Editas Medicine (NASDAQ:EDIT) Upgraded by Chardan Capital to “Strong-Buy” Rating

Editas Medicine (NASDAQ:EDIT) was upgraded by analysts at Chardan Capital from a “hold” rating to a “strong-buy” rating in a research report issued on Thursday,Zacks.com reports.

Other equities research analysts also recently issued research reports about the stock. Wells Fargo & Company boosted their target price on shares of Editas Medicine from $3.00 to $4.00 and gave the company an “equal weight” rating in a research note on Wednesday, September 3rd. Wall Street Zen upgraded shares of Editas Medicine from a “sell” rating to a “hold” rating in a research report on Friday, September 26th. Robert W. Baird upped their price objective on shares of Editas Medicine from $4.00 to $6.00 and gave the stock an “outperform” rating in a research note on Wednesday, August 13th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Editas Medicine in a research note on Wednesday, October 8th. Finally, HC Wainwright reissued a “buy” rating and issued a $5.00 target price on shares of Editas Medicine in a report on Friday, September 5th. Two analysts have rated the stock with a Strong Buy rating, three have given a Buy rating, five have issued a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat, Editas Medicine has a consensus rating of “Hold” and a consensus target price of $3.88.

Editas Medicine Stock Performance

Shares of EDIT stock traded up $0.06 during trading hours on Thursday, hitting $2.60. The company had a trading volume of 1,766,319 shares, compared to its average volume of 2,551,749. Editas Medicine has a 12 month low of $0.91 and a 12 month high of $4.54. The firm’s fifty day moving average is $3.23 and its 200 day moving average is $2.61. The firm has a market capitalization of $253.81 million, a price-to-earnings ratio of -1.09 and a beta of 2.23.

Editas Medicine (NASDAQ:EDIT) last posted its earnings results on Monday, November 10th. The company reported ($0.28) EPS for the quarter, topping the consensus estimate of ($0.38) by $0.10. Editas Medicine had a negative return on equity of 277.29% and a negative net margin of 430.84%.The business had revenue of $7.54 million during the quarter, compared to the consensus estimate of $4.95 million. On average, sell-side analysts expect that Editas Medicine will post -2.71 EPS for the current fiscal year.

Institutional Trading of Editas Medicine

Hedge funds and other institutional investors have recently modified their holdings of the stock. Nuveen LLC acquired a new position in Editas Medicine during the 1st quarter worth $367,000. XTX Topco Ltd raised its position in shares of Editas Medicine by 352.5% during the first quarter. XTX Topco Ltd now owns 475,381 shares of the company’s stock worth $551,000 after acquiring an additional 370,325 shares during the last quarter. Ieq Capital LLC boosted its holdings in Editas Medicine by 551.0% in the first quarter. Ieq Capital LLC now owns 160,370 shares of the company’s stock valued at $186,000 after acquiring an additional 135,736 shares during the last quarter. Cerity Partners LLC acquired a new stake in Editas Medicine in the first quarter worth about $57,000. Finally, Wealth Enhancement Advisory Services LLC increased its position in Editas Medicine by 13.5% in the second quarter. Wealth Enhancement Advisory Services LLC now owns 51,105 shares of the company’s stock worth $112,000 after purchasing an additional 6,088 shares during the period. Institutional investors and hedge funds own 71.90% of the company’s stock.

About Editas Medicine

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.