Editas Medicine (EDIT) Downgraded to Sell at ValuEngine

Editas Medicine (NASDAQ:EDIT) was downgraded by investment analysts at ValuEngine from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Friday.

Other research analysts have also issued reports about the stock. Cann restated a “hold” rating on shares of Editas Medicine in a report on Thursday, August 10th. Barclays assumed coverage on shares of Editas Medicine in a report on Wednesday, September 6th. They issued an “overweight” rating and a $28.00 target price on the stock. Cowen restated a “buy” rating on shares of Editas Medicine in a report on Tuesday, November 7th. Zacks Investment Research upgraded shares of Editas Medicine from a “sell” rating to a “hold” rating in a report on Monday, October 16th. Finally, Morgan Stanley restated an “equal weight” rating and issued a $28.00 target price (up from $27.00) on shares of Editas Medicine in a report on Friday, October 6th. One analyst has rated the stock with a sell rating, six have assigned a hold rating, four have given a buy rating and one has issued a strong buy rating to the company. The stock presently has an average rating of “Hold” and an average price target of $26.73.

Shares of Editas Medicine (NASDAQ:EDIT) traded up $1.00 during midday trading on Friday, reaching $29.87. 1,021,339 shares of the company were exchanged, compared to its average volume of 935,663. Editas Medicine has a 12-month low of $13.12 and a 12-month high of $30.40. The company has a debt-to-equity ratio of 0.19, a quick ratio of 10.12 and a current ratio of 10.12.

Editas Medicine (NASDAQ:EDIT) last issued its quarterly earnings data on Tuesday, November 7th. The company reported ($0.64) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.60) by ($0.04). The business had revenue of $6.28 million during the quarter, compared to analyst estimates of $2.66 million. Editas Medicine had a negative net margin of 423.42% and a negative return on equity of 58.82%. Editas Medicine’s revenue was up 553.0% on a year-over-year basis. During the same period in the previous year, the company posted ($0.59) earnings per share. equities research analysts expect that Editas Medicine will post -2.92 earnings per share for the current year.

In other news, insider Katrine Bosley sold 8,333 shares of the stock in a transaction dated Wednesday, November 1st. The shares were sold at an average price of $23.64, for a total transaction of $196,992.12. Following the transaction, the insider now directly owns 1,393,322 shares in the company, valued at approximately $32,938,132.08. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO Andrew A. F. Hack sold 5,000 shares of the stock in a transaction dated Monday, November 20th. The stock was sold at an average price of $25.35, for a total transaction of $126,750.00. Following the transaction, the chief financial officer now owns 5,000 shares in the company, valued at $126,750. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 43,332 shares of company stock worth $993,104. 19.40% of the stock is owned by insiders.

Several hedge funds have recently made changes to their positions in the company. IHT Wealth Management LLC acquired a new stake in Editas Medicine during the 2nd quarter worth approximately $107,000. Royal Bank of Canada increased its position in Editas Medicine by 4.1% during the 2nd quarter. Royal Bank of Canada now owns 9,364 shares of the company’s stock worth $157,000 after purchasing an additional 372 shares in the last quarter. Bank of America Corp DE increased its position in Editas Medicine by 72.2% during the 1st quarter. Bank of America Corp DE now owns 5,936 shares of the company’s stock worth $133,000 after purchasing an additional 2,489 shares in the last quarter. Schwab Charles Investment Management Inc. increased its position in Editas Medicine by 8.4% during the 1st quarter. Schwab Charles Investment Management Inc. now owns 42,150 shares of the company’s stock worth $941,000 after purchasing an additional 3,249 shares in the last quarter. Finally, ProShare Advisors LLC increased its position in Editas Medicine by 18.9% during the 2nd quarter. ProShare Advisors LLC now owns 24,211 shares of the company’s stock worth $406,000 after purchasing an additional 3,857 shares in the last quarter. Institutional investors and hedge funds own 70.16% 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.

To view ValuEngine’s full report, visit ValuEngine’s official website.

Analyst Recommendations for Editas Medicine (NASDAQ:EDIT)

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