Editas Medicine, Inc. (NASDAQ:EDIT) Receives $6.00 Average Target Price from Brokerages

Shares of Editas Medicine, Inc. (NASDAQ:EDIT) have received a consensus rating of “Moderate Buy” from the five research firms that are covering the stock, Marketbeat reports. One equities research analyst has rated the stock with a sell rating and four have issued a buy rating on the company. The average 12-month price target among brokers that have issued ratings on the stock in the last year is $6.00.

Several brokerages have issued reports on EDIT. LADENBURG THALM/SH SH assumed coverage on shares of Editas Medicine in a report on Tuesday, August 18th. They issued a “buy” rating and a $6.00 target price for the company. Weiss Ratings upgraded shares of Editas Medicine from a “sell (e+)” rating to a “sell (d-)” rating in a report on Tuesday, August 11th. Wall Street Zen raised shares of Editas Medicine from a “sell” rating to a “hold” rating in a research report on Saturday, August 8th. Finally, TD Cowen restated a “buy” rating on shares of Editas Medicine in a report on Wednesday, May 27th.

Editas Medicine Price Performance

EDIT opened at $2.74 on Thursday. The stock has a 50-day moving average price of $2.96 and a 200-day moving average price of $2.84. The firm has a market cap of $420.81 million, a PE ratio of -3.65 and a beta of 2.09. Editas Medicine has a 1 year low of $1.66 and a 1 year high of $4.54.

Editas Medicine (NASDAQ:EDIT) last announced its quarterly earnings results on Wednesday, August 5th. The company reported ($0.15) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 for the quarter, compared to analysts’ expectations of $2.85 million. As a group, sell-side analysts anticipate that Editas Medicine will post -0.8 EPS for the current year.

Institutional Investors Weigh In On Editas Medicine

Large investors have recently bought and sold shares of the business. BlackRock Inc. purchased a new stake in Editas Medicine in the second quarter worth approximately $34,312,000. ADAR1 Capital Management LLC purchased a new stake in Editas Medicine during the 2nd quarter valued at $28,800,000. Opaleye Management Inc. raised its stake in Editas Medicine by 100.4% during the 2nd quarter. Opaleye Management Inc. now owns 3,861,930 shares of the company’s stock valued at $12,513,000 after buying an additional 1,934,933 shares during the last quarter. Seven Fleet Capital Management LP bought a new position in shares of Editas Medicine during the 2nd quarter valued at $4,310,820. Finally, Renaissance Technologies LLC lifted its holdings in shares of Editas Medicine by 30.7% during the 1st quarter. Renaissance Technologies LLC now owns 3,972,160 shares of the company’s stock valued at $9,811,000 after buying an additional 932,382 shares during the period. 71.90% of the stock is currently owned by institutional investors.

Editas Medicine Company Profile

Editas Medicine, Inc is a clinical-stage biotechnology company developing gene-editing medicines for serious diseases. The company uses CRISPR-based technologies, including CRISPR/Cas12a and CRISPR/Cas9, to make targeted changes to DNA with the goal of treating the underlying causes of disease rather than only managing symptoms.

Editas’ lead program is reni-cel, formerly known as EDIT-301, an investigational ex vivo gene-editing therapy being studied for sickle cell disease and transfusion-dependent beta thalassemia.