Editas Medicine, Inc. (NASDAQ:EDIT) Given Average Recommendation of “Hold” by Brokerages

Editas Medicine, Inc. (NASDAQ:EDIT) has been assigned a consensus recommendation of “Hold” from the thirteen analysts that are covering the firm, MarketBeat reports. Two equities research analysts have rated the stock with a sell recommendation, seven have issued a hold recommendation, three have given a buy recommendation and one has given a strong buy recommendation to the company. The average 12 month price target among brokers that have covered the stock in the last year is $5.10.

EDIT has been the topic of several research reports. Wall Street Zen raised Editas Medicine from a “sell” rating to a “hold” rating in a report on Friday. Wells Fargo & Company upped their target price on Editas Medicine from $3.00 to $4.00 and gave the company an “equal weight” rating in a report on Wednesday, September 3rd. Robert W. Baird increased their price target on Editas Medicine from $4.00 to $6.00 and gave the company an “outperform” rating in a research report on Wednesday, August 13th. Finally, HC Wainwright restated a “buy” rating and set a $5.00 price objective on shares of Editas Medicine in a report on Friday, September 5th.

Editas Medicine Trading Up 8.6%

Shares of NASDAQ EDIT opened at $3.52 on Thursday. Editas Medicine has a twelve month low of $0.91 and a twelve month high of $3.80. The firm has a 50-day moving average of $2.78 and a two-hundred day moving average of $2.12. The company has a market capitalization of $316.52 million, a price-to-earnings ratio of -1.24 and a beta of 2.16.

Editas Medicine (NASDAQ:EDIT) last announced its quarterly earnings data on Tuesday, August 12th. The company reported ($0.63) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.41) by ($0.22). The business had revenue of $3.58 million during the quarter, compared to analyst estimates of $1.81 million. Editas Medicine had a negative return on equity of 200.25% and a negative net margin of 608.88%. As a group, research analysts predict that Editas Medicine will post -2.71 earnings per share for the current year.

Institutional Investors Weigh In On Editas Medicine

Several hedge funds have recently made changes to their positions in EDIT. Wealth Enhancement Advisory Services LLC grew its position in Editas Medicine by 13.5% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 51,105 shares of the company’s stock worth $112,000 after purchasing an additional 6,088 shares in the last quarter. Allspring Global Investments Holdings LLC boosted its position in shares of Editas Medicine by 45.9% in the first quarter. Allspring Global Investments Holdings LLC now owns 35,781 shares of the company’s stock worth $40,000 after buying an additional 11,252 shares during the period. Captrust Financial Advisors purchased a new position in shares of Editas Medicine during the second quarter valued at $26,000. Vanguard Personalized Indexing Management LLC raised its position in Editas Medicine by 55.5% during the second quarter. Vanguard Personalized Indexing Management LLC now owns 41,366 shares of the company’s stock valued at $91,000 after buying an additional 14,765 shares during the period. Finally, Savant Capital LLC lifted its stake in Editas Medicine by 143.4% in the 2nd quarter. Savant Capital LLC now owns 31,560 shares of the company’s stock worth $69,000 after acquiring an additional 18,593 shares in the last quarter. Hedge funds and other institutional investors own 71.90% of the company’s stock.

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.