Zacks Investment Research downgraded shares of Editas Medicine, Inc. (NASDAQ:EDIT) from a hold rating to a sell rating in a research note issued to investors on Tuesday.
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. “
Several other equities analysts have also recently issued reports on EDIT. SunTrust Banks, Inc. started coverage on Editas Medicine in a report on Thursday, July 13th. They issued a hold rating and a $17.00 price objective for the company. Cann started coverage on Editas Medicine in a report on Monday, July 17th. They issued a market perform rating for the company. Oppenheimer Holdings, Inc. reiterated a market perform rating on shares of Editas Medicine in a report on Tuesday, July 18th. J P Morgan Chase & Co set a $27.00 price objective on Editas Medicine and gave the company a hold rating in a report on Wednesday, August 9th. Finally, Barclays PLC started coverage on Editas Medicine in a report on Wednesday, September 6th. They issued an overweight rating and a $28.00 price objective for the company. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company. Editas Medicine has a consensus rating of Hold and a consensus price target of $25.88.
Editas Medicine (NASDAQ:EDIT) last issued its quarterly earnings results on Wednesday, August 9th. The company reported ($0.65) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.64) by ($0.01). Editas Medicine had a negative return on equity of 67.75% and a negative net margin of 2,091.36%. The firm had revenue of $3.10 million for the quarter, compared to analyst estimates of $2.20 million. During the same period in the prior year, the firm posted ($0.54) EPS. The business’s revenue was down 8.8% compared to the same quarter last year.
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In related news, CEO Katrine Bosley sold 10,000 shares of Editas Medicine stock in a transaction dated Friday, September 1st. The stock was sold at an average price of $20.42, for a total value of $204,200.00. Following the completion of the transaction, the chief executive officer now owns 1,414,629 shares in the company, valued at approximately $28,886,724.18. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In the last three months, insiders sold 51,665 shares of company stock valued at $1,083,165. Insiders own 19.40% of the company’s stock.
Several institutional investors have recently made changes to their positions in the stock. Dynamic Technology Lab Private Ltd increased its stake in shares of Editas Medicine by 103.9% in the 2nd quarter. Dynamic Technology Lab Private Ltd now owns 24,593 shares of the company’s stock valued at $413,000 after purchasing an additional 12,534 shares in the last quarter. California State Teachers Retirement System increased its stake in shares of Editas Medicine by 289.0% in the 2nd quarter. California State Teachers Retirement System now owns 59,900 shares of the company’s stock valued at $1,005,000 after purchasing an additional 44,500 shares in the last quarter. IHT Wealth Management LLC purchased a new position in shares of Editas Medicine in the 2nd quarter valued at about $107,000. The Manufacturers Life Insurance Company increased its stake in shares of Editas Medicine by 311.5% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 26,837 shares of the company’s stock valued at $450,000 after purchasing an additional 20,316 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership purchased a new position in shares of Editas Medicine in the 2nd quarter valued at about $285,000. Hedge funds and other institutional investors own 69.37% of the company’s stock.
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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