Editas Medicine (NASDAQ:EDIT) Hits New 52-Week Low at $6.05

Editas Medicine, Inc. (NASDAQ:EDIT) shares reached a new 52-week low during mid-day trading on Monday . The stock traded as low as $6.05 and last traded at $6.19, with a volume of 572263 shares trading hands. The stock had previously closed at $6.21.

Analyst Ratings Changes

Several equities analysts have issued reports on EDIT shares. Barclays upped their target price on shares of Editas Medicine from $10.00 to $11.00 and gave the company an “equal weight” rating in a research note on Thursday, February 29th. Citigroup upped their target price on shares of Editas Medicine from $11.00 to $16.00 and gave the company a “buy” rating in a research note on Thursday, February 29th. JPMorgan Chase & Co. increased their price objective on shares of Editas Medicine from $8.00 to $9.00 and gave the stock a “neutral” rating in a research note on Tuesday, February 27th. Finally, StockNews.com upgraded shares of Editas Medicine from a “sell” rating to a “hold” rating in a research note on Friday, March 1st. Five research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $15.00.

Editas Medicine Stock Down 3.1 %

The company’s fifty day moving average is $7.92 and its 200-day moving average is $8.44.

Editas Medicine (NASDAQ:EDIT) last released its earnings results on Wednesday, February 28th. The company reported ($0.23) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.52) by $0.29. The company had revenue of $60.00 million during the quarter, compared to analyst estimates of $4.84 million. Editas Medicine had a negative net margin of 196.12% and a negative return on equity of 42.95%. The firm’s quarterly revenue was up 817.4% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.88) EPS. As a group, analysts predict that Editas Medicine, Inc. will post -2.61 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Editas Medicine news, SVP Baisong Mei sold 20,327 shares of the stock in a transaction that occurred on Monday, March 4th. The shares were sold at an average price of $9.42, for a total transaction of $191,480.34. Following the completion of the sale, the senior vice president now directly owns 141,543 shares of the company’s stock, valued at approximately $1,333,335.06. The sale was disclosed in a legal filing with the SEC, which is available at this link. In related news, CEO Gilmore Neil O’neill sold 77,824 shares of the firm’s stock in a transaction on Tuesday, March 5th. The shares were sold at an average price of $9.42, for a total value of $733,102.08. Following the completion of the transaction, the chief executive officer now directly owns 327,470 shares of the company’s stock, valued at $3,084,767.40. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, SVP Baisong Mei sold 20,327 shares of the firm’s stock in a transaction on Monday, March 4th. The shares were sold at an average price of $9.42, for a total transaction of $191,480.34. Following the completion of the transaction, the senior vice president now directly owns 141,543 shares of the company’s stock, valued at $1,333,335.06. The disclosure for this sale can be found here. 2.20% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of EDIT. State Street Corp grew its holdings in shares of Editas Medicine by 43.8% in the second quarter. State Street Corp now owns 7,879,890 shares of the company’s stock valued at $93,219,000 after purchasing an additional 2,399,852 shares in the last quarter. BlackRock Inc. lifted its position in Editas Medicine by 15.5% in the first quarter. BlackRock Inc. now owns 6,275,270 shares of the company’s stock worth $119,355,000 after buying an additional 841,894 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in Editas Medicine by 40.6% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,392,396 shares of the company’s stock worth $24,236,000 after buying an additional 690,366 shares during the last quarter. Renaissance Technologies LLC lifted its position in Editas Medicine by 296.1% in the first quarter. Renaissance Technologies LLC now owns 903,400 shares of the company’s stock worth $17,183,000 after buying an additional 675,300 shares during the last quarter. Finally, Point72 Asset Management L.P. lifted its position in Editas Medicine by 26,262.1% in the fourth quarter. Point72 Asset Management L.P. now owns 579,967 shares of the company’s stock worth $5,875,000 after buying an additional 577,767 shares during the last quarter. 71.90% of the stock is owned by hedge funds and other institutional investors.

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.