Zacks Investment Research downgraded shares of Editas Medicine (NASDAQ:EDIT) from a hold rating to a sell rating in a research report released on Tuesday morning.
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 analysts have also issued reports about the company. Cowen reiterated a buy rating on shares of Editas Medicine in a research report on Tuesday, November 7th. BidaskClub lowered Editas Medicine from a buy rating to a hold rating in a research report on Thursday, December 7th. ValuEngine lowered Editas Medicine from a hold rating to a sell rating in a research report on Friday, December 1st. Morgan Stanley restated an equal weight rating and set a $28.00 price target (up from $27.00) on shares of Editas Medicine in a research report on Friday, October 6th. Finally, Cann restated a hold rating on shares of Editas Medicine in a research report on Tuesday, November 7th. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating, five have assigned a buy rating and one has given a strong buy rating to the stock. The company has an average rating of Hold and a consensus price target of $26.73.
Shares of Editas Medicine (NASDAQ:EDIT) traded up $0.42 during trading on Tuesday, hitting $32.77. The stock had a trading volume of 583,337 shares, compared to its average volume of 1,986,050. The company has a debt-to-equity ratio of 0.19, a current ratio of 10.12 and a quick ratio of 10.12. The company has a market cap of $1,450.00 and a price-to-earnings ratio of -10.11. Editas Medicine has a 12-month low of $13.12 and a 12-month high of $36.00.
Editas Medicine (NASDAQ:EDIT) last announced its quarterly earnings data on Tuesday, November 7th. The company reported ($0.64) EPS for the quarter, missing the consensus estimate of ($0.60) by ($0.04). The firm had revenue of $6.28 million for the quarter, compared to the consensus estimate of $2.66 million. Editas Medicine had a negative net margin of 1,127.03% and a negative return on equity of 70.19%. Editas Medicine’s revenue for the quarter was up 553.0% compared to the same quarter last year. During the same quarter last year, the company posted ($0.59) earnings per share. analysts expect that Editas Medicine will post -2.92 EPS for the current year.
In other Editas Medicine news, insider Katrine Bosley sold 14,995 shares of the stock in a transaction that occurred on Wednesday, January 3rd. The stock was sold at an average price of $34.15, for a total value of $512,079.25. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Andrew A. F. Hack sold 5,000 shares of the stock in a transaction that occurred on Friday, November 17th. The stock was sold at an average price of $24.81, for a total value of $124,050.00. Following the completion of the sale, the chief financial officer now owns 5,000 shares of the company’s stock, valued at approximately $124,050. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 61,310 shares of company stock worth $1,689,449. 19.40% of the stock is owned by corporate insiders.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in EDIT. Schwab Charles Investment Management Inc. lifted its holdings in Editas Medicine by 134.0% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 98,646 shares of the company’s stock worth $1,656,000 after buying an additional 56,496 shares during the period. Rhumbline Advisers purchased a new stake in Editas Medicine in the 2nd quarter worth approximately $549,000. State of Wisconsin Investment Board purchased a new stake in Editas Medicine in the 2nd quarter worth approximately $419,000. Bank of New York Mellon Corp lifted its holdings in Editas Medicine by 123.8% in the 2nd quarter. Bank of New York Mellon Corp now owns 142,122 shares of the company’s stock worth $2,385,000 after buying an additional 78,632 shares during the period. Finally, Legal & General Group Plc lifted its holdings in Editas Medicine by 308.4% in the 2nd quarter. Legal & General Group Plc now owns 8,654 shares of the company’s stock worth $145,000 after buying an additional 6,535 shares during the period. Institutional investors and hedge funds own 65.70% of the company’s stock.
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About Editas Medicine
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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