Editas Medicine (NASDAQ:EDIT) Stock Passes Below 50 Day Moving Average – Should You Sell?

Editas Medicine, Inc. (NASDAQ:EDIT)’s share price passed below its 50-day moving average during trading on Friday . The stock has a 50-day moving average of $2.05 and traded as low as $1.72. Editas Medicine shares last traded at $1.79, with a volume of 1,528,582 shares.

Wall Street Analyst Weigh In

Several research firms have issued reports on EDIT. Chardan Capital raised Editas Medicine from a “hold” rating to a “strong-buy” rating in a report on Thursday, November 13th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Editas Medicine in a research note on Wednesday, January 21st. Two investment analysts have rated the stock with a Strong Buy rating, two have assigned a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Editas Medicine currently has an average rating of “Moderate Buy” and a consensus target price of $5.00.

Editas Medicine Trading Down 1.1%

The stock has a 50 day simple moving average of $2.05 and a 200-day simple moving average of $2.61. The firm has a market cap of $174.74 million, a PE ratio of -0.75 and a beta of 2.15.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in EDIT. International Assets Investment Management LLC purchased a new stake in Editas Medicine during the 2nd quarter valued at approximately $70,000. R Squared Ltd bought a new position in shares of Editas Medicine during the second quarter worth $45,000. Vanguard Personalized Indexing Management LLC grew its stake in Editas Medicine by 55.5% during the second quarter. Vanguard Personalized Indexing Management LLC now owns 41,366 shares of the company’s stock valued at $91,000 after acquiring an additional 14,765 shares in the last quarter. Barclays PLC increased its holdings in Editas Medicine by 47.7% in the 4th quarter. Barclays PLC now owns 276,262 shares of the company’s stock valued at $566,000 after acquiring an additional 89,212 shares during the last quarter. Finally, Squarepoint Ops LLC purchased a new stake in Editas Medicine in the 3rd quarter worth $215,000. 71.90% of the stock is owned by hedge funds and other institutional investors.

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.