SunTrust Banks, Inc. Initiates Coverage on Editas Medicine, Inc. (EDIT)
Analysts at SunTrust Banks, Inc. initiated coverage on shares of Editas Medicine, Inc. (NASDAQ:EDIT) in a report released on Thursday, MarketBeat Ratings reports. The brokerage set a “hold” rating and a $17.00 price target on the stock. SunTrust Banks, Inc.’s target price suggests a potential downside of 1.73% from the stock’s previous close.
Other equities analysts also recently issued reports about the stock. Cowen and Company reaffirmed a “buy” rating on shares of Editas Medicine in a research note on Wednesday, March 15th. Chardan Capital initiated coverage on shares of Editas Medicine in a research note on Monday, March 27th. They set a “buy” rating for the company. Zacks Investment Research raised shares of Editas Medicine from a “hold” rating to a “buy” rating and set a $19.00 price objective for the company in a research note on Wednesday. Finally, Vetr raised shares of Editas Medicine from a “buy” rating to a “strong-buy” rating and set a $27.14 price objective for the company in a research note on Monday, March 20th. Two research analysts have rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the company. The company presently has an average rating of “Buy” and a consensus price target of $26.03.
Editas Medicine (EDIT) traded down 2.32% on Thursday, hitting $17.30. The stock had a trading volume of 777,033 shares. The stock’s 50-day moving average is $16.62 and its 200-day moving average is $19.13. Editas Medicine has a 52-week low of $12.43 and a 52-week high of $29.20. The company’s market cap is $704.61 million.
Editas Medicine (NASDAQ:EDIT) last issued its quarterly earnings data on Monday, May 15th. The company reported ($0.85) EPS for the quarter, missing the consensus estimate of ($0.62) by $0.23. The firm had revenue of $0.68 million for the quarter, compared to the consensus estimate of $1 million. Editas Medicine had a negative net margin of 1,864.00% and a negative return on equity of 63.29%. The business’s revenue was down 16.0% on a year-over-year basis. During the same period last year, the company posted ($0.80) earnings per share. Analysts expect that Editas Medicine will post ($2.84) earnings per share for the current year.
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In related news, Director Boris Nikolic purchased 35,000 shares of the firm’s stock in a transaction that occurred on Friday, June 2nd. The stock was bought at an average cost of $14.07 per share, with a total value of $492,450.00. Following the completion of the purchase, the director now directly owns 35,000 shares in the company, valued at $492,450. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Gerald Frank Cox purchased 4,000 shares of the firm’s stock in a transaction that occurred on Friday, June 2nd. The stock was bought at an average cost of $14.15 per share, with a total value of $56,600.00. Following the completion of the purchase, the insider now owns 4,000 shares of the company’s stock, valued at $56,600. The disclosure for this purchase can be found here.
A number of institutional investors have recently added to or reduced their stakes in the company. Bank of America Corp DE increased its position in Editas Medicine by 72.2% in the first quarter. Bank of America Corp DE now owns 5,936 shares of the company’s stock worth $133,000 after buying an additional 2,489 shares during the last quarter. Creative Planning increased its position in Editas Medicine by 8,910.9% in the second quarter. Creative Planning now owns 9,101 shares of the company’s stock worth $153,000 after buying an additional 9,000 shares during the last quarter. Barrett Asset Management LLC bought a new position in Editas Medicine during the first quarter worth about $223,000. First American Bank bought a new position in Editas Medicine during the second quarter worth about $251,000. Finally, Dynamic Technology Lab Private Ltd bought a new position in Editas Medicine during the first quarter worth about $269,000. 67.36% of the stock is owned by institutional investors.
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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