Editas Medicine (NASDAQ:EDIT) Upgraded by Zacks Investment Research to Buy

Editas Medicine (NASDAQ:EDIT) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Tuesday, Zacks.com reports. The brokerage currently has a $34.00 price objective on the stock. Zacks Investment Research‘s price target indicates a potential upside of 6.82% from the company’s current price.

According to Zacks, “Editas' lead candidate EDIT-101, which uses CRISPR gene editing to treat LCA10, a genetic illness that causes blindness, is being developed in partnership with Allergan. The disease has a significant unmet need as no therapies are presently approved. A phase I/II dose escalation study on EDIT-101 initiated patient enrolment in July 2019. Editas has some high-profile collaborations with big pharma companies for its CRISPR technology, which provide research support and funds to pursue its pipeline development. It is also developing EDIT-301 for sickle cell disease and beta-thalassemia. However, due to lack of a marketed product, Editas is heavily dependent on its partners for collaboration revenues, which remains a concern. Shares have outperformed the industry in the past year.”

A number of other equities research analysts have also issued reports on the company. Chardan Capital reiterated a “buy” rating and issued a $55.00 price target on shares of Editas Medicine in a research note on Tuesday, December 10th. BidaskClub upgraded Editas Medicine from a “sell” rating to a “hold” rating in a research note on Tuesday, December 10th. Finally, ValuEngine lowered Editas Medicine from a “buy” rating to a “hold” rating in a research note on Saturday, December 21st. Five analysts have rated the stock with a hold rating and five have issued a buy rating to the company. The company currently has an average rating of “Buy” and an average target price of $37.00.

Shares of NASDAQ:EDIT traded down $0.95 during midday trading on Tuesday, hitting $31.83. The company had a trading volume of 363,241 shares, compared to its average volume of 662,321. Editas Medicine has a 12-month low of $19.00 and a 12-month high of $34.37. The company has a debt-to-equity ratio of 0.06, a current ratio of 5.08 and a quick ratio of 5.08. The company has a market cap of $1.67 billion, a price-to-earnings ratio of -13.66 and a beta of 2.63. The company has a fifty day moving average of $30.64 and a two-hundred day moving average of $25.35.

Editas Medicine (NASDAQ:EDIT) last issued its quarterly earnings results on Tuesday, November 12th. The company reported ($0.66) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.73) by $0.07. Editas Medicine had a negative return on equity of 56.53% and a negative net margin of 842.47%. The business had revenue of $3.90 million during the quarter, compared to analyst estimates of $4.72 million. During the same quarter in the prior year, the business posted ($0.32) EPS. Editas Medicine’s revenue for the quarter was down 73.1% compared to the same quarter last year. Research analysts expect that Editas Medicine will post -1.78 earnings per share for the current fiscal year.

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in shares of Editas Medicine by 17.0% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,261 shares of the company’s stock valued at $97,000 after purchasing an additional 618 shares during the last quarter. First Trust Advisors LP bought a new position in shares of Editas Medicine during the 3rd quarter valued at about $681,000. California Public Employees Retirement System boosted its holdings in shares of Editas Medicine by 55.0% during the 3rd quarter. California Public Employees Retirement System now owns 93,300 shares of the company’s stock valued at $2,122,000 after purchasing an additional 33,100 shares during the last quarter. Granahan Investment Management Inc. MA boosted its holdings in shares of Editas Medicine by 8.3% during the 3rd quarter. Granahan Investment Management Inc. MA now owns 55,017 shares of the company’s stock valued at $1,251,000 after purchasing an additional 4,221 shares during the last quarter. Finally, Barclays PLC boosted its holdings in shares of Editas Medicine by 70.9% during the 3rd quarter. Barclays PLC now owns 55,378 shares of the company’s stock valued at $1,259,000 after purchasing an additional 22,979 shares during the last quarter. 86.30% of the stock is owned by institutional investors and hedge funds.

Editas Medicine Company Profile

Editas Medicine, Inc operates as a clinical stage genome editing company. The company focuses on developing transformative genomic medicines to treat a range of serious diseases. It develops a proprietary genome editing platform based on CRISPR technology to target genetically addressable diseases and therapeutic areas.

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