Editas Medicine (NASDAQ:EDIT) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Editas Medicine (NASDAQ:EDIT) from a sell rating to a hold rating in a research note issued to investors on Saturday morning.

Several other equities analysts have also weighed in on the stock. TD Cowen restated a “buy” rating on shares of Editas Medicine in a report on Wednesday, May 27th. Chardan Capital increased 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. Finally, Weiss Ratings reissued a “sell (e+)” rating on shares of Editas Medicine in a research report on Friday, July 17th. Five research 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. According to data from MarketBeat, Editas Medicine presently has an average rating of “Moderate Buy” and a consensus target price of $5.40.

Editas Medicine Stock Performance

NASDAQ EDIT opened at $2.81 on Friday. Editas Medicine has a one year low of $1.66 and a one year high of $4.54. The company’s 50 day moving average price is $2.89 and its 200 day moving average price is $2.65. The firm has a market capitalization of $275.13 million, a price-to-earnings ratio of -3.75 and a beta of 2.14.

Editas Medicine (NASDAQ:EDIT) last released its quarterly earnings data on Wednesday, August 5th. The company reported ($0.15) earnings per share (EPS) for the quarter, topping 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 during the quarter, compared to the consensus estimate of $2.85 million. Sell-side analysts forecast that Editas Medicine will post -0.93 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Gilmore Neil O’neill sold 15,380 shares of Editas Medicine stock in a transaction on Wednesday, June 3rd. The shares were 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 of the company’s stock, valued at $670,445.10. The trade was a 5.83% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders have sold 21,503 shares of company stock worth $57,910. 3.10% of the stock is currently owned by company insiders.

Institutional Trading of Editas Medicine

Several large investors have recently modified their holdings of EDIT. Strategic Advisory Partners LLC purchased a new stake in shares of Editas Medicine during the second quarter worth about $49,000. BlackRock Inc. purchased a new position in Editas Medicine in the second quarter valued at about $34,312,000. Pallas Capital Advisors LLC purchased a new position in Editas Medicine in the second quarter valued at about $38,000. Deutsche Bank AG acquired a new stake in Editas Medicine during the 2nd quarter valued at approximately $322,000. Finally, SCS Capital Management LLC acquired a new stake in Editas Medicine during the 2nd quarter valued at approximately $113,000. 71.90% of the stock is currently owned by institutional investors and hedge funds.

About Editas Medicine

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.