Brokerages Set Editas Medicine, Inc. (NASDAQ:EDIT) Target Price at $5.40

Shares of Editas Medicine, Inc. (NASDAQ:EDIT) have been given a consensus rating of “Moderate Buy” by the seven ratings firms that are currently covering the stock, MarketBeat reports. One analyst has rated the stock with a sell rating, one has issued a hold rating and five have given a buy rating to the company. The average 1 year target price among brokerages that have issued ratings on the stock in the last year is $5.40.

EDIT has been the topic of several analyst reports. Wall Street Zen lowered shares of Editas Medicine from a “hold” rating to a “sell” rating in a report on Sunday, May 10th. TD Cowen reissued a “buy” rating on shares of Editas Medicine in a report on Wednesday, May 27th. Chardan Capital upped their price objective on shares of Editas Medicine from $3.50 to $4.00 and gave the company a “buy” rating in a research report on Tuesday, May 5th. Finally, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Editas Medicine in a research note on Friday, July 17th.

Editas Medicine Price Performance

Shares of EDIT stock opened at $2.60 on Wednesday. The stock has a market cap of $254.57 million, a PE ratio of -2.11 and a beta of 2.10. The stock has a 50-day moving average of $2.94 and a 200-day moving average of $2.60. Editas Medicine has a one year low of $1.66 and a one year high of $4.54.

Editas Medicine (NASDAQ:EDIT) last released its quarterly earnings data on Tuesday, May 5th. The company reported ($0.26) earnings per share for the quarter, topping the consensus estimate of ($0.30) by $0.04. The business had revenue of $2.83 million for 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 anticipate that Editas Medicine will post -1.03 earnings per share for the current year.

Insider Transactions at Editas Medicine

In other Editas Medicine news, CEO Gilmore Neil O’neill sold 15,380 shares of the stock in a transaction dated Wednesday, June 3rd. The stock was 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 in the company, valued at $670,445.10. This represents a 5.83% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 16,575 shares of company stock valued at $44,752 over the last ninety days. 3.10% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Editas Medicine

Several institutional investors and hedge funds have recently modified their holdings of the business. Renaissance Technologies LLC increased its holdings in Editas Medicine by 138.0% during the 4th quarter. Renaissance Technologies LLC now owns 3,039,778 shares of the company’s stock worth $6,232,000 after purchasing an additional 1,762,378 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in shares of 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 valued at $3,016,000 after purchasing an additional 1,430,000 shares in the last quarter. Jacobs Levy Equity Management Inc. lifted its holdings in shares of Editas Medicine by 761.7% in the third quarter. Jacobs Levy Equity Management Inc. now owns 800,023 shares of the company’s stock valued at $2,776,000 after purchasing an additional 707,181 shares in the last quarter. Two Sigma Investments LP boosted its position in shares of Editas Medicine by 63.3% during the third quarter. Two Sigma Investments LP now owns 1,584,155 shares of the company’s stock worth $5,497,000 after buying an additional 614,229 shares during the period. Finally, GSA Capital Partners LLP acquired a new position in shares of Editas Medicine during the fourth quarter worth about $1,166,000. 71.90% of the stock is currently owned by institutional investors and hedge funds.

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.