Editas Medicine, Inc. (NASDAQ:EDIT) Given Average Recommendation of “Hold” by Brokerages

Editas Medicine, Inc. (NASDAQ:EDIT) has received an average recommendation of “Hold” from the fourteen ratings firms that are presently covering the company, MarketBeat reports. Two research analysts have rated the stock with a sell recommendation, nine have issued a hold recommendation and three have assigned a buy recommendation to the company. The average 12-month price target among brokerages that have issued a report on the stock in the last year is $7.00.

A number of analysts have commented on the stock. Truist Financial downgraded shares of Editas Medicine from a “buy” rating to a “hold” rating in a report on Friday, December 13th. Robert W. Baird dropped their price target on shares of Editas Medicine from $10.00 to $8.00 and set an “outperform” rating for the company in a research note on Friday, December 13th. Bank of America cut shares of Editas Medicine from a “buy” rating to an “underperform” rating and dropped their price target for the company from $13.00 to $1.00 in a research note on Monday, November 25th. Wells Fargo & Company cut shares of Editas Medicine from an “overweight” rating to an “equal weight” rating and dropped their price target for the company from $7.00 to $4.00 in a research note on Wednesday, December 11th. Finally, Stifel Nicolaus cut shares of Editas Medicine from a “buy” rating to a “hold” rating and dropped their price target for the company from $11.00 to $3.00 in a research note on Friday, December 13th.

Institutional Investors Weigh In On Editas Medicine

Several institutional investors have recently bought and sold shares of the business. Renaissance Technologies LLC purchased a new position in shares of Editas Medicine in the fourth quarter valued at $1,843,000. Monaco Asset Management SAM acquired a new stake in shares of Editas Medicine during the fourth quarter worth $1,359,000. Jacobs Levy Equity Management Inc. raised its holdings in shares of Editas Medicine by 133.2% during the third quarter. Jacobs Levy Equity Management Inc. now owns 529,834 shares of the company’s stock worth $1,807,000 after purchasing an additional 302,652 shares during the period. Susquehanna Fundamental Investments LLC acquired a new stake in shares of Editas Medicine during the fourth quarter worth $346,000. Finally, Raymond James Financial Inc. acquired a new stake in shares of Editas Medicine during the fourth quarter worth $303,000. 71.90% of the stock is currently owned by hedge funds and other institutional investors.

Editas Medicine Stock Up 12.2 %

EDIT stock opened at $1.38 on Friday. The company’s 50-day simple moving average is $1.36 and its 200-day simple moving average is $2.69. Editas Medicine has a 52-week low of $1.12 and a 52-week high of $11.58. The firm has a market cap of $113.92 million, a P/E ratio of -0.54 and a beta of 1.94.

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.