Analysts Set Editas Medicine, Inc. (NASDAQ:EDIT) Target Price at $12.90

Shares of Editas Medicine, Inc. (NASDAQ:EDIT) have been given an average recommendation of “Hold” by the ten ratings firms that are presently covering the firm, MarketBeat.com reports. Six analysts have rated the stock with a hold rating and four have issued a buy rating on the company. The average 12 month target price among brokerages that have updated their coverage on the stock in the last year is $12.90.

EDIT has been the topic of a number of research analyst reports. Barclays cut their target price on Editas Medicine from $11.00 to $9.00 and set an “equal weight” rating on the stock in a research note on Thursday, May 9th. StockNews.com downgraded Editas Medicine from a “hold” rating to a “sell” rating in a research note on Thursday, May 9th. Evercore ISI decreased their target price on Editas Medicine from $15.00 to $7.00 and set an “in-line” rating for the company in a research report on Thursday, May 30th. Oppenheimer reissued a “market perform” rating and issued a $12.00 price target on shares of Editas Medicine in a report on Tuesday, June 18th. Finally, Morgan Stanley upgraded shares of Editas Medicine from an “underweight” rating to an “equal weight” rating and set a $7.00 price objective for the company in a report on Thursday, May 9th.

Editas Medicine Trading Up 7.7 %

Shares of NASDAQ:EDIT opened at $5.47 on Friday. The stock has a market cap of $449.85 million, a PE ratio of -2.60 and a beta of 2.01. The stock’s fifty day simple moving average is $5.29 and its two-hundred day simple moving average is $6.97. Editas Medicine has a 1-year low of $4.45 and a 1-year high of $11.69.

Editas Medicine (NASDAQ:EDIT) last released its quarterly earnings results on Wednesday, May 8th. The company reported ($0.76) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.63) by ($0.13). Editas Medicine had a negative net margin of 239.36% and a negative return on equity of 47.34%. The firm had revenue of $1.10 million for the quarter, compared to the consensus estimate of $11.14 million. During the same period in the previous year, the business earned ($0.71) earnings per share. The firm’s revenue for the quarter was down 88.9% on a year-over-year basis. On average, sell-side analysts forecast that Editas Medicine will post -2.7 earnings per share for the current fiscal year.

Insider Activity

In other Editas Medicine news, Director Jessica Hopfield acquired 45,000 shares of the business’s stock in a transaction that occurred on Monday, May 13th. The stock was bought at an average cost of $5.64 per share, with a total value of $253,800.00. Following the acquisition, the director now owns 67,700 shares in the company, valued at $381,828. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, 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 directly owns 315,279 shares in the company, valued at approximately $1,734,034.50. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Jessica Hopfield bought 45,000 shares of Editas Medicine stock in a transaction on Monday, May 13th. The shares were bought at an average cost of $5.64 per share, with a total value of $253,800.00. Following the acquisition, the director now directly owns 67,700 shares in the company, valued at $381,828. The disclosure for this purchase can be found here. Insiders own 1.90% of the company’s stock.

Institutional Trading of Editas Medicine

Institutional investors and hedge funds have recently bought and sold shares of the company. Russell Investments Group Ltd. increased its holdings in shares of Editas Medicine by 401.9% in the fourth quarter. Russell Investments Group Ltd. now owns 5,190 shares of the company’s stock worth $53,000 after purchasing an additional 4,156 shares during the period. Headlands Technologies LLC grew its position in Editas Medicine by 481.7% during the first quarter. Headlands Technologies LLC now owns 9,493 shares of the company’s stock worth $70,000 after buying an additional 7,861 shares in the last quarter. EntryPoint Capital LLC bought a new position in Editas Medicine in the 1st quarter worth about $72,000. HB Wealth Management LLC purchased a new stake in shares of Editas Medicine in the 1st quarter valued at about $76,000. Finally, China Universal Asset Management Co. Ltd. boosted its position in shares of Editas Medicine by 351.1% during the 4th quarter. China Universal Asset Management Co. Ltd. now owns 9,450 shares of the company’s stock valued at $96,000 after acquiring an additional 7,355 shares during the last quarter. 71.90% of the stock is currently 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.