Editas Medicine (NASDAQ:EDIT) Price Target Lowered to $4.00 at Robert W. Baird

Editas Medicine (NASDAQ:EDIT) had its target price reduced by investment analysts at Robert W. Baird from $8.00 to $4.00 in a research note issued to investors on Tuesday,Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Robert W. Baird’s price target points to a potential upside of 159.74% from the stock’s previous close.

A number of other brokerages have also commented on EDIT. HC Wainwright assumed coverage on shares of Editas Medicine in a report on Monday, April 28th. They set a “buy” rating and a $3.00 price target on the stock. Cantor Fitzgerald raised Editas Medicine from a “hold” rating to a “strong-buy” rating in a report on Tuesday, April 29th. Two analysts have rated the stock with a sell rating, eight have issued a hold rating, two have given a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $5.36.

Editas Medicine Trading Up 6.2%

Editas Medicine stock opened at $1.54 on Tuesday. The stock has a 50-day moving average price of $1.36 and a two-hundred day moving average price of $1.68. Editas Medicine has a 12 month low of $0.91 and a 12 month high of $6.69. The company has a market capitalization of $128.91 million, a PE ratio of -0.60 and a beta of 2.15.

Editas Medicine (NASDAQ:EDIT) last posted its earnings results on Monday, May 12th. The company reported ($0.92) EPS for the quarter, missing the consensus estimate of ($0.51) by ($0.41). Editas Medicine had a negative return on equity of 80.13% and a negative net margin of 340.96%. The business had revenue of $4.66 million for the quarter, compared to analyst estimates of $0.79 million. During the same quarter in the prior year, the business earned ($76.00) earnings per share. As a group, analysts predict that Editas Medicine will post -2.71 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Editas Medicine

Institutional investors and hedge funds have recently modified their holdings of the business. Two Sigma Advisers LP increased its stake in shares of Editas Medicine by 46.8% in the 4th quarter. Two Sigma Advisers LP now owns 1,657,000 shares of the company’s stock valued at $2,104,000 after acquiring an additional 528,000 shares in the last quarter. Two Sigma Investments LP grew its holdings in Editas Medicine by 21.4% in the fourth quarter. Two Sigma Investments LP now owns 1,649,072 shares of the company’s stock worth $2,094,000 after purchasing an additional 290,483 shares during the period. Renaissance Technologies LLC bought a new stake in Editas Medicine in the fourth quarter valued at $1,843,000. Balyasny Asset Management L.P. raised its holdings in shares of Editas Medicine by 647.3% during the fourth quarter. Balyasny Asset Management L.P. now owns 1,300,604 shares of the company’s stock valued at $1,652,000 after purchasing an additional 1,126,569 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in shares of Editas Medicine by 30.4% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,170,000 shares of the company’s stock worth $1,486,000 after purchasing an additional 272,467 shares in the last quarter. 71.90% of the stock is currently owned by institutional investors.

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.