Editas Medicine (NASDAQ:EDIT) Stock Price Crosses Below Fifty Day Moving Average – Here’s Why

Editas Medicine, Inc. (NASDAQ:EDIT) shares crossed below its 50-day moving average during trading on Friday . The stock has a 50-day moving average of $2.95 and traded as low as $2.43. Editas Medicine shares last traded at $2.50, with a volume of 1,906,693 shares trading hands.

Analyst Ratings Changes

A number of research analysts have issued reports on the stock. Weiss Ratings restated a “sell (e+)” rating on shares of Editas Medicine in a research report on Monday, April 20th. Wall Street Zen downgraded shares of Editas Medicine from a “hold” rating to a “sell” rating in a research report on Sunday, May 10th. Robert W. Baird set a $6.00 target price on shares of Editas Medicine in a research report on Monday, March 9th. Chardan Capital upped their target price on shares of Editas Medicine from $3.50 to $4.00 and gave the company a “buy” rating in a research report on Tuesday, May 5th. Finally, TD Cowen restated a “buy” rating on shares of Editas Medicine in a research report on Wednesday, May 27th. Five research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, Editas Medicine presently has a consensus rating of “Moderate Buy” and an average target price of $5.40.

Editas Medicine Stock Performance

The company has a market capitalization of $244.77 million, a price-to-earnings ratio of -2.03 and a beta of 2.16. The business’s 50-day simple moving average is $2.95 and its 200-day simple moving average is $2.45.

Editas Medicine (NASDAQ:EDIT) last released its earnings results on Tuesday, May 5th. The company reported ($0.26) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.30) by $0.04. The company 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%. On average, analysts forecast that Editas Medicine, Inc. will post -1.03 earnings per share for the current year.

Insider Buying and Selling at Editas Medicine

In related news, CEO Gilmore Neil O’neill sold 15,380 shares of the stock in a transaction that occurred on Wednesday, June 3rd. The shares were sold at an average price of $2.70, for a total value of $41,526.00. Following the sale, the chief executive officer directly owned 248,313 shares in the company, valued at $670,445.10. This trade represents a 5.83% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 16,575 shares of company stock valued at $44,753. Company insiders own 3.10% of the company’s stock.

Institutional Trading of Editas Medicine

Hedge funds have recently modified their holdings of the company. Captrust Financial Advisors acquired a new stake in shares of Editas Medicine in the 2nd quarter valued at approximately $26,000. StoneX Group Inc. acquired a new stake in Editas Medicine during the 4th quarter worth approximately $33,000. Abel Hall LLC acquired a new stake in Editas Medicine during the 1st quarter worth approximately $36,000. Victory Capital Management Inc. acquired a new stake in Editas Medicine during the 3rd quarter worth approximately $36,000. Finally, State of Wyoming acquired a new stake in Editas Medicine during the 1st quarter worth approximately $43,000. 71.90% of the stock is currently owned by institutional investors and hedge funds.

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.