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

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

EDIT has been the subject of a number of recent analyst reports. TD Cowen reissued a “buy” rating on shares of Editas Medicine in a report on Wednesday, May 27th. JonesTrading raised Editas Medicine from a “hold” rating to a “buy” rating and set a $8.00 target price for the company in a report on Tuesday, March 10th. Chardan Capital raised their target price on Editas Medicine from $3.50 to $4.00 and gave the company a “buy” rating in a report on Tuesday, May 5th. Wall Street Zen downgraded Editas Medicine from a “hold” rating to a “sell” rating in a report on Sunday, May 10th. Finally, Weiss Ratings reissued a “sell (e+)” rating on shares of Editas Medicine in a report on Monday, April 20th.

Editas Medicine Stock Performance

Editas Medicine stock opened at $2.64 on Tuesday. Editas Medicine has a one year low of $1.66 and a one year high of $4.54. The business has a fifty day moving average of $2.94 and a two-hundred day moving average of $2.45. The company has a market cap of $258.48 million, a P/E ratio of -2.15 and a beta of 2.16.

Editas Medicine (NASDAQ:EDIT) last released its earnings results on Tuesday, May 5th. The company reported ($0.26) EPS for the quarter, beating analysts’ consensus estimates of ($0.30) by $0.04. Editas Medicine had a negative return on equity of 677.39% and a negative net margin of 281.59%.The company had revenue of $2.83 million during the quarter, compared to the consensus estimate of $6.37 million. Sell-side analysts predict that Editas Medicine will post -1.03 EPS for the current year.

Insider Activity

In other news, CEO Gilmore Neil O’neill sold 15,380 shares of Editas Medicine stock in a transaction on Wednesday, June 3rd. The stock was sold at an average price of $2.70, for a total transaction of $41,526.00. Following the completion of the transaction, the chief executive officer owned 248,313 shares of the company’s stock, valued at $670,445.10. The trade was a 5.83% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders sold 16,575 shares of company stock worth $44,753. Insiders own 3.10% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Arete Wealth Advisors LLC acquired a new position in shares of Editas Medicine during the 1st quarter worth $88,000. Renaissance Technologies LLC raised its stake 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 worth $9,811,000 after buying an additional 932,382 shares during the last quarter. Sei Investments Co. raised its stake in shares of Editas Medicine by 19.6% during the 1st quarter. Sei Investments Co. now owns 88,707 shares of the company’s stock worth $219,000 after buying an additional 14,516 shares during the last quarter. State of Wyoming acquired a new position in shares of Editas Medicine during the 1st quarter worth $43,000. Finally, Independent Financial Group LLC acquired a new position in shares of Editas Medicine during the 1st quarter worth $50,000. Institutional investors and hedge funds own 71.90% of the company’s stock.

Editas Medicine Company Profile

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.