Editas Medicine (NASDAQ:EDIT) Share Price Passes Below Fifty Day Moving Average – Here’s Why

Editas Medicine, Inc. (NASDAQ:EDIT) crossed below its 50 day moving average during trading on Friday . The stock has a 50 day moving average of $3.23 and traded as low as $2.33. Editas Medicine shares last traded at $2.47, with a volume of 3,156,568 shares changing hands.

Analyst Upgrades and Downgrades

EDIT has been the subject of a number of analyst reports. Robert W. Baird raised their price objective on Editas Medicine from $4.00 to $6.00 and gave the stock an “outperform” rating in a research report on Wednesday, August 13th. Wall Street Zen raised shares of Editas Medicine from a “sell” rating to a “hold” rating in a research report on Friday, September 26th. Wells Fargo & Company boosted their price target on shares of Editas Medicine from $3.00 to $4.00 and gave the stock an “equal weight” rating in a research report on Wednesday, September 3rd. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Editas Medicine in a research note on Wednesday, October 8th. Finally, HC Wainwright reissued a “buy” rating and set a $5.00 target price on shares of Editas Medicine in a research note on Friday, September 5th. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, six have given a Hold rating and three have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $3.88.

Editas Medicine Price Performance

The firm has a fifty day simple moving average of $3.23 and a 200-day simple moving average of $2.58. The firm has a market cap of $222.10 million, a P/E ratio of -0.87 and a beta of 2.23.

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

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in Editas Medicine by 122.2% during 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 last quarter. Geode Capital Management LLC raised its position in shares of Editas Medicine by 1.1% in the second quarter. Geode Capital Management LLC now owns 1,964,298 shares of the company’s stock valued at $4,323,000 after purchasing an additional 20,521 shares during the period. JPMorgan Chase & Co. lifted its stake in shares of Editas Medicine by 15.2% during the 2nd quarter. JPMorgan Chase & Co. now owns 1,065,722 shares of the company’s stock valued at $2,345,000 after buying an additional 140,916 shares in the last quarter. Acadian Asset Management LLC boosted its holdings in Editas Medicine by 288.5% in the 1st quarter. Acadian Asset Management LLC now owns 752,162 shares of the company’s stock worth $869,000 after buying an additional 558,567 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its holdings in Editas Medicine by 12.6% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 684,896 shares of the company’s stock worth $794,000 after buying an additional 76,647 shares during the period. 71.90% of the stock is owned by institutional investors.

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.