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

Editas Medicine, Inc. (NASDAQ:EDIT) has been assigned an average recommendation of “Hold” from the ten research firms that are presently covering the stock, MarketBeat.com reports. Six investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The average twelve-month price objective among brokers that have updated their coverage on the stock in the last year is $12.90.

Several equities research analysts have recently weighed in on EDIT shares. JPMorgan Chase & Co. raised their target price on Editas Medicine from $8.00 to $9.00 and gave the stock a “neutral” rating in a research report on Tuesday, February 27th. Citigroup reduced their price objective on shares of Editas Medicine from $16.00 to $15.00 and set a “buy” rating for the company in a research report on Thursday, May 9th. StockNews.com lowered shares of Editas Medicine from a “hold” rating to a “sell” rating in a research note on Thursday, May 9th. Morgan Stanley raised Editas Medicine from an “underweight” rating to an “equal weight” rating and set a $7.00 price objective on the stock in a report on Thursday, May 9th. Finally, Evercore ISI reduced their target price on Editas Medicine from $15.00 to $7.00 and set an “in-line” rating for the company in a report on Thursday, May 30th.

Editas Medicine Stock Down 7.8 %

Shares of Editas Medicine stock opened at $5.06 on Monday. Editas Medicine has a 52-week low of $4.91 and a 52-week high of $11.69. The company has a 50 day moving average of $5.64 and a 200 day moving average of $7.68. The company has a market capitalization of $416.12 million, a P/E ratio of -2.41 and a beta of 2.06.

Editas Medicine (NASDAQ:EDIT) last released its quarterly earnings data on Wednesday, May 8th. The company reported ($0.76) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.63) by ($0.13). The firm had revenue of $1.10 million for the quarter, compared to analysts’ expectations of $11.14 million. Editas Medicine had a negative return on equity of 47.34% and a negative net margin of 239.36%. Editas Medicine’s revenue for the quarter was down 88.9% on a year-over-year basis. During the same period last year, the firm posted ($0.71) earnings per share. As a group, research analysts anticipate that Editas Medicine will post -2.7 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Jessica Hopfield acquired 45,000 shares of Editas Medicine stock in a transaction that occurred on Monday, May 13th. The stock was purchased at an average price of $5.64 per share, for a total transaction of $253,800.00. Following the completion of the transaction, the director now directly owns 67,700 shares in the company, valued at $381,828. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other Editas Medicine news, Director Jessica Hopfield bought 45,000 shares of Editas Medicine stock in a transaction on Monday, May 13th. The stock was bought at an average price of $5.64 per share, with a total value of $253,800.00. Following the completion of the acquisition, the director now owns 67,700 shares in the company, valued at $381,828. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Gilmore Neil O’neill sold 12,191 shares of the business’s stock in a transaction on Tuesday, June 4th. The stock was sold at an average price of $5.50, for a total transaction of $67,050.50. Following the sale, the chief executive officer now owns 315,279 shares in the company, valued at $1,734,034.50. The disclosure for this sale can be found here. Insiders own 1.90% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in EDIT. Principal Financial Group Inc. increased its stake in Editas Medicine by 27.4% in the 3rd quarter. Principal Financial Group Inc. now owns 24,197 shares of the company’s stock valued at $189,000 after purchasing an additional 5,202 shares in the last quarter. Arizona State Retirement System raised its stake in shares of Editas Medicine by 19.8% during the 3rd quarter. Arizona State Retirement System now owns 23,213 shares of the company’s stock worth $181,000 after buying an additional 3,841 shares during the last quarter. Jump Financial LLC boosted its position in shares of Editas Medicine by 42.0% in the 3rd quarter. Jump Financial LLC now owns 19,830 shares of the company’s stock worth $155,000 after buying an additional 5,866 shares in the last quarter. Amalgamated Bank grew its stake in Editas Medicine by 18.0% in the 3rd quarter. Amalgamated Bank now owns 8,023 shares of the company’s stock valued at $63,000 after acquiring an additional 1,226 shares during the last quarter. Finally, Swiss National Bank increased its holdings in Editas Medicine by 1.1% during the 3rd quarter. Swiss National Bank now owns 179,200 shares of the company’s stock valued at $1,398,000 after acquiring an additional 1,900 shares in the last quarter. 71.90% of the stock is owned by hedge funds and other institutional investors.

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.