Brokerages Set Editas Medicine, Inc. (NASDAQ:EDIT) Price Target at $5.40

Shares of Editas Medicine, Inc. (NASDAQ:EDIT) have been assigned an average rating of “Moderate Buy” from the seven ratings firms that are presently covering the company, Marketbeat.com reports. One equities research analyst has rated the stock with a sell recommendation, one has given a hold recommendation and five have given a buy recommendation to the company. The average twelve-month price objective among analysts that have updated their coverage on the stock in the last year is $5.40.

EDIT has been the topic of several research analyst reports. Wall Street Zen downgraded shares of Editas Medicine from a “hold” rating to a “sell” rating in a report on Sunday, May 10th. Chardan Capital raised their target price on shares of Editas Medicine from $3.50 to $4.00 and gave the stock a “buy” rating in a report on Tuesday, May 5th. Weiss Ratings restated a “sell (e+)” rating on shares of Editas Medicine in a report on Monday, April 20th. Robert W. Baird set a $6.00 price target on Editas Medicine in a research report on Monday, March 9th. Finally, JonesTrading raised Editas Medicine from a “hold” rating to a “buy” rating and set a $8.00 price target for the company in a research report on Tuesday, March 10th.

Insiders Place Their Bets

In other Editas Medicine news, CEO Gilmore Neil O’neill sold 15,380 shares of the company’s stock in a transaction that occurred on Wednesday, June 3rd. The stock was sold at an average price of $2.70, for a total transaction of $41,526.00. Following the completion of the transaction, the chief executive officer owned 248,313 shares of the company’s stock, valued at $670,445.10. This represents a 5.83% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders sold 16,575 shares of company stock worth $44,753. Corporate insiders own 3.10% of the company’s stock.

Hedge Funds Weigh In On Editas Medicine

A number of large investors have recently bought and sold shares of EDIT. Captrust Financial Advisors acquired a new position in Editas Medicine during the 2nd quarter worth approximately $26,000. StoneX Group Inc. acquired a new position in Editas Medicine during the 4th quarter worth approximately $33,000. Abel Hall LLC acquired a new position in Editas Medicine during the 1st quarter worth approximately $36,000. Victory Capital Management Inc. bought a new stake in shares of Editas Medicine during the 3rd quarter worth approximately $36,000. Finally, State of Wyoming bought a new stake in shares of Editas Medicine during the 1st quarter worth approximately $43,000. Institutional investors and hedge funds own 71.90% of the company’s stock.

Editas Medicine Stock Performance

Shares of EDIT stock opened at $2.71 on Tuesday. The company has a market capitalization of $265.34 million, a P/E ratio of -2.20 and a beta of 2.16. The company’s 50 day moving average price is $2.94 and its two-hundred day moving average price is $2.45. Editas Medicine has a 52 week low of $1.66 and a 52 week high of $4.54.

Editas Medicine (NASDAQ:EDIT) last announced its earnings results on Tuesday, May 5th. The company reported ($0.26) EPS for the quarter, topping the consensus estimate of ($0.30) by $0.04. The firm had revenue of $2.83 million for the quarter, compared to the consensus estimate of $6.37 million. Editas Medicine had a negative net margin of 281.59% and a negative return on equity of 677.39%. Analysts forecast that Editas Medicine will post -1.03 earnings per share for the current year.

Editas Medicine Company Profile

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.