Editas Medicine, Inc. (NASDAQ:EDIT) Receives $5.40 Average PT from Analysts

Shares of Editas Medicine, Inc. (NASDAQ:EDIT) have been assigned a consensus recommendation of “Moderate Buy” from the seven ratings firms that are currently covering the stock, MarketBeat Ratings reports. One analyst has rated the stock with a sell recommendation, one has given a hold recommendation and five have assigned a buy recommendation to the company. The average 12-month target price among analysts that have updated their coverage on the stock in the last year is $5.50.

Several analysts have weighed in on the stock. TD Cowen reaffirmed a “buy” rating on shares of Editas Medicine in a research note on Wednesday, May 27th. Weiss Ratings upgraded shares of Editas Medicine from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Tuesday, August 11th. LADENBURG THALM/SH SH assumed coverage on Editas Medicine in a report on Tuesday. They issued a “buy” rating and a $6.00 target price on the stock. Wall Street Zen upgraded Editas Medicine from a “sell” rating to a “hold” rating in a research report on Saturday, August 8th. Finally, Chardan Capital raised their price target on Editas Medicine from $3.50 to $4.00 and gave the company a “buy” rating in a report on Tuesday, May 5th.

Insider Activity at Editas Medicine

In other news, CEO Gilmore Neil O’neill sold 15,380 shares of the stock in a transaction on Wednesday, June 3rd. The stock was sold at an average price of $2.70, for a total transaction of $41,526.00. Following the sale, the chief executive officer owned 248,313 shares in the company, valued at approximately $670,445.10. This represents a 5.83% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 21,503 shares of company stock worth $57,910 in the last quarter. 3.10% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in EDIT. BlackRock Inc. acquired a new stake in Editas Medicine in the second quarter worth about $34,312,000. ADAR1 Capital Management LLC bought a new stake in Editas Medicine during the 2nd quarter worth about $28,800,000. Renaissance Technologies LLC lifted its position in Editas Medicine by 30.7% during the 1st quarter. Renaissance Technologies LLC now owns 3,972,160 shares of the company’s stock valued at $9,811,000 after purchasing an additional 932,382 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in Editas Medicine by 122.2% during the 1st 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. Finally, Geode Capital Management LLC boosted its stake in shares of Editas Medicine by 12.0% in the 4th quarter. Geode Capital Management LLC now owns 2,284,740 shares of the company’s stock valued at $4,685,000 after purchasing an additional 244,574 shares during the last quarter. Institutional investors and hedge funds own 71.90% of the company’s stock.

Editas Medicine Stock Performance

Shares of NASDAQ EDIT opened at $2.88 on Friday. The stock has a market cap of $442.31 million, a PE ratio of -3.84 and a beta of 2.14. The business has a fifty day moving average of $2.90 and a two-hundred day moving average of $2.68. Editas Medicine has a 52-week low of $1.66 and a 52-week high of $4.54.

Editas Medicine (NASDAQ:EDIT) last issued its earnings results on Wednesday, August 5th. The company reported ($0.15) EPS for the quarter, beating the consensus estimate of ($0.27) by $0.12. Editas Medicine had a negative net margin of 157.32% and a negative return on equity of 196.63%. The company had revenue of $11.89 million for the quarter, compared to the consensus estimate of $2.85 million. Analysts predict that Editas Medicine will post -0.89 earnings per share for the current year.

Editas Medicine Company Profile

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.