Editas Medicine, Inc. (NASDAQ:EDIT) Stock Now Rated “Moderate Buy” by Sell-Side Analysts

Editas Medicine, Inc. (NASDAQ:EDIT) has been assigned an average rating of “Moderate Buy” from the seven research firms that are presently covering the stock, MarketBeat Ratings reports. One analyst has rated the stock with a sell recommendation and six have assigned a buy recommendation to the company. The average 12 month price objective among analysts that have updated their coverage on the stock in the last year is $5.83.

Several equities analysts recently commented on EDIT shares. Wells Fargo & Company raised shares of Editas Medicine from an “equal weight” rating to an “overweight” rating and increased their price objective for the company from $4.00 to $6.00 in a research report on Thursday, October 8th. 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 shares of Editas Medicine from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Tuesday, August 11th. LADENBURG THALM/SH SH started coverage on shares of Editas Medicine in a research note on Tuesday, August 18th. They set a “buy” rating and a $6.00 price target on the stock. Finally, Guggenheim raised shares of Editas Medicine from a “neutral” rating to a “buy” rating and set a $5.00 price target for the company in a report on Wednesday, September 23rd.

Editas Medicine Price Performance

Shares of EDIT stock opened at $2.55 on Friday. The stock’s fifty day moving average price is $2.72 and its 200 day moving average price is $2.68. Editas Medicine has a 1-year low of $1.66 and a 1-year high of $3.94. The company has a market cap of $391.63 million, a price-to-earnings ratio of -3.40 and a beta of 2.08.

Editas Medicine (NASDAQ:EDIT) last released its quarterly earnings results on Wednesday, August 5th. The company reported ($0.15) EPS for the quarter, beating analysts’ consensus estimates of ($0.27) by $0.12. Editas Medicine had a negative return on equity of 196.63% and a negative net margin of 157.32%. The company had revenue of $11.89 million during the quarter, compared to analysts’ expectations of $2.85 million. As a group, equities research analysts anticipate that Editas Medicine will post -0.80 earnings per share for the current year.

Hedge Funds Weigh In On Editas Medicine

Several hedge funds have recently made changes to their positions in EDIT. Legal & General Group Plc acquired a new stake in Editas Medicine during the 2nd quarter worth about $31,000. Abel Hall LLC purchased a new position in shares of Editas Medicine during the 1st quarter valued at about $36,000. Pallas Capital Advisors LLC purchased a new position in shares of Editas Medicine during the 2nd quarter valued at about $38,000. State of Wyoming acquired a new position in shares of Editas Medicine in the 1st quarter valued at about $43,000. Finally, Callan Family Office LLC acquired a new position in shares of Editas Medicine in the 2nd quarter valued at about $47,000. 71.90% of the stock is owned by institutional investors and hedge funds.

About Editas Medicine

Editas Medicine, Inc is a biotechnology company focused on developing genomic medicines using CRISPR-based gene-editing technologies. The company’s research platforms include CRISPR/Cas9 and CRISPR/Cas12a, which are designed to make precise changes to DNA and potentially treat diseases caused by genetic abnormalities.

Editas Medicine’s lead investigational program is reni-cel, formerly known as EDIT-301. Reni-cel is an ex vivo gene-editing therapy intended to treat sickle cell disease and transfusion-dependent beta thalassemia by modifying a patient’s blood-forming stem cells before they are returned to the body.