41,000. Finally, R Squared Ltd acquired a new position in Editas Medicine during the second quarter worth about $45,000. Institutional investors own 71.90% of the company's stock.

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.