Editas Medicine (NASDAQ:EDIT) Price Target Raised to $4.00 at Wells Fargo & Company

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 price target upped by Wells Fargo & Company from $3.00 to $4.00 in a report issued on Wednesday,Benzinga reports. Wells Fargo & Company currently has an equal weight rating on the stock.

A number of other research firms also recently commented on EDIT. Robert W. Baird increased their target price on shares of Editas Medicine from $4.00 to $6.00 and gave the company an "outperform" rating in a research report on Wednesday, August 13th. HC Wainwright upped their price objective on shares of Editas Medicine from $3.00 to $5.00 and gave the company a "buy" rating in a research note on Friday, August 15th. Finally, Wall Street Zen downgraded 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 assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $5.10.

Editas Medicine Stock Up 9.5%

Editas Medicine stock traded up $0.24 during midday trading on Wednesday, reaching $2.76. The company's stock had a trading volume of 1,985,020 shares, compared to its average volume of 1,669,512. Editas Medicine has a fifty-two week low of $0.91 and a fifty-two week high of $4.12. The company has a market cap of $248.18 million, a P/E ratio of -0.97 and a beta of 2.16. The business has a 50-day simple moving average of $2.71 and a 200-day simple moving average of $1.99.

Editas Medicine (NASDAQ:EDIT - Get Free Report) last posted its quarterly earnings results 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 net margin of 608.88% and a negative return on equity of 200.25%. The business had revenue of $3.58 million during the quarter, compared to analyst estimates of $1.81 million. As a group, equities analysts forecast that Editas Medicine will post -2.71 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of EDIT. Wealth Enhancement Advisory Services LLC boosted its stake in shares of Editas Medicine by 13.5% in the second quarter. Wealth Enhancement Advisory Services LLC now owns 51,105 shares of the company's stock valued at $112,000 after purchasing an additional 6,088 shares during the period. Allspring Global Investments Holdings LLC lifted its holdings in 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 in the last quarter. Captrust Financial Advisors acquired a new position in Editas Medicine in the 2nd quarter worth $26,000. Vanguard Personalized Indexing Management LLC lifted its holdings in Editas Medicine by 55.5% in the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 41,366 shares of the company's stock worth $91,000 after buying an additional 14,765 shares in the last quarter. Finally, Savant Capital LLC lifted its holdings in Editas Medicine by 143.4% in the 2nd quarter. Savant Capital LLC now owns 31,560 shares of the company's stock worth $69,000 after buying an additional 18,593 shares in the last quarter. 71.90% of the stock is currently owned by institutional investors and hedge funds.

About Editas Medicine

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.