Brokerages Set Editas Medicine, Inc. (NASDAQ:EDIT) PT at $6.00

Shares of Editas Medicine, Inc. (NASDAQ:EDIT) have received an average rating of “Moderate Buy” from the five brokerages that are currently covering the stock, Marketbeat.com reports. One investment analyst has rated the stock with a sell rating and four have given a buy rating to the company. The average 12 month price target among analysts that have issued a report on the stock in the last year is $6.00.

Several equities analysts have weighed in on the company. Weiss Ratings upgraded Editas Medicine from a “sell (e+)” rating to a “sell (d-)” rating in a report on Tuesday, August 11th. LADENBURG THALM/SH SH initiated coverage on Editas Medicine in a research note on Tuesday, August 18th. They set a “buy” rating and a $6.00 price target for the company. Wall Street Zen raised Editas Medicine from a “sell” rating to a “hold” rating in a report on Saturday, August 8th. Finally, TD Cowen reissued a “buy” rating on shares of Editas Medicine in a research note on Wednesday, May 27th.

Hedge Funds Weigh In On Editas Medicine

A number of institutional investors have recently modified their holdings of EDIT. Legal & General Group Plc bought a new stake in shares of Editas Medicine during the 2nd quarter worth $31,000. Pallas Capital Advisors LLC bought a new position in Editas Medicine in the 2nd quarter worth $38,000. Abel Hall LLC bought a new position in Editas Medicine in the 1st quarter worth $36,000. Callan Family Office LLC acquired a new position in Editas Medicine during the 2nd quarter worth $47,000. Finally, Strategic Advisory Partners LLC acquired a new position in Editas Medicine during the 2nd quarter worth $49,000. Institutional investors own 71.90% of the company’s stock.

Editas Medicine Stock Up 3.0%

EDIT stock opened at $2.71 on Thursday. The firm has a 50 day moving average of $2.92 and a two-hundred day moving average of $2.85. Editas Medicine has a 12 month low of $1.66 and a 12 month high of $4.54. The company has a market capitalization of $416.20 million, a price-to-earnings ratio of -3.61 and a beta of 2.09.

Editas Medicine (NASDAQ:EDIT) last released its quarterly earnings results on Wednesday, August 5th. The company reported ($0.15) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.27) by $0.12. The business had revenue of $11.89 million for the quarter, compared to the consensus estimate of $2.85 million. Editas Medicine had a negative net margin of 157.32% and a negative return on equity of 196.63%. On average, research analysts expect that Editas Medicine will post -0.8 EPS for the current fiscal year.

About Editas Medicine

Editas Medicine, Inc is a clinical-stage biotechnology company developing gene-editing medicines for serious diseases. The company uses CRISPR-based technologies, including CRISPR/Cas12a and CRISPR/Cas9, to make targeted changes to DNA with the goal of treating the underlying causes of disease rather than only managing symptoms.

Editas’ lead program is reni-cel, formerly known as EDIT-301, an investigational ex vivo gene-editing therapy being studied for sickle cell disease and transfusion-dependent beta thalassemia.