Editas Medicine (NASDAQ:EDIT) Now Covered by Analysts at LADENBURG THALM/SH SH

Analysts at LADENBURG THALM/SH SH assumed coverage on shares of Editas Medicine (NASDAQ:EDIT) in a report released on Tuesday,Benzinga reports. The firm set a “buy” rating and a $6.00 price target on the stock. LADENBURG THALM/SH SH’s target price suggests a potential upside of 111.27% from the company’s previous close.

Several other brokerages also recently issued reports on EDIT. Weiss Ratings raised shares of Editas Medicine from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Tuesday, August 11th. TD Cowen restated a “buy” rating on shares of Editas Medicine in a report on Wednesday, May 27th. Chardan Capital increased their price objective on Editas Medicine from $3.50 to $4.00 and gave the stock a “buy” rating in a report on Tuesday, May 5th. Finally, Wall Street Zen upgraded Editas Medicine from a “sell” rating to a “hold” rating in a research note on Saturday, August 8th. Five analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, Editas Medicine currently has an average rating of “Moderate Buy” and a consensus target price of $5.50.

Editas Medicine Trading Up 0.7%

Shares of Editas Medicine stock opened at $2.84 on Tuesday. The stock’s fifty day simple moving average is $2.89 and its 200 day simple moving average is $2.67. The company has a market capitalization of $436.17 million, a PE ratio of -3.79 and a beta of 2.14. Editas Medicine has a 12 month low of $1.66 and a 12 month high of $4.54.

Editas Medicine (NASDAQ:EDIT) last released its quarterly earnings data on Wednesday, August 5th. The company reported ($0.15) earnings per share for the quarter, beating 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 business had revenue of $11.89 million for the quarter, compared to analysts’ expectations of $2.85 million. Analysts predict that Editas Medicine will post -0.89 EPS for the current fiscal year.

Insiders Place Their Bets

In other Editas Medicine news, CEO Gilmore Neil O’neill sold 15,380 shares of the company’s stock in a transaction on Wednesday, June 3rd. The shares were sold at an average price of $2.70, for a total transaction of $41,526.00. Following the sale, the chief executive officer directly owned 248,313 shares of the company’s stock, valued at approximately $670,445.10. This represents a 5.83% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 21,503 shares of company stock worth $57,910 in the last 90 days. 3.10% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Editas Medicine

Several hedge funds have recently bought and sold shares of EDIT. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in Editas Medicine by 122.2% during the first 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 buying an additional 1,430,000 shares during the last quarter. Acadian Asset Management LLC increased its holdings in shares of Editas Medicine by 288.5% during the 1st quarter. Acadian Asset Management LLC now owns 752,162 shares of the company’s stock worth $869,000 after acquiring an additional 558,567 shares during the last quarter. Geode Capital Management LLC raised its stake in Editas Medicine by 1.1% in the 2nd quarter. Geode Capital Management LLC now owns 1,964,298 shares of the company’s stock valued at $4,323,000 after acquiring an additional 20,521 shares during the period. JPMorgan Chase & Co. raised its stake in Editas Medicine by 15.2% in the 2nd quarter. JPMorgan Chase & Co. now owns 1,065,722 shares of the company’s stock valued at $2,345,000 after acquiring an additional 140,916 shares during the period. Finally, Bridgeway Capital Management LLC lifted its holdings in Editas Medicine by 500.0% during the 2nd quarter. Bridgeway Capital Management LLC now owns 120,000 shares of the company’s stock valued at $264,000 after purchasing an additional 100,000 shares during the last quarter. 71.90% of the stock is currently owned by institutional investors and hedge funds.

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.