Editas Medicine (NASDAQ:EDIT) Stock Passes Below 200-Day Moving Average – Here’s What Happened

Editas Medicine, Inc. (NASDAQ:EDIT) passed below its two hundred day moving average during trading on Wednesday . The stock has a two hundred day moving average of $2.74 and traded as low as $1.15. Editas Medicine shares last traded at $1.19, with a volume of 1,400,058 shares trading hands.

Analysts Set New Price Targets

Several equities research analysts have commented on the company. Bank of America cut Editas Medicine from a “buy” rating to an “underperform” rating and cut their target price for the company from $13.00 to $1.00 in a research note on Monday, November 25th. Chardan Capital restated a “neutral” rating on shares of Editas Medicine in a research note on Friday, December 13th. Wells Fargo & Company cut Editas Medicine from an “overweight” rating to an “equal weight” rating and cut their target price for the company from $7.00 to $4.00 in a research note on Wednesday, December 11th. Stifel Nicolaus cut Editas Medicine from a “buy” rating to a “hold” rating and cut their target price for the company from $11.00 to $3.00 in a research note on Friday, December 13th. Finally, JPMorgan Chase & Co. cut Editas Medicine from a “neutral” rating to an “underweight” rating in a research note 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 stock. According to data from MarketBeat.com, Editas Medicine currently has a consensus rating of “Hold” and a consensus price target of $7.00.

Editas Medicine Trading Up 0.8 %

The company has a market cap of $98.23 million, a P/E ratio of -0.46 and a beta of 1.94. The business has a 50 day moving average price of $1.41 and a 200-day moving average price of $2.74.

Institutional Investors Weigh In On Editas Medicine

A number of large investors have recently added to or reduced their stakes in EDIT. AQR Capital Management LLC raised its stake in Editas Medicine by 117.2% in the 2nd quarter. AQR Capital Management LLC now owns 45,890 shares of the company’s stock valued at $214,000 after acquiring an additional 24,758 shares during the period. The Manufacturers Life Insurance Company raised its stake in Editas Medicine by 10.1% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 33,599 shares of the company’s stock valued at $157,000 after acquiring an additional 3,089 shares during the period. SG Americas Securities LLC bought a new stake in Editas Medicine in the 3rd quarter valued at $137,000. Creative Planning raised its stake in Editas Medicine by 113.7% in the 3rd quarter. Creative Planning now owns 21,563 shares of the company’s stock valued at $74,000 after acquiring an additional 11,473 shares during the period. Finally, Allspring Global Investments Holdings LLC raised its stake in Editas Medicine by 20.0% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 24,485 shares of the company’s stock valued at $83,000 after acquiring an additional 4,089 shares during the period. Institutional investors own 71.90% of the company’s stock.

Editas Medicine Company Profile

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.