18,937 Shares in Editas Medicine, Inc. (NASDAQ:EDIT) Purchased by Drive Wealth Management LLC

Drive Wealth Management LLC bought a new stake in Editas Medicine, Inc. (NASDAQ:EDIT) in the 3rd quarter, Holdings Channel reports. The institutional investor bought 18,937 shares of the company’s stock, valued at approximately $65,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Signaturefd LLC raised its position in shares of Editas Medicine by 494.8% in the third quarter. Signaturefd LLC now owns 9,326 shares of the company’s stock valued at $32,000 after buying an additional 7,758 shares during the last quarter. EntryPoint Capital LLC purchased a new stake in Editas Medicine in the 1st quarter worth approximately $72,000. Koss Olinger Consulting LLC acquired a new position in Editas Medicine in the 2nd quarter valued at $47,000. Ballentine Partners LLC purchased a new position in shares of Editas Medicine during the 3rd quarter worth $36,000. Finally, Arcadia Investment Management Corp MI acquired a new stake in shares of Editas Medicine during the third quarter worth $39,000. 71.90% of the stock is currently owned by hedge funds and other institutional investors.

Editas Medicine Trading Down 5.3 %

Shares of NASDAQ EDIT opened at $2.52 on Tuesday. The stock has a fifty day moving average price of $3.33 and a 200 day moving average price of $4.38. Editas Medicine, Inc. has a 12-month low of $2.51 and a 12-month high of $11.69. The company has a market cap of $208.02 million, a P/E ratio of -0.98 and a beta of 2.01.

Editas Medicine (NASDAQ:EDIT) last posted its earnings results on Monday, November 4th. The company reported ($0.75) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.75). The business had revenue of $0.06 million during the quarter, compared to analyst estimates of $3.93 million. Editas Medicine had a negative return on equity of 80.13% and a negative net margin of 340.96%. The company’s revenue for the quarter was down 98.9% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.55) earnings per share. On average, sell-side analysts forecast that Editas Medicine, Inc. will post -2.73 EPS for the current fiscal year.

Analysts Set New Price Targets

EDIT has been the topic of several recent analyst reports. Bank of America upgraded Editas Medicine from a “neutral” rating to a “buy” rating and increased their target price for the stock from $13.00 to $15.00 in a research report on Thursday, August 8th. Evercore ISI upgraded shares of Editas Medicine from an “in-line” rating to an “outperform” rating in a report on Wednesday, November 6th. Wells Fargo & Company lowered their target price on shares of Editas Medicine from $9.00 to $7.00 and set an “overweight” rating for the company in a report on Tuesday, November 5th. Chardan Capital reaffirmed a “buy” rating and set a $12.00 price target on shares of Editas Medicine in a research note on Tuesday, November 5th. Finally, Barclays lowered their price objective on shares of Editas Medicine from $7.00 to $5.00 and set an “equal weight” rating for the company in a research note on Tuesday, November 5th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and seven have issued a buy rating to the company. According to MarketBeat, Editas Medicine has a consensus rating of “Hold” and an average price target of $9.08.

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.