Editas Medicine (NASDAQ:EDIT) Given New $4.00 Price Target at Chardan Capital

Editas Medicine (NASDAQ:EDIT) had its price objective increased by equities research analysts at Chardan Capital from $3.50 to $4.00 in a research note issued on Tuesday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Chardan Capital’s price objective points to a potential upside of 32.45% from the stock’s previous close.

Several other equities analysts have also recently weighed in on EDIT. Robert W. Baird set a $6.00 target price on Editas Medicine in a research note on Monday, March 9th. JonesTrading raised shares of Editas Medicine from a “hold” rating to a “buy” rating and set a $8.00 price target for the company in a research report on Tuesday, March 10th. Wall Street Zen upgraded shares of Editas Medicine from a “sell” rating to a “hold” rating in a report on Saturday. TD Cowen reaffirmed a “buy” rating on shares of Editas Medicine in a research report on Monday, March 9th. Finally, Weiss Ratings reiterated a “sell (e+)” rating on shares of Editas Medicine in a research report on Monday, April 20th. Five investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $5.40.

Editas Medicine Trading Up 0.7%

NASDAQ:EDIT traded up $0.02 during trading hours on Tuesday, hitting $3.02. 1,249,056 shares of the stock traded hands, compared to its average volume of 1,694,911. The firm has a 50 day moving average price of $2.61 and a 200 day moving average price of $2.49. The firm has a market cap of $295.68 million, a price-to-earnings ratio of -1.60 and a beta of 2.14. Editas Medicine has a fifty-two week low of $1.29 and a fifty-two week high of $4.54.

Editas Medicine (NASDAQ:EDIT) last issued its quarterly earnings results on Tuesday, May 5th. The company reported ($0.26) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.30) by $0.04. The business had revenue of $2.83 million for the quarter, compared to the consensus estimate of $5.94 million. Editas Medicine had a negative return on equity of 389.73% and a negative net margin of 395.02%. Research analysts predict that Editas Medicine will post -1.12 EPS for the current year.

Institutional Investors Weigh In On Editas Medicine

A number of large investors have recently added to or reduced their stakes in EDIT. Renaissance Technologies LLC raised its position 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 boosted its holdings in shares of 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 worth $3,016,000 after buying an additional 1,430,000 shares during the period. Jacobs Levy Equity Management Inc. grew its stake in Editas Medicine by 761.7% in the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 800,023 shares of the company’s stock valued at $2,776,000 after buying an additional 707,181 shares during the last quarter. Two Sigma Investments LP grew its stake in Editas Medicine by 63.3% in the 3rd quarter. Two Sigma Investments LP now owns 1,584,155 shares of the company’s stock valued at $5,497,000 after buying an additional 614,229 shares during the last quarter. Finally, GSA Capital Partners LLP bought a new position in Editas Medicine in the 4th quarter worth $1,166,000. Institutional investors own 71.90% of the company’s stock.

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 β-thalassemia using an ex vivo editing approach.