Analysts Set Editas Medicine, Inc. (NASDAQ:EDIT) PT at $5.00

Editas Medicine, Inc. (NASDAQ:EDIT) has received a consensus recommendation of “Moderate Buy” from the six brokerages that are covering the stock, Marketbeat Ratings reports. One research analyst has rated the stock with a sell rating, one has given a hold rating, two have given a buy rating and two have assigned a strong buy rating to the company. The average 12-month price target among brokers that have issued a report on the stock in the last year is $5.00.

A number of equities research analysts have issued reports on the company. Chardan Capital upgraded Editas Medicine from a “hold” rating to a “strong-buy” rating in a research note on Thursday, November 13th. Wall Street Zen upgraded shares of Editas Medicine from a “sell” rating to a “hold” rating in a research report on Friday, September 26th. Finally, Weiss Ratings reissued a “sell (e+)” rating on shares of Editas Medicine in a research note on Wednesday, October 8th.

Hedge Funds Weigh In On Editas Medicine

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Nuveen LLC acquired a new stake in Editas Medicine during the 1st quarter valued at $367,000. Ieq Capital LLC boosted its position in shares of Editas Medicine by 551.0% in the first quarter. Ieq Capital LLC now owns 160,370 shares of the company’s stock worth $186,000 after buying an additional 135,736 shares during the period. State of Wyoming purchased a new position in shares of Editas Medicine during the first quarter valued at $51,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in Editas Medicine by 122.2% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 2,600,000 shares of the company’s stock valued at $3,016,000 after buying an additional 1,430,000 shares during the period. Finally, SCS Capital Management LLC acquired a new position in Editas Medicine during the first quarter valued at $41,000. 71.90% of the stock is currently owned by hedge funds and other institutional investors.

Editas Medicine Trading Down 3.3%

NASDAQ:EDIT opened at $2.07 on Friday. The stock has a 50 day moving average of $2.39 and a 200-day moving average of $2.77. The firm has a market capitalization of $202.07 million, a PE ratio of -0.87 and a beta of 2.16. Editas Medicine has a 52 week low of $0.91 and a 52 week high of $4.54.

Editas Medicine (NASDAQ:EDIT) last announced its quarterly earnings results on Monday, November 10th. The company reported ($0.28) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.38) by $0.10. The business had revenue of $7.54 million for the quarter, compared to the consensus estimate of $4.95 million. Editas Medicine had a negative return on equity of 277.29% and a negative net margin of 430.84%. As a group, analysts predict that Editas Medicine will post -2.71 EPS for the current fiscal year.

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.