Editas Medicine, Inc. (NASDAQ:EDIT) Receives $5.36 Average Price Target from Brokerages

Shares of Editas Medicine, Inc. (NASDAQ:EDIT) have received a consensus recommendation of “Hold” from the thirteen research firms that are covering the stock, Marketbeat.com reports. Two research analysts have rated the stock with a sell recommendation, seven have given a hold recommendation, two have given a buy recommendation and two have assigned a strong buy recommendation to the company. The average twelve-month price target among brokers that have issued ratings on the stock in the last year is $4.70.

Several equities analysts have recently issued reports on EDIT shares. Robert W. Baird lowered their price target on Editas Medicine from $8.00 to $4.00 and set an “outperform” rating for the company in a research report on Tuesday, May 13th. Wall Street Zen raised Editas Medicine from a “sell” rating to a “hold” rating in a report on Wednesday, May 14th. HC Wainwright assumed coverage on shares of Editas Medicine in a research note on Monday, April 28th. They set a “buy” rating and a $3.00 price target on the stock. Finally, Cantor Fitzgerald raised shares of Editas Medicine from a “hold” rating to a “strong-buy” rating in a report on Tuesday, April 29th.

Insiders Place Their Bets

In other news, CEO Gilmore Neil O’neill sold 15,192 shares of the firm’s stock in a transaction dated Tuesday, June 3rd. The stock was sold at an average price of $1.72, for a total transaction of $26,130.24. Following the completion of the transaction, the chief executive officer now owns 280,282 shares in the company, valued at $482,085.04. This trade represents a 5.14% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders have sold a total of 16,364 shares of company stock worth $28,146 in the last 90 days. 2.10% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Editas Medicine

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in EDIT. Ieq Capital LLC bought a new stake in Editas Medicine in the 4th quarter worth approximately $31,000. Dark Forest Capital Management LP increased its position in Editas Medicine by 66.9% in the fourth quarter. Dark Forest Capital Management LP now owns 32,787 shares of the company’s stock worth $42,000 after purchasing an additional 13,138 shares during the last quarter. Brave Asset Management Inc. raised its stake in Editas Medicine by 250.0% during the first quarter. Brave Asset Management Inc. now owns 35,000 shares of the company’s stock valued at $41,000 after purchasing an additional 25,000 shares in the last quarter. SCS Capital Management LLC bought a new position in Editas Medicine during the first quarter valued at $41,000. Finally, Allspring Global Investments Holdings LLC grew its stake in shares of Editas Medicine by 45.9% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 35,781 shares of the company’s stock worth $40,000 after buying an additional 11,252 shares in the last quarter. 71.90% of the stock is owned by institutional investors.

Editas Medicine Stock Down 5.5%

Shares of EDIT stock opened at $2.22 on Tuesday. The firm has a market capitalization of $185.84 million, a price-to-earnings ratio of -0.73 and a beta of 2.10. The stock has a fifty day moving average of $1.67 and a 200 day moving average of $1.52. Editas Medicine has a 52 week low of $0.91 and a 52 week high of $6.05.

Editas Medicine (NASDAQ:EDIT) last announced its earnings results on Monday, May 12th. The company reported ($0.43) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.51) by $0.08. Editas Medicine had a negative net margin of 701.06% and a negative return on equity of 139.24%. The firm had revenue of $4.66 million for the quarter, compared to analyst estimates of $0.79 million. During the same quarter in the previous year, the firm posted ($76.00) EPS. Equities research analysts anticipate that Editas Medicine will post -2.71 earnings per share for the current year.

Editas Medicine Company Profile

Editas Medicine, Inc, a clinical stage genome editing company, focuses on developing transformative genomic medicines to treat a range of serious diseases. It develops a proprietary gene editing platform based on CRISPR technology. The company develops EDIT-101, which is in Phase 1/2 BRILLIANCE trial for Leber Congenital Amaurosis; and reni-cel, a clinical development gene-edited medicine to treat sickle cell disease and transfusion-dependent beta-thalassemia.