Editas Medicine Inc. (EDIT) Upgraded to “Hold” by Zacks Investment Research
According to Zacks, “Editas Medicine, Inc. is a genome editing company. It focuses on translating its genome editing technology into a novel class of human therapeutics which enable precise and corrective molecular modification to treat diseases. Editas Medicine, Inc. is based in Cambridge, Massachusetts. “
Separately, Jefferies Group raised Editas Medicine from a hold rating to a buy rating and set a $35.00 price target for the company in a research report on Wednesday, August 10th. Three equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Editas Medicine currently has an average rating of Buy and a consensus target price of $33.50.
Shares of Editas Medicine (NASDAQ:EDIT) opened at 14.90 on Tuesday. The company’s 50-day moving average price is $18.77 and its 200 day moving average price is $28.49. The firm’s market cap is $527.52 million. Editas Medicine has a 1-year low of $12.57 and a 1-year high of $43.99.
Editas Medicine (NASDAQ:EDIT) last released its quarterly earnings results on Tuesday, August 9th. The company reported ($0.54) EPS for the quarter, meeting analysts’ consensus estimates of ($0.54). On average, analysts predict that Editas Medicine will post ($2.59) EPS for the current year.
In other news, major shareholder Polaris Venture Management Co. sold 500,000 shares of the stock in a transaction that occurred on Thursday, September 8th. The stock was sold at an average price of $16.80, for a total value of $8,400,000.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, major shareholder Kevin P. Starr sold 5,890 shares of the stock in a transaction that occurred on Tuesday, September 6th. The stock was sold at an average price of $15.90, for a total value of $93,651.00. The disclosure for this sale can be found here.
Hedge funds and other institutional investors have recently made changes to their positions in the company. Schwab Charles Investment Management Inc. increased its stake in Editas Medicine by 120.8% in the second quarter. Schwab Charles Investment Management Inc. now owns 19,365 shares of the company’s stock valued at $473,000 after buying an additional 10,594 shares during the last quarter. Metropolitan Life Insurance Co. NY bought a new stake in Editas Medicine during the second quarter valued at $181,000. Paloma Partners Management Co bought a new stake in Editas Medicine during the second quarter valued at $252,000. Flagship Ventures Fund IV General Partner LLC bought a new stake in Editas Medicine during the second quarter valued at $120,910,000. Finally, State Street Corp increased its stake in Editas Medicine by 190.4% in the second quarter. State Street Corp now owns 100,234 shares of the company’s stock valued at $2,447,000 after buying an additional 65,723 shares during the last quarter. 61.00% of the stock is owned by hedge funds and other institutional investors.
About Editas Medicine
Editas Medicine, Inc, formerly Gengine, Inc, is a genome editing company. The Company is engaged in treating patients with genetically defined diseases by correcting their disease-causing genes. It operates through developing and commercializing genome editing technology segment. It is developing a genome editing platform based on clustered, regularly interspaced short palindromic repeats (CRISPR)/CRISPR associated protein 9 (Cas9) technology.
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