Editas Medicine (NASDAQ:EDIT) Stock Passes Below 50-Day Moving Average – Here’s What Happened

Editas Medicine, Inc. (NASDAQ:EDIT) passed below its 50 day moving average during trading on Friday . The stock has a 50 day moving average of $3.23 and traded as low as $2.33. Editas Medicine shares last traded at $2.47, with a volume of 3,156,568 shares changing hands.

Analyst Ratings Changes

A number of brokerages have recently issued reports on EDIT. HC Wainwright reaffirmed a “buy” rating and issued a $5.00 price target on shares of Editas Medicine in a research note on Friday, September 5th. Wall Street Zen raised shares of Editas Medicine from a “sell” rating to a “hold” rating in a research note on Friday, September 26th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Editas Medicine in a report on Wednesday, October 8th. Wells Fargo & Company increased 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 report on Wednesday, September 3rd. Finally, Robert W. Baird boosted their price target on shares of Editas Medicine from $4.00 to $6.00 and gave the stock an “outperform” rating in a research report on Wednesday, August 13th. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, six have assigned a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $3.88.

Editas Medicine Stock Performance

The business has a 50 day simple moving average of $3.23 and a 200-day simple moving average of $2.58. The firm has a market capitalization of $222.10 million, a price-to-earnings ratio of -0.87 and a beta of 2.23.

Editas Medicine (NASDAQ:EDIT) last released its quarterly earnings data on Tuesday, August 12th. The company reported ($0.63) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.41) by ($0.22). The firm had revenue of $3.58 million for the quarter, compared to analyst estimates of $1.81 million. Editas Medicine had a negative return on equity of 200.25% and a negative net margin of 608.88%. Equities analysts predict that Editas Medicine, Inc. will post -2.71 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Editas Medicine

Institutional investors and hedge funds have recently made changes to their positions in the stock. 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 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 2,600,000 shares of the company’s stock worth $3,016,000 after acquiring an additional 1,430,000 shares during the last quarter. Geode Capital Management LLC raised its position in Editas Medicine by 1.1% in the second quarter. Geode Capital Management LLC now owns 1,964,298 shares of the company’s stock valued at $4,323,000 after purchasing an additional 20,521 shares during the period. JPMorgan Chase & Co. lifted its stake in Editas Medicine by 15.2% during the second quarter. JPMorgan Chase & Co. now owns 1,065,722 shares of the company’s stock worth $2,345,000 after purchasing an additional 140,916 shares in the last quarter. Acadian Asset Management LLC boosted its position in shares of Editas Medicine by 288.5% during the first quarter. Acadian Asset Management LLC now owns 752,162 shares of the company’s stock worth $869,000 after buying an additional 558,567 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its stake in shares of Editas Medicine by 12.6% in the first quarter. Charles Schwab Investment Management Inc. now owns 684,896 shares of the company’s stock valued at $794,000 after buying an additional 76,647 shares in 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.