Editas Medicine, Inc. (NASDAQ:EDIT) Receives Consensus Rating of “Moderate Buy” from Analysts

Editas Medicine, Inc. (NASDAQ:EDIT) has earned an average rating of “Moderate Buy” from the seven ratings firms that are presently covering the stock, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and five have assigned a buy rating to the company. The average 12-month price target among brokerages that have issued ratings on the stock in the last year is $5.40.

A number of research firms recently commented on EDIT. Wall Street Zen downgraded Editas Medicine from a “hold” rating to a “sell” rating in a research note on Sunday, May 10th. Robert W. Baird set a $6.00 price target on Editas Medicine in a research note on Monday, March 9th. TD Cowen reiterated a “buy” rating on shares of Editas Medicine in a research note on Wednesday, May 27th. JonesTrading upgraded Editas Medicine from a “hold” rating to a “buy” rating and set a $8.00 price target for the company in a research note on Tuesday, March 10th. Finally, Weiss Ratings reiterated a “sell (e+)” rating on shares of Editas Medicine in a research note on Monday, April 20th.

Hedge Funds Weigh In On Editas Medicine

A number of hedge funds have recently bought and sold shares of the company. Arete Wealth Advisors LLC acquired a new position in Editas Medicine in the first quarter worth about $88,000. Renaissance Technologies LLC grew its stake in Editas Medicine by 30.7% in the first quarter. Renaissance Technologies LLC now owns 3,972,160 shares of the company’s stock worth $9,811,000 after purchasing an additional 932,382 shares in the last quarter. Sei Investments Co. grew its stake in Editas Medicine by 19.6% in the first quarter. Sei Investments Co. now owns 88,707 shares of the company’s stock worth $219,000 after purchasing an additional 14,516 shares in the last quarter. State of Wyoming acquired a new position in Editas Medicine in the first quarter valued at approximately $43,000. Finally, Independent Financial Group LLC acquired a new position in Editas Medicine in the first quarter valued at approximately $50,000. 71.90% of the stock is currently owned by institutional investors and hedge funds.

Editas Medicine Stock Performance

Shares of NASDAQ EDIT opened at $3.34 on Tuesday. Editas Medicine has a 1 year low of $1.66 and a 1 year high of $4.54. The firm has a market cap of $327.01 million, a price-to-earnings ratio of -2.72 and a beta of 2.14. The stock’s 50-day simple moving average is $2.90 and its 200-day simple moving average is $2.44.

Editas Medicine (NASDAQ:EDIT) last announced its earnings results on Tuesday, May 5th. The company reported ($0.26) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.30) by $0.04. The business had revenue of $2.83 million for the quarter, compared to analyst estimates of $6.37 million. Editas Medicine had a negative return on equity of 677.39% and a negative net margin of 281.59%. As a group, research analysts predict that Editas Medicine will post -1.03 EPS for the current year.

About Editas Medicine

Editas Medicine is a clinical-stage biotechnology company focused on translating the power of gene editing into a new class of transformative genomic medicines. Founded in 2013 and headquartered in Cambridge, Massachusetts, the company leverages proprietary CRISPR/Cas9 and CRISPR/Cas12a (Cpf1) platforms to develop therapies aimed at correcting disease-causing genetic mutations. Editas Medicine’s research and development efforts span multiple therapeutic areas, including inherited retinal diseases, hemoglobinopathies, and oncology.

The company’s pipeline includes EDIT-101, a lead candidate designed to treat Leber congenital amaurosis type 10 (LCA10), which has entered early-stage clinical trials, and EDIT-301, targeting sickle cell disease and β-thalassemia using an ex vivo editing approach.