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

Editas Medicine, Inc. (NASDAQ:EDIT) has been assigned a consensus recommendation of “Moderate Buy” from the seven ratings firms that are covering the company, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and five have issued a buy rating on the company. The average 12 month price target among analysts that have issued a report on the stock in the last year is $5.40.

A number of equities analysts have issued reports on EDIT shares. Weiss Ratings restated a “sell (e+)” rating on shares of Editas Medicine in a report on Monday, April 20th. Wall Street Zen cut Editas Medicine from a “hold” rating to a “sell” rating in a research note on Sunday, May 10th. Chardan Capital lifted their price objective on shares of Editas Medicine from $3.50 to $4.00 and gave the stock a “buy” rating in a research note on Tuesday, May 5th. Robert W. Baird set a $6.00 price objective on shares of Editas Medicine in a report on Monday, March 9th. Finally, JonesTrading raised shares of Editas Medicine from a “hold” rating to a “buy” rating and set a $8.00 target price for the company in a research note on Tuesday, March 10th.

Editas Medicine Stock Up 4.0%

EDIT stock opened at $2.85 on Friday. Editas Medicine has a twelve month low of $1.66 and a twelve month high of $4.54. The company has a market cap of $279.04 million, a P/E ratio of -2.32 and a beta of 2.16. The business’s fifty day moving average is $2.90 and its 200-day moving average is $2.47.

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

Insider Activity

In other news, CEO Gilmore Neil O’neill sold 15,380 shares of the business’s stock in a transaction on Wednesday, June 3rd. The shares were sold at an average price of $2.70, for a total value of $41,526.00. Following the completion of the transaction, the chief executive officer owned 248,313 shares of the company’s stock, valued at $670,445.10. The trade was a 5.83% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 16,575 shares of company stock valued at $44,753. 3.10% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in EDIT. Arete Wealth Advisors LLC acquired a new position in Editas Medicine in the first quarter valued at about $88,000. Renaissance Technologies LLC raised its position in shares of Editas Medicine by 30.7% during 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 during the period. Sei Investments Co. lifted its holdings in shares of Editas Medicine by 19.6% during the 1st quarter. Sei Investments Co. now owns 88,707 shares of the company’s stock valued at $219,000 after purchasing an additional 14,516 shares in the last quarter. State of Wyoming acquired a new position in shares of Editas Medicine in the 1st quarter valued at approximately $43,000. Finally, Independent Financial Group LLC acquired a new position in shares of Editas Medicine in the 1st quarter valued at approximately $50,000. 71.90% of the stock is currently owned by institutional investors.

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.