Editas Medicine, Inc. (NASDAQ:EDIT) Given Consensus Rating of “Moderate Buy” by Brokerages

Shares of Editas Medicine, Inc. (NASDAQ:EDIT) have received a consensus recommendation of “Moderate Buy” from the seven research firms that are presently covering the company, MarketBeat.com reports. One 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 brokers that have updated their coverage on the stock in the last year is $5.40.

EDIT has been the subject of several recent analyst reports. Chardan Capital boosted their target price on Editas Medicine from $3.50 to $4.00 and gave the stock a “buy” rating in a research note on Tuesday, May 5th. JonesTrading upgraded 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. TD Cowen reiterated a “buy” rating on shares of Editas Medicine in a research note on Monday, March 9th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Editas Medicine in a research note on Monday, April 20th. Finally, Robert W. Baird set a $6.00 price objective on Editas Medicine in a research note on Monday, March 9th.

Editas Medicine Stock Down 4.2%

EDIT stock opened at $2.93 on Friday. The business has a 50 day moving average price of $2.73 and a 200 day moving average price of $2.45. The stock has a market cap of $286.88 million, a price-to-earnings ratio of -2.38 and a beta of 2.14. Editas Medicine has a fifty-two week low of $1.35 and a fifty-two week high of $4.54.

Editas Medicine (NASDAQ:EDIT) last posted its earnings results on Tuesday, May 5th. The company reported ($0.26) earnings per share for the quarter, topping the consensus estimate of ($0.30) by $0.04. The firm 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%. As a group, sell-side analysts anticipate that Editas Medicine will post -1.04 EPS for the current year.

Institutional Investors Weigh In On Editas Medicine

A number of institutional investors and hedge funds have recently added to or reduced their stakes in EDIT. Renaissance Technologies LLC increased its holdings in shares of Editas Medicine by 138.0% in the fourth quarter. Renaissance Technologies LLC now owns 3,039,778 shares of the company’s stock valued at $6,232,000 after purchasing an additional 1,762,378 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in shares of Editas Medicine by 122.2% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 2,600,000 shares of the company’s stock valued at $3,016,000 after purchasing an additional 1,430,000 shares during the period. Jacobs Levy Equity Management Inc. increased its holdings in shares of Editas Medicine by 761.7% in the third quarter. Jacobs Levy Equity Management Inc. now owns 800,023 shares of the company’s stock valued at $2,776,000 after purchasing an additional 707,181 shares during the period. Two Sigma Investments LP increased its holdings in shares of Editas Medicine by 63.3% in the third quarter. Two Sigma Investments LP now owns 1,584,155 shares of the company’s stock valued at $5,497,000 after purchasing an additional 614,229 shares during the period. Finally, GSA Capital Partners LLP acquired a new position in shares of Editas Medicine in the fourth quarter valued at approximately $1,166,000. Hedge funds and other institutional investors own 71.90% of the company’s stock.

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 ?-thalassemia using an ex vivo editing approach.