Analysts Set Editas Medicine, Inc. (NASDAQ:EDIT) Price Target at $5.40

Shares of Editas Medicine, Inc. (NASDAQ:EDIT) have been assigned a consensus rating of “Moderate Buy” from the seven brokerages that are currently covering the company, Marketbeat.com reports. One research analyst has rated the stock with a sell rating, one has issued a hold rating and five have assigned a buy rating to the company. The average 1-year price target among brokerages that have updated their coverage on the stock in the last year is $5.50.

A number of equities research analysts have weighed in on the company. Wall Street Zen upgraded Editas Medicine from a “sell” rating to a “hold” rating in a research note on Saturday, August 8th. LADENBURG THALM/SH SH initiated coverage on Editas Medicine in a research note on Tuesday, August 18th. They set a “buy” rating and a $6.00 target price for the company. Chardan Capital raised their price target on shares of Editas Medicine from $3.50 to $4.00 and gave the stock a “buy” rating in a research report on Tuesday, May 5th. TD Cowen restated a “buy” rating on shares of Editas Medicine in a research note on Wednesday, May 27th. Finally, Weiss Ratings raised shares of Editas Medicine from a “sell (e+)” rating to a “sell (d-)” rating in a report on Tuesday, August 11th.

Editas Medicine Price Performance

NASDAQ:EDIT opened at $3.11 on Friday. The firm has a 50-day moving average of $2.94 and a two-hundred day moving average of $2.70. The stock has a market cap of $477.63 million, a P/E ratio of -4.15 and a beta of 2.14. Editas Medicine has a 1-year low of $1.66 and a 1-year high of $4.54.

Editas Medicine (NASDAQ:EDIT) last announced its earnings results on Wednesday, August 5th. The company reported ($0.15) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.27) by $0.12. Editas Medicine had a negative return on equity of 196.63% and a negative net margin of 157.32%.The business had revenue of $11.89 million for the quarter, compared to analyst estimates of $2.85 million. As a group, equities analysts expect that Editas Medicine will post -0.85 earnings per share for the current year.

Insider Buying and Selling at Editas Medicine

In other news, CEO Gilmore Neil O’neill sold 15,380 shares of the business’s stock in a transaction dated Wednesday, June 3rd. The shares were sold at an average price of $2.70, for a total value of $41,526.00. Following the completion of the sale, the chief executive officer owned 248,313 shares of the company’s stock, valued at approximately $670,445.10. The trade was a 5.83% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders have sold 21,503 shares of company stock valued at $57,910. 3.10% of the stock is currently owned by insiders.

Institutional Trading of Editas Medicine

Several institutional investors and hedge funds have recently bought and sold shares of the company. GSA Capital Partners LLP bought a new stake in shares of Editas Medicine during the 2nd quarter valued at about $1,190,000. Renaissance Technologies LLC raised its stake in Editas Medicine by 30.7% during the first quarter. Renaissance Technologies LLC now owns 3,972,160 shares of the company’s stock worth $9,811,000 after acquiring an additional 932,382 shares during the period. Eversept Partners LP bought a new position in Editas Medicine in the fourth quarter worth about $596,000. Walleye Capital LLC bought a new position in Editas Medicine in the second quarter worth about $596,000. Finally, Sei Investments Co. boosted its stake in Editas Medicine by 19.6% in the first quarter. Sei Investments Co. now owns 88,707 shares of the company’s stock valued at $219,000 after acquiring an additional 14,516 shares during the period. Institutional investors and hedge funds own 71.90% of the company’s stock.

About Editas Medicine

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.