Editas Medicine, Inc. (NASDAQ:EDIT) Receives Consensus Rating of “Moderate Buy” from Brokerages

Editas Medicine, Inc. (NASDAQ:EDIT) has earned a consensus recommendation of “Moderate Buy” from the seven analysts that are presently covering the stock, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell rating, one has given a hold rating and five have issued a buy rating on the company. The average twelve-month price objective among brokers that have issued a report on the stock in the last year is $5.40.

A number of research analysts have commented on EDIT shares. JonesTrading raised 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. Chardan Capital lifted their price objective on Editas Medicine from $3.50 to $4.00 and gave the stock a “buy” rating in a research report on Tuesday, May 5th. Weiss Ratings reissued a “sell (e+)” rating on shares of Editas Medicine in a research note on Monday, April 20th. Robert W. Baird set a $6.00 target price on Editas Medicine in a report on Monday, March 9th. Finally, TD Cowen reaffirmed a “buy” rating on shares of Editas Medicine in a research note on Wednesday, May 27th.

Editas Medicine Stock Performance

Shares of NASDAQ:EDIT opened at $3.65 on Friday. The company has a market cap of $357.37 million, a price-to-earnings ratio of -2.97 and a beta of 2.10. The company has a 50-day moving average price of $2.90 and a 200-day moving average price of $2.51. Editas Medicine has a 12 month low of $1.66 and a 12 month high of $4.54.

Editas Medicine (NASDAQ:EDIT) last posted its earnings results on Tuesday, May 5th. The company reported ($0.26) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.30) by $0.04. The company had revenue of $2.83 million during the quarter, compared to analyst estimates of $6.37 million. Editas Medicine had a negative net margin of 281.59% and a negative return on equity of 677.39%. As a group, research analysts forecast that Editas Medicine will post -1.03 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CEO Gilmore Neil O’neill sold 15,380 shares of the firm’s stock in a transaction dated Wednesday, June 3rd. The shares were sold at an average price of $2.70, for a total value of $41,526.00. Following the completion of the sale, the chief executive officer directly owned 248,313 shares of the company’s stock, valued at approximately $670,445.10. This trade represents a 5.83% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders have sold 16,575 shares of company stock valued at $44,752. 3.10% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Editas Medicine

Several hedge funds and other institutional investors have recently modified their holdings of EDIT. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in Editas Medicine by 122.2% in the first 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. Acadian Asset Management LLC boosted its position in Editas Medicine by 288.5% during the 1st quarter. Acadian Asset Management LLC now owns 752,162 shares of the company’s stock valued at $869,000 after acquiring an additional 558,567 shares in the last quarter. Geode Capital Management LLC grew its holdings in shares of Editas Medicine by 1.1% during the 2nd quarter. Geode Capital Management LLC now owns 1,964,298 shares of the company’s stock worth $4,323,000 after acquiring an additional 20,521 shares during the period. JPMorgan Chase & Co. grew its holdings in shares of Editas Medicine by 15.2% during the 2nd quarter. JPMorgan Chase & Co. now owns 1,065,722 shares of the company’s stock worth $2,345,000 after acquiring an additional 140,916 shares during the period. Finally, Bridgeway Capital Management LLC raised its position in shares of Editas Medicine by 500.0% in the 2nd quarter. Bridgeway Capital Management LLC now owns 120,000 shares of the company’s stock worth $264,000 after acquiring an additional 100,000 shares in the last quarter. Hedge funds and other 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.