Editas Medicine (NASDAQ:EDIT) Receives “Buy” Rating from Chardan Capital

Editas Medicine (NASDAQ:EDIT)‘s stock had its “buy” rating reaffirmed by equities research analysts at Chardan Capital in a research note issued on Monday,Benzinga reports. They presently have a $3.50 price objective on the stock. Chardan Capital’s price target indicates a potential upside of 51.78% from the stock’s previous close.

Other equities analysts have also issued reports about the stock. TD Cowen restated a “buy” rating on shares of Editas Medicine in a research report on Monday. Weiss Ratings reiterated a “sell (e+)” rating on shares of Editas Medicine in a research note on Wednesday, January 21st. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, Editas Medicine has a consensus rating of “Moderate Buy” and a consensus target price of $4.63.

Editas Medicine Stock Up 15.3%

Editas Medicine stock traded up $0.31 during mid-day trading on Monday, hitting $2.31. 3,977,833 shares of the company were exchanged, compared to its average volume of 1,812,144. The company has a market capitalization of $225.11 million, a PE ratio of -0.97 and a beta of 2.16. The business has a fifty day moving average of $2.00 and a 200 day moving average of $2.57. Editas Medicine has a 1-year low of $0.91 and a 1-year high of $4.54.

Editas Medicine (NASDAQ:EDIT) last issued its earnings results on Wednesday, March 11th. The company reported ($0.06) EPS for the quarter, beating the consensus estimate of ($0.27) by $0.21. The company had revenue of $24.74 million for the quarter, compared to the consensus estimate of $8.77 million. Editas Medicine had a negative net margin of 430.84% and a negative return on equity of 277.29%. Research analysts expect that Editas Medicine will post -2.71 earnings per share for the current year.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Captrust Financial Advisors acquired a new stake in shares of Editas Medicine in the 2nd quarter valued at $26,000. StoneX Group Inc. acquired a new position in shares of Editas Medicine during the fourth quarter valued at $33,000. Victory Capital Management Inc. bought a new position in Editas Medicine in the third quarter valued at about $36,000. Sei Investments Co. bought a new position in Editas Medicine in the third quarter valued at about $46,000. Finally, Baader Bank Aktiengesellschaft acquired a new stake in Editas Medicine in the third quarter worth about $50,000. Institutional investors and hedge funds own 71.90% of the company’s stock.

About Editas Medicine

Editas Medicine is a clinical-stage biotechnology company focused on translating the power of gene editing into a new class of transformative genomic medicines. Founded in 2013 and headquartered in Cambridge, Massachusetts, the company leverages proprietary CRISPR/Cas9 and CRISPR/Cas12a (Cpf1) platforms to develop therapies aimed at correcting disease-causing genetic mutations. Editas Medicine’s research and development efforts span multiple therapeutic areas, including inherited retinal diseases, hemoglobinopathies, and oncology.

The company’s pipeline includes EDIT-101, a lead candidate designed to treat Leber congenital amaurosis type 10 (LCA10), which has entered early-stage clinical trials, and EDIT-301, targeting sickle cell disease and β-thalassemia using an ex vivo editing approach.