Editas Medicine (NASDAQ:EDIT) Share Price Crosses Below 50-Day Moving Average – What’s Next?

Editas Medicine, Inc. (NASDAQ:EDIT)’s share price crossed below its fifty day moving average during trading on Friday . The stock has a fifty day moving average of $2.05 and traded as low as $1.72. Editas Medicine shares last traded at $1.79, with a volume of 1,528,582 shares traded.

Analysts Set New Price Targets

EDIT has been the subject of several recent analyst reports. Chardan Capital raised shares of Editas Medicine from a “hold” rating to a “strong-buy” rating in a research note on Thursday, November 13th. Weiss Ratings reissued a “sell (e+)” rating on shares of Editas Medicine in a report on Wednesday, January 21st. Two research analysts have rated the stock with a Strong Buy rating, two have given a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $5.00.

Editas Medicine Stock Down 1.1%

The stock has a market cap of $174.74 million, a P/E ratio of -0.75 and a beta of 2.15. The company has a 50-day simple moving average of $2.05 and a two-hundred day simple moving average of $2.61.

Hedge Funds Weigh In On Editas Medicine

Several large investors have recently modified their holdings of the stock. Captrust Financial Advisors purchased a new stake in Editas Medicine in the second quarter worth approximately $26,000. StoneX Group Inc. bought a new position in shares of Editas Medicine during the 4th quarter valued at $33,000. Victory Capital Management Inc. purchased a new position in shares of Editas Medicine in the 3rd quarter worth $36,000. R Squared Ltd bought a new stake in shares of Editas Medicine in the second quarter worth $45,000. Finally, Sei Investments Co. bought a new stake in shares of Editas Medicine in the third quarter worth $46,000. Hedge funds and other institutional investors 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.