Editas Medicine, Inc. (NASDAQ:EDIT) Receives Average Rating of “Hold” from Analysts

Shares of Editas Medicine, Inc. (NASDAQ:EDIT) have earned a consensus rating of “Hold” from the eleven ratings firms that are presently covering the company, Marketbeat.com reports. Seven equities research analysts have rated the stock with a hold recommendation and four have given a buy recommendation to the company. The average 12 month price target among brokers that have updated their coverage on the stock in the last year is $10.90.

EDIT has been the subject of a number of analyst reports. Truist Financial cut their price target on Editas Medicine from $20.00 to $12.00 and set a “buy” rating for the company in a research note on Thursday, August 8th. Royal Bank of Canada reissued a “sector perform” rating and issued a $8.00 price target on shares of Editas Medicine in a report on Thursday. Bank of America raised shares of Editas Medicine from a “neutral” rating to a “buy” rating and increased their price objective for the company from $13.00 to $15.00 in a report on Thursday, August 8th. Barclays lowered their target price on shares of Editas Medicine from $9.00 to $7.00 and set an “equal weight” rating on the stock in a report on Thursday, August 8th. Finally, Oppenheimer restated a “market perform” rating and set a $12.00 target price on shares of Editas Medicine in a research report on Tuesday, June 18th.

Editas Medicine Stock Down 3.6 %

EDIT stock opened at $3.77 on Wednesday. The business’s 50-day moving average price is $4.34 and its 200-day moving average price is $5.41. The stock has a market cap of $310.04 million, a P/E ratio of -1.80 and a beta of 1.99. Editas Medicine has a twelve month low of $3.40 and a twelve month high of $11.69.

Editas Medicine (NASDAQ:EDIT) last posted its quarterly earnings results on Wednesday, August 7th. The company reported ($0.82) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.70) by ($0.12). The firm had revenue of $0.51 million during the quarter, compared to the consensus estimate of $4.78 million. Editas Medicine had a negative return on equity of 62.61% and a negative net margin of 288.59%. The business’s revenue for the quarter was down 82.2% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($0.56) earnings per share. On average, equities research analysts expect that Editas Medicine will post -2.97 earnings per share for the current fiscal year.

Insider Transactions at Editas Medicine

In other news, EVP Linda Burkly sold 11,886 shares of Editas Medicine stock in a transaction that occurred on Thursday, July 25th. The stock was sold at an average price of $5.42, for a total value of $64,422.12. Following the completion of the transaction, the executive vice president now owns 73,136 shares in the company, valued at approximately $396,397.12. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, EVP Linda Burkly sold 11,886 shares of the firm’s stock in a transaction on Thursday, July 25th. The stock was sold at an average price of $5.42, for a total value of $64,422.12. Following the completion of the sale, the executive vice president now directly owns 73,136 shares in the company, valued at $396,397.12. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Baisong Mei sold 6,619 shares of the business’s stock in a transaction on Friday, July 19th. The shares were sold at an average price of $5.21, for a total transaction of $34,484.99. Following the transaction, the executive vice president now owns 134,413 shares in the company, valued at approximately $700,291.73. The disclosure for this sale can be found here. Insiders have sold a total of 20,578 shares of company stock worth $105,997 in the last three months. Insiders own 1.90% of the company’s stock.

Institutional Trading of Editas Medicine

Institutional investors have recently added to or reduced their stakes in the company. Jump Financial LLC raised its holdings in shares of Editas Medicine by 42.0% in the fourth quarter. Jump Financial LLC now owns 28,159 shares of the company’s stock worth $285,000 after buying an additional 8,329 shares during the period. Trexquant Investment LP increased its stake in Editas Medicine by 28.9% in the fourth quarter. Trexquant Investment LP now owns 241,754 shares of the company’s stock worth $2,449,000 after purchasing an additional 54,245 shares during the period. Seven Eight Capital LP bought a new stake in shares of Editas Medicine during the fourth quarter worth $1,482,000. Los Angeles Capital Management LLC purchased a new stake in shares of Editas Medicine during the first quarter valued at $1,097,000. Finally, Vanguard Group Inc. grew its holdings in shares of Editas Medicine by 1.1% in the first quarter. Vanguard Group Inc. now owns 8,555,597 shares of the company’s stock worth $63,483,000 after purchasing an additional 93,740 shares during the last quarter. Institutional investors own 71.90% of the company’s stock.

About Editas Medicine

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.