Editas Medicine (NASDAQ:EDIT) Receives Market Perform Rating from Oppenheimer

Oppenheimer restated their market perform rating on shares of Editas Medicine (NASDAQ:EDIT) in a report released on Tuesday, Benzinga reports. Oppenheimer currently has a $12.00 price target on the stock.

Other equities research analysts also recently issued reports about the company. Morgan Stanley raised Editas Medicine from an underweight rating to an equal weight rating and set a $7.00 target price for the company in a report on Thursday, May 9th. Barclays dropped their price target on shares of Editas Medicine from $11.00 to $9.00 and set an equal weight rating on the stock in a research note on Thursday, May 9th. Citigroup decreased their target price on Editas Medicine from $16.00 to $15.00 and set a buy rating for the company in a research note on Thursday, May 9th. StockNews.com lowered Editas Medicine from a hold rating to a sell rating in a report on Thursday, May 9th. Finally, Evercore ISI lowered their price target on Editas Medicine from $15.00 to $7.00 and set an in-line rating on the stock in a research report on Thursday, May 30th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, Editas Medicine currently has a consensus rating of Hold and a consensus price target of $12.90.

Editas Medicine Trading Down 0.6 %

Shares of NASDAQ EDIT opened at $5.04 on Tuesday. The stock’s 50 day simple moving average is $5.57 and its 200 day simple moving average is $7.60. The company has a market cap of $414.49 million, a price-to-earnings ratio of -2.40 and a beta of 2.06. Editas Medicine has a 12-month low of $4.82 and a 12-month high of $11.69.

Editas Medicine (NASDAQ:EDIT) last announced its quarterly earnings data on Wednesday, May 8th. The company reported ($0.76) earnings per share for the quarter, missing the consensus estimate of ($0.63) by ($0.13). Editas Medicine had a negative net margin of 239.36% and a negative return on equity of 47.34%. The firm had revenue of $1.10 million during the quarter, compared to analyst estimates of $11.14 million. During the same quarter last year, the company earned ($0.71) EPS. The company’s quarterly revenue was down 88.9% compared to the same quarter last year. As a group, equities analysts forecast that Editas Medicine will post -2.7 earnings per share for the current fiscal year.

Insider Activity

In other Editas Medicine news, CEO Gilmore Neil O’neill sold 12,191 shares of the stock in a transaction on Tuesday, June 4th. The shares were sold at an average price of $5.50, for a total value of $67,050.50. Following the sale, the chief executive officer now directly owns 315,279 shares in the company, valued at $1,734,034.50. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, CEO Gilmore Neil O’neill sold 12,191 shares of the firm’s stock in a transaction on Tuesday, June 4th. The shares were sold at an average price of $5.50, for a total transaction of $67,050.50. Following the sale, the chief executive officer now directly owns 315,279 shares in the company, valued at $1,734,034.50. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Jessica Hopfield acquired 45,000 shares of the firm’s stock in a transaction that occurred on Monday, May 13th. The shares were purchased at an average price of $5.64 per share, with a total value of $253,800.00. Following the completion of the acquisition, the director now owns 67,700 shares of the company’s stock, valued at approximately $381,828. The disclosure for this purchase can be found here. Insiders own 1.90% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of EDIT. Clear Street Markets LLC acquired a new stake in shares of Editas Medicine in the 3rd quarter valued at approximately $44,000. Russell Investments Group Ltd. increased its position in shares of Editas Medicine by 401.9% during the fourth quarter. Russell Investments Group Ltd. now owns 5,190 shares of the company’s stock worth $53,000 after acquiring an additional 4,156 shares in the last quarter. Amalgamated Bank lifted its stake in Editas Medicine by 18.0% during the 3rd quarter. Amalgamated Bank now owns 8,023 shares of the company’s stock valued at $63,000 after acquiring an additional 1,226 shares in the last quarter. Headlands Technologies LLC boosted its stake in shares of Editas Medicine by 481.7% in the 1st quarter. Headlands Technologies LLC now owns 9,493 shares of the company’s stock worth $70,000 after buying an additional 7,861 shares during the last quarter. Finally, EntryPoint Capital LLC purchased a new stake in Editas Medicine during the first quarter worth about $72,000. Institutional investors and hedge funds own 71.90% of the company’s stock.

About Editas Medicine

Editas Medicine, Inc, a clinical stage genome editing company, focuses on developing transformative genomic medicines to treat a range of serious diseases. It develops a proprietary gene editing platform based on CRISPR technology. The company develops EDIT-101, which is in Phase 1/2 BRILLIANCE trial for Leber Congenital Amaurosis; and reni-cel, a clinical development gene-edited medicine to treat sickle cell disease and transfusion-dependent beta-thalassemia.