Editas Medicine (NASDAQ:EDIT) Sets New 1-Year Low at $6.05

Editas Medicine, Inc. (NASDAQ:EDIT) reached a new 52-week low during trading on Monday . The stock traded as low as $6.05 and last traded at $6.19, with a volume of 572263 shares traded. The stock had previously closed at $6.21.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the company. JPMorgan Chase & Co. lifted their price objective on Editas Medicine from $8.00 to $9.00 and gave the stock a “neutral” rating in a report on Tuesday, February 27th. Barclays boosted their price target on Editas Medicine from $10.00 to $11.00 and gave the company an “equal weight” rating in a research note on Thursday, February 29th. Citigroup boosted their price target on Editas Medicine from $11.00 to $16.00 and gave the company a “buy” rating in a research note on Thursday, February 29th. Finally, StockNews.com upgraded Editas Medicine from a “sell” rating to a “hold” rating in a research note on Friday, March 1st. Five investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Editas Medicine presently has an average rating of “Moderate Buy” and an average price target of $15.00.

Editas Medicine Stock Performance

The stock has a 50-day moving average price of $7.90 and a two-hundred day moving average price of $8.43.

Editas Medicine (NASDAQ:EDIT) last posted its quarterly earnings results on Wednesday, February 28th. The company reported ($0.23) EPS for the quarter, topping analysts’ consensus estimates of ($0.52) by $0.29. Editas Medicine had a negative return on equity of 42.95% and a negative net margin of 196.12%. The company had revenue of $60.00 million for the quarter, compared to analysts’ expectations of $4.84 million. During the same period in the previous year, the firm earned ($0.88) EPS. The firm’s revenue was up 817.4% compared to the same quarter last year. As a group, sell-side analysts predict that Editas Medicine, Inc. will post -2.61 earnings per share for the current year.

Insider Buying and Selling

In related news, CEO Gilmore Neil O’neill sold 77,824 shares of the business’s stock in a transaction that occurred on Tuesday, March 5th. The stock was sold at an average price of $9.42, for a total value of $733,102.08. Following the transaction, the chief executive officer now directly owns 327,470 shares of the company’s stock, valued at approximately $3,084,767.40. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, SVP Baisong Mei sold 20,327 shares of the business’s stock in a transaction that occurred on Monday, March 4th. The stock was sold at an average price of $9.42, for a total transaction of $191,480.34. Following the transaction, the senior vice president now owns 141,543 shares of the company’s stock, valued at approximately $1,333,335.06. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Gilmore Neil O’neill sold 77,824 shares of the business’s stock in a transaction that occurred on Tuesday, March 5th. The shares were sold at an average price of $9.42, for a total value of $733,102.08. Following the transaction, the chief executive officer now directly owns 327,470 shares in the company, valued at approximately $3,084,767.40. The disclosure for this sale can be found here. 2.20% of the stock is owned by insiders.

Hedge Funds Weigh In On Editas Medicine

Large investors have recently modified their holdings of the stock. State Street Corp increased its stake in Editas Medicine by 43.8% in the second quarter. State Street Corp now owns 7,879,890 shares of the company’s stock worth $93,219,000 after purchasing an additional 2,399,852 shares during the period. BlackRock Inc. increased its stake in Editas Medicine by 15.5% in the first quarter. BlackRock Inc. now owns 6,275,270 shares of the company’s stock worth $119,355,000 after purchasing an additional 841,894 shares during the period. Dimensional Fund Advisors LP increased its stake in Editas Medicine by 40.6% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,392,396 shares of the company’s stock worth $24,236,000 after purchasing an additional 690,366 shares during the period. Renaissance Technologies LLC increased its stake in Editas Medicine by 296.1% in the first quarter. Renaissance Technologies LLC now owns 903,400 shares of the company’s stock worth $17,183,000 after purchasing an additional 675,300 shares during the period. Finally, Point72 Asset Management L.P. increased its stake in Editas Medicine by 26,262.1% in the fourth quarter. Point72 Asset Management L.P. now owns 579,967 shares of the company’s stock worth $5,875,000 after purchasing an additional 577,767 shares during the period. 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.