Editas Medicine Inc. (NASDAQ:EDIT) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Thursday. The firm currently has a $17.00 price target on the stock. Zacks Investment Research’s price objective would indicate a potential upside of 3.98% from the company’s current price.

According to Zacks, “Editas Medicine, Inc. is a genome editing company. It focuses on translating its genome editing technology into a novel class of human therapeutics which enable precise and corrective molecular modification to treat diseases. Editas Medicine, Inc. is based in Cambridge, Massachusetts. “

Separately, Jefferies Group raised Editas Medicine from a “hold” rating to a “buy” rating and set a $35.00 target price for the company in a research note on Wednesday, August 10th. Two equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. Editas Medicine presently has an average rating of “Buy” and a consensus target price of $30.75.

Analyst Recommendations for Editas Medicine (NASDAQ:EDIT)

Editas Medicine (NASDAQ:EDIT) opened at 16.35 on Thursday. The firm’s market capitalization is $580.51 million. Editas Medicine has a one year low of $12.43 and a one year high of $43.99. The stock has a 50 day moving average price of $14.11 and a 200-day moving average price of $22.86.

Editas Medicine (NASDAQ:EDIT) last released its earnings results on Monday, November 7th. The company reported ($0.59) EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.64) by $0.05. Editas Medicine had a negative return on equity of 59.22% and a negative net margin of 1,184.46%. The firm earned $1 million during the quarter, compared to analysts’ expectations of $1 million. Editas Medicine’s revenue was up 49.3% compared to the same quarter last year. On average, analysts predict that Editas Medicine will post ($2.49) earnings per share for the current fiscal year.

In other news, major shareholder Polaris Venture Management Co. sold 500,000 shares of the business’s stock in a transaction dated Thursday, September 8th. The stock was sold at an average price of $16.80, for a total value of $8,400,000.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, major shareholder Kevin P. Starr sold 5,890 shares of the business’s stock in a transaction dated Tuesday, September 6th. The shares were sold at an average price of $15.90, for a total value of $93,651.00. The disclosure for this sale can be found here.

Several hedge funds have recently bought and sold shares of EDIT. Nationwide Fund Advisors purchased a new stake in Editas Medicine during the second quarter valued at $115,000. BlackRock Group LTD purchased a new stake in Editas Medicine during the third quarter valued at $117,000. BlackRock Advisors LLC increased its stake in Editas Medicine by 11.2% in the third quarter. BlackRock Advisors LLC now owns 9,817 shares of the company’s stock valued at $132,000 after buying an additional 990 shares during the last quarter. PARK CIRCLE Co purchased a new stake in Editas Medicine during the third quarter valued at $135,000. Finally, Metropolitan Life Insurance Co. NY purchased a new stake in Editas Medicine during the second quarter valued at $181,000. 61.13% of the stock is owned by institutional investors and hedge funds.

About Editas Medicine

Editas Medicine, Inc, formerly Gengine, Inc, is a genome editing company. The Company is engaged in treating patients with genetically defined diseases by correcting their disease-causing genes. It operates through developing and commercializing genome editing technology segment. It is developing a genome editing platform based on clustered, regularly interspaced short palindromic repeats (CRISPR)/CRISPR associated protein 9 (Cas9) technology.

5 Day Chart for NASDAQ:EDIT

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