Editas Medicine, Inc. (NASDAQ:EDIT) Given Average Recommendation of “Hold” by Brokerages

Editas Medicine, Inc. (NASDAQ:EDIT) has received an average recommendation of “Hold” from the ten analysts that are covering the company, MarketBeat Ratings reports. Six analysts have rated the stock with a hold recommendation and four have given a buy recommendation to the company. The average 1 year target price among brokerages that have covered the stock in the last year is $11.22.

EDIT has been the subject of a number of recent analyst reports. Bank of America raised shares of Editas Medicine from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $13.00 to $15.00 in a research note on Thursday, August 8th. Barclays dropped their price objective on Editas Medicine from $9.00 to $7.00 and set an “equal weight” rating for the company in a report on Thursday, August 8th. Truist Financial cut their price objective on Editas Medicine from $20.00 to $12.00 and set a “buy” rating on the stock in a research report on Thursday, August 8th. Oppenheimer reissued a “market perform” rating and set a $12.00 target price on shares of Editas Medicine in a research note on Tuesday, June 18th. Finally, Evercore ISI decreased their price objective on shares of Editas Medicine from $15.00 to $7.00 and set an “in-line” rating for the company in a report on Thursday, May 30th.

Insider Transactions at Editas Medicine

In other Editas Medicine news, EVP Baisong Mei sold 6,619 shares of the firm’s stock in a transaction on Friday, July 19th. The shares were sold at an average price of $5.21, for a total value of $34,484.99. Following the completion of the transaction, the executive vice president now owns 134,413 shares of the company’s stock, valued at $700,291.73. The transaction was disclosed in a filing with the SEC, which is available at this link. In other news, EVP Baisong Mei sold 6,619 shares of the stock in a transaction dated Friday, July 19th. The stock was sold at an average price of $5.21, for a total value of $34,484.99. Following the transaction, the executive vice president now directly owns 134,413 shares of the company’s stock, valued at $700,291.73. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Linda Burkly sold 11,886 shares of Editas Medicine stock in a transaction dated Thursday, July 25th. The stock was sold at an average price of $5.42, for a total value of $64,422.12. Following the sale, the executive vice president now directly owns 73,136 shares of the company’s stock, valued at approximately $396,397.12. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 20,578 shares of company stock worth $105,997. Insiders own 1.90% of the company’s stock.

Hedge Funds Weigh In On Editas Medicine

Several institutional investors and hedge funds have recently modified their holdings of the stock. Russell Investments Group Ltd. boosted its stake in shares of Editas Medicine by 401.9% during the 4th quarter. Russell Investments Group Ltd. now owns 5,190 shares of the company’s stock worth $53,000 after acquiring an additional 4,156 shares in the last quarter. Victory Capital Management Inc. acquired a new position in Editas Medicine in the 4th quarter worth about $111,000. Jump Financial LLC grew its holdings in Editas Medicine by 42.0% in the fourth quarter. Jump Financial LLC now owns 28,159 shares of the company’s stock valued at $285,000 after purchasing an additional 8,329 shares during the period. Dimensional Fund Advisors LP grew its holdings in Editas Medicine by 40.6% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,392,396 shares of the company’s stock valued at $24,236,000 after purchasing an additional 690,366 shares during the period. Finally, Trexquant Investment LP increased its position in shares of Editas Medicine by 28.9% in the fourth quarter. Trexquant Investment LP now owns 241,754 shares of the company’s stock valued at $2,449,000 after buying an additional 54,245 shares in the last quarter. Institutional investors and hedge funds own 71.90% of the company’s stock.

Editas Medicine Stock Performance

EDIT stock opened at $3.86 on Wednesday. The company’s fifty day moving average price is $4.43 and its 200-day moving average price is $5.53. Editas Medicine has a one year low of $3.40 and a one year high of $11.69. The company has a market capitalization of $317.44 million, a PE ratio of -1.84 and a beta of 1.99.

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

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.