Editas Medicine (NASDAQ:EDIT) Stock Price Crosses Below Fifty Day Moving Average – Time to Sell?

Editas Medicine, Inc. (NASDAQ:EDIT)’s stock price passed below its 50 day moving average during trading on Friday. The stock has a 50 day moving average of $2.83 and traded as low as $2.33. Editas Medicine shares last traded at $2.35, with a volume of 1,551,331 shares traded.

Wall Street Analyst Weigh In

EDIT has been the subject of a number of research analyst reports. LADENBURG THALM/SH SH initiated coverage on shares of Editas Medicine in a research report on Tuesday, August 18th. They set a “buy” rating and a $6.00 price objective for the company. Wall Street Zen upgraded shares of Editas Medicine from a “sell” rating to a “hold” rating in a research note on Saturday, August 8th. Weiss Ratings raised Editas Medicine from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Tuesday, August 11th. Guggenheim upgraded Editas Medicine from a “neutral” rating to a “buy” rating and set a $5.00 price target on the stock in a research note on Wednesday, September 23rd. Finally, Wells Fargo & Company upgraded Editas Medicine from an “equal weight” rating to an “overweight” rating and boosted their price target for the company from $4.00 to $6.00 in a research note on Thursday, October 8th. Six analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $5.83.

Editas Medicine Stock Down 3.7%

The firm has a 50-day moving average of $2.83 and a 200 day moving average of $2.89. The stock has a market capitalization of $360.91 million, a P/E ratio of -3.13 and a beta of 2.00.

Editas Medicine (NASDAQ:EDIT) last announced its quarterly earnings results on Wednesday, August 5th. The company reported ($0.15) earnings per share (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 firm had revenue of $11.89 million for the quarter, compared to analyst estimates of $2.85 million. Analysts predict that Editas Medicine, Inc. will post -0.80 EPS for the current fiscal year.

Institutional Trading of Editas Medicine

Several institutional investors have recently made changes to their positions in EDIT. Legal & General Group Plc acquired a new position in Editas Medicine in the second quarter worth about $31,000. Abel Hall LLC bought a new position in Editas Medicine during the first quarter worth about $36,000. Pallas Capital Advisors LLC acquired a new stake in Editas Medicine during the second quarter valued at approximately $38,000. State of Wyoming acquired a new stake in Editas Medicine during the first quarter valued at approximately $43,000. Finally, Callan Family Office LLC acquired a new stake in Editas Medicine during the second quarter valued at approximately $47,000. 71.90% of the stock is currently owned by institutional investors and hedge funds.

About Editas Medicine

Editas Medicine, Inc is a biotechnology company focused on developing genomic medicines that use CRISPR-based gene-editing technologies to treat diseases caused by genetic abnormalities. The company’s research programs are designed to modify or correct disease-associated genes in patients’ cells, with the goal of developing potentially durable treatments.

Its lead investigational program is reni-cel, formerly known as EDIT-301, an ex vivo CRISPR gene-editing therapy being studied for sickle cell disease and transfusion-dependent beta thalassemia.