Editas Medicine (NASDAQ:EDIT) Share Price Breaks Below 200-Day Moving Average – Here’s What Happened

Editas Medicine, Inc. (NASDAQ:EDIT) passed below its two hundred day moving average during trading on Thursday. The stock has a two hundred day moving average of $2.68 and traded as low as $2.41. Editas Medicine shares last traded at $2.55, with a volume of 2,097,878 shares.

Analyst Ratings Changes

A number of equities analysts have weighed in on EDIT shares. Guggenheim upgraded shares of Editas Medicine from a “neutral” rating to a “buy” rating and set a $5.00 price target for the company in a research report on Wednesday, September 23rd. Weiss Ratings upgraded shares of Editas Medicine from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Tuesday, August 11th. LADENBURG THALM/SH SH began 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. Wells Fargo & Company raised shares of Editas Medicine from an “equal weight” rating to an “overweight” rating and upped their target price for the stock from $4.00 to $6.00 in a report on Thursday, October 8th. Finally, Wall Street Zen upgraded Editas Medicine from a “sell” rating to a “hold” rating in a research note on Saturday, August 8th. Six research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $5.83.

Editas Medicine Trading Up 0.8%

The firm’s 50 day simple moving average is $2.70 and its 200 day simple moving average is $2.69. The firm has a market cap of $394.70 million, a PE ratio of -3.43 and a beta of 2.08.

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

Institutional Trading of Editas Medicine

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

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.