Brokerages Set Editas Medicine, Inc. (NASDAQ:EDIT) PT at $5.00

Editas Medicine, Inc. (NASDAQ:EDIT) has earned an average recommendation of “Moderate Buy” from the six brokerages that are covering the company, MarketBeat reports. One investment analyst has rated the stock with a sell rating, one has issued a hold rating, two have assigned a buy rating and two have issued a strong buy rating on the company. The average 1-year price target among brokerages that have updated their coverage on the stock in the last year is $5.00.

EDIT has been the subject of several research reports. Chardan Capital raised Editas Medicine from a “hold” rating to a “strong-buy” rating in a research report on Thursday, November 13th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Editas Medicine in a research note on Wednesday, January 21st.

Editas Medicine Stock Performance

Shares of NASDAQ:EDIT opened at $2.18 on Friday. The stock’s 50-day moving average is $2.03 and its 200-day moving average is $2.60. The company has a market cap of $212.81 million, a P/E ratio of -0.92 and a beta of 2.15. Editas Medicine has a 52-week low of $0.91 and a 52-week high of $4.54.

Institutional Investors Weigh In On Editas Medicine

Several hedge funds have recently made changes to their positions in the stock. Captrust Financial Advisors bought a new position in Editas Medicine during the second quarter valued at about $26,000. StoneX Group Inc. acquired a new stake in shares of Editas Medicine during the 4th quarter worth approximately $33,000. Victory Capital Management Inc. bought a new stake in shares of Editas Medicine during the third quarter valued at approximately $36,000. R Squared Ltd bought a new stake in shares of Editas Medicine during the second quarter valued at approximately $45,000. Finally, Sei Investments Co. acquired a new position in shares of Editas Medicine in the third quarter valued at $46,000. Institutional investors own 71.90% of the company’s stock.

About Editas Medicine

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.