Editas Medicine (NASDAQ:EDIT) Shares Break Below 50-Day Moving Average – Here’s Why

Shares of Editas Medicine, Inc. (NASDAQ:EDIT) passed below its 50-day moving average during trading on Wednesday. The stock has a 50-day moving average of $2.85 and traded as low as $2.55. Editas Medicine shares last traded at $2.57, with a volume of 1,623,283 shares traded.

Wall Street Analysts Forecast Growth

EDIT has been the subject of a number of research reports. LADENBURG THALM/SH SH started coverage on Editas Medicine in a research note on Tuesday, August 18th. They set a “buy” rating and a $6.00 price target for the company. Wall Street Zen raised Editas Medicine from a “sell” rating to a “hold” rating in a research note on Saturday, August 8th. Guggenheim raised Editas Medicine from a “neutral” rating to a “buy” rating and set a $5.00 price objective on the stock in a report on Wednesday, September 23rd. Finally, Weiss Ratings upgraded Editas Medicine from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Tuesday, August 11th. Five investment analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Editas Medicine presently has a consensus rating of “Moderate Buy” and an average target price of $5.80.

Editas Medicine Trading Up 4.0%

The firm’s 50-day moving average price is $2.85 and its 200-day moving average price is $2.88. The stock has a market capitalization of $402.38 million, a PE ratio of -3.49 and a beta of 2.00.

Editas Medicine (NASDAQ:EDIT) last released its quarterly earnings results on Wednesday, August 5th. The company reported ($0.15) EPS for the quarter, topping the consensus estimate 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 company had revenue of $11.89 million during the quarter, compared to analyst estimates of $2.85 million. On average, equities research analysts predict that Editas Medicine, Inc. will post -0.8 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Editas Medicine

Large investors have recently modified their holdings of the stock. Legal & General Group Plc bought a new stake in Editas Medicine in the second quarter worth $31,000. Pallas Capital Advisors LLC bought a new position in Editas Medicine during the second quarter valued at $38,000. Abel Hall LLC purchased a new stake in shares of Editas Medicine in the first quarter valued at $36,000. Callan Family Office LLC purchased a new stake in shares of Editas Medicine in the second quarter valued at $47,000. Finally, Strategic Advisory Partners LLC bought a new stake in shares of Editas Medicine in the 2nd quarter worth about $49,000. Institutional investors own 71.90% of the company’s stock.

Editas Medicine Company Profile

Editas Medicine, Inc is a clinical-stage biotechnology company developing gene-editing medicines for serious diseases. The company uses CRISPR-based technologies, including CRISPR/Cas12a and CRISPR/Cas9, to make targeted changes to DNA with the goal of treating the underlying causes of disease rather than only managing symptoms.

Editas’ lead program is reni-cel, formerly known as EDIT-301, an investigational ex vivo gene-editing therapy being studied for sickle cell disease and transfusion-dependent beta thalassemia.