Editas Medicine (EDIT) Cut to “Sell” at Zacks Investment Research

Editas Medicine (NASDAQ:EDIT) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report released on Tuesday, January 9th.

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. “

EDIT has been the topic of a number of other research reports. ValuEngine downgraded shares of Editas Medicine from a “hold” rating to a “sell” rating in a report on Wednesday, October 25th. BidaskClub raised shares of Editas Medicine from a “hold” rating to a “buy” rating in a report on Wednesday, December 27th. Cann reissued a “hold” rating on shares of Editas Medicine in a report on Tuesday, November 7th. Morgan Stanley reissued an “equal weight” rating and issued a $28.00 price objective (up previously from $27.00) on shares of Editas Medicine in a report on Friday, October 6th. Finally, Cowen restated a “buy” rating on shares of Editas Medicine in a research note on Tuesday, November 7th. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company’s stock. Editas Medicine presently has an average rating of “Hold” and a consensus target price of $26.73.

Shares of Editas Medicine (NASDAQ:EDIT) traded down $1.98 during trading on Tuesday, hitting $30.02. 1,715,300 shares of the company traded hands, compared to its average volume of 1,510,000. Editas Medicine has a 52 week low of $13.12 and a 52 week high of $36.00. The company has a market cap of $1,320.00 and a price-to-earnings ratio of -9.27. 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 announced its quarterly earnings data on Tuesday, November 7th. The company reported ($0.64) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.60) by ($0.04). Editas Medicine had a negative net margin of 1,127.03% and a negative return on equity of 70.19%. The firm had revenue of $6.28 million for the quarter, compared to analysts’ expectations of $2.66 million. During the same period last year, the company posted ($0.59) earnings per share. The business’s revenue for the quarter was up 553.0% compared to the same quarter last year. equities analysts anticipate that Editas Medicine will post -2.92 EPS for the current fiscal year.

In related news, CFO Andrew A. F. Hack sold 5,000 shares of the business’s stock in a transaction on Friday, November 17th. The shares were sold at an average price of $24.81, for a total value of $124,050.00. Following the sale, the chief financial officer now owns 5,000 shares in the company, valued at $124,050. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Katrine Bosley sold 14,995 shares of the business’s stock in a transaction on Wednesday, January 3rd. The stock was sold at an average price of $34.15, for a total transaction of $512,079.25. The disclosure for this sale can be found here. In the last quarter, insiders have sold 61,310 shares of company stock worth $1,689,449. Company insiders own 19.40% of the company’s stock.

Institutional investors and hedge funds have recently made changes to their positions in the stock. State Street Corp boosted its stake in Editas Medicine by 305.4% during the second quarter. State Street Corp now owns 537,640 shares of the company’s stock worth $9,022,000 after buying an additional 405,022 shares during the period. American Century Companies Inc. purchased a new position in Editas Medicine during the third quarter worth $7,497,000. Ark Investment Management LLC boosted its stake in Editas Medicine by 121.9% during the second quarter. Ark Investment Management LLC now owns 510,187 shares of the company’s stock worth $8,561,000 after buying an additional 280,265 shares during the period. Northern Trust Corp boosted its stake in Editas Medicine by 245.9% during the second quarter. Northern Trust Corp now owns 373,149 shares of the company’s stock worth $6,261,000 after buying an additional 265,273 shares during the period. Finally, Vanguard Group Inc. boosted its stake in Editas Medicine by 12.5% during the second quarter. Vanguard Group Inc. now owns 2,177,146 shares of the company’s stock worth $36,533,000 after buying an additional 241,973 shares during the period. Institutional investors own 64.82% 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.

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