Editas Medicine, Inc. (NASDAQ:EDIT) Receives Consensus Recommendation of “Moderate Buy” from Analysts

Editas Medicine, Inc. (NASDAQ:EDIT) has earned an average recommendation of “Moderate Buy” from the thirteen research firms that are presently covering the firm, Marketbeat Ratings reports. Six equities research analysts have rated the stock with a hold recommendation and seven have given a buy recommendation to the company. The average twelve-month target price among brokers that have covered the stock in the last year is $9.08.

Several analysts recently commented on the company. Bank of America upgraded Editas Medicine from a “neutral” rating to a “buy” rating and upped their target price for the company from $13.00 to $15.00 in a report on Thursday, August 8th. Evercore ISI upgraded shares of Editas Medicine from an “in-line” rating to an “outperform” rating in a research report on Wednesday. Stifel Nicolaus cut their price target on shares of Editas Medicine from $17.00 to $11.00 and set a “buy” rating on the stock in a research report on Tuesday. Chardan Capital reissued a “buy” rating and issued a $12.00 price objective on shares of Editas Medicine in a research report on Tuesday. Finally, Wells Fargo & Company cut their target price on Editas Medicine from $9.00 to $7.00 and set an “overweight” rating on the stock in a research report on Tuesday.

Editas Medicine Stock Performance

EDIT stock opened at $3.28 on Thursday. The company has a market capitalization of $270.52 million, a P/E ratio of -1.28 and a beta of 2.01. The company has a fifty day moving average price of $3.42 and a 200-day moving average price of $4.50. Editas Medicine has a 52-week low of $2.70 and a 52-week high of $11.69.

Editas Medicine (NASDAQ:EDIT) last announced its earnings results on Monday, November 4th. The company reported ($0.75) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.75). Editas Medicine had a negative return on equity of 62.61% and a negative net margin of 288.59%. The business had revenue of $0.06 million during the quarter, compared to analyst estimates of $3.93 million. During the same period last year, the company earned ($0.55) EPS. Editas Medicine’s revenue for the quarter was down 98.9% compared to the same quarter last year. As a group, sell-side analysts forecast that Editas Medicine will post -2.96 earnings per share for the current fiscal year.

Institutional Trading of Editas Medicine

Several institutional investors and hedge funds have recently modified their holdings of EDIT. Integral Health Asset Management LLC boosted its position in Editas Medicine by 50.0% in the second quarter. Integral Health Asset Management LLC now owns 675,000 shares of the company’s stock worth $3,152,000 after purchasing an additional 225,000 shares during the last quarter. Millennium Management LLC boosted its holdings in shares of Editas Medicine by 10.0% in the 2nd quarter. Millennium Management LLC now owns 2,459,629 shares of the company’s stock worth $11,486,000 after buying an additional 223,012 shares during the last quarter. Raymond James & Associates grew its position in Editas Medicine by 49.7% during the second quarter. Raymond James & Associates now owns 526,815 shares of the company’s stock valued at $2,460,000 after buying an additional 174,993 shares during the period. Hennion & Walsh Asset Management Inc. purchased a new stake in Editas Medicine during the second quarter worth about $786,000. Finally, Kennedy Capital Management LLC bought a new stake in Editas Medicine in the first quarter worth about $988,000. 71.90% of the stock is owned by hedge funds and other institutional investors.

Editas Medicine Company Profile

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.