Editas Medicine (NASDAQ:EDIT) Stock Price Crosses Below 50-Day Moving Average – Should You Sell?

Shares of Editas Medicine, Inc. (NASDAQ:EDIT) passed below its 50-day moving average during trading on Tuesday . The stock has a 50-day moving average of $1.51 and traded as low as $1.28. Editas Medicine shares last traded at $1.30, with a volume of 1,372,494 shares.

Analysts Set New Price Targets

Several research analysts have commented on the stock. Truist Financial downgraded shares of Editas Medicine from a “buy” rating to a “hold” rating in a report on Friday, December 13th. Royal Bank of Canada cut their price target on Editas Medicine from $5.00 to $4.00 and set a “sector perform” rating for the company in a report on Friday, December 13th. Stifel Nicolaus cut Editas Medicine from a “buy” rating to a “hold” rating and decreased their price objective for the stock from $11.00 to $3.00 in a report on Friday, December 13th. Barclays reduced their price target on shares of Editas Medicine from $5.00 to $3.00 and set an “equal weight” rating on the stock in a research report on Friday, December 13th. Finally, JPMorgan Chase & Co. lowered shares of Editas Medicine from a “neutral” rating to an “underweight” rating in a research report on Monday, December 16th. Three investment analysts have rated the stock with a sell rating, nine have issued a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $6.83.

Editas Medicine Trading Down 6.5 %

The stock has a market capitalization of $107.87 million, a PE ratio of -0.51 and a beta of 1.88. The business’s 50 day moving average is $1.51 and its 200 day moving average is $2.21.

Editas Medicine (NASDAQ:EDIT) last announced its earnings results on Wednesday, March 5th. The company reported ($0.55) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.39) by ($0.16). Editas Medicine had a negative net margin of 340.96% and a negative return on equity of 80.13%. The business had revenue of $30.60 million for the quarter, compared to analysts’ expectations of $37.17 million. During the same quarter last year, the firm earned ($0.23) EPS. As a group, analysts anticipate that Editas Medicine, Inc. will post -2.71 EPS for the current year.

Institutional Trading of Editas Medicine

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Jacobs Levy Equity Management Inc. grew its holdings in shares of Editas Medicine by 133.2% in the third quarter. Jacobs Levy Equity Management Inc. now owns 529,834 shares of the company’s stock worth $1,807,000 after purchasing an additional 302,652 shares during the last quarter. Barclays PLC grew its stake in Editas Medicine by 46.9% in the 3rd quarter. Barclays PLC now owns 178,507 shares of the company’s stock worth $607,000 after acquiring an additional 56,986 shares in the last quarter. BNP Paribas Financial Markets increased its position in shares of Editas Medicine by 37.3% during the third quarter. BNP Paribas Financial Markets now owns 54,787 shares of the company’s stock worth $187,000 after acquiring an additional 14,888 shares during the period. FMR LLC increased its position in shares of Editas Medicine by 110.7% during the third quarter. FMR LLC now owns 203,087 shares of the company’s stock worth $693,000 after acquiring an additional 106,684 shares during the period. Finally, Monaco Asset Management SAM purchased a new stake in shares of Editas Medicine in the fourth quarter valued at approximately $1,359,000. Hedge funds and other 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.