Editas Medicine (NASDAQ:EDIT) Shares Pass Below 50-Day Moving Average – What’s Next?

Editas Medicine, Inc. (NASDAQ:EDIT) crossed below its fifty day moving average during trading on Friday . The stock has a fifty day moving average of $2.05 and traded as low as $1.72. Editas Medicine shares last traded at $1.79, with a volume of 1,528,582 shares traded.

Wall Street Analyst Weigh In

A number of analysts have commented on EDIT shares. Weiss Ratings reissued a “sell (e+)” rating on shares of Editas Medicine in a report on Wednesday, January 21st. Chardan Capital raised Editas Medicine from a “hold” rating to a “strong-buy” rating in a research report on Thursday, November 13th. Two analysts have rated the stock with a Strong Buy rating, two have given a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Editas Medicine presently has a consensus rating of “Moderate Buy” and a consensus price target of $5.00.

Editas Medicine Stock Performance

The firm has a market cap of $174.74 million, a P/E ratio of -0.75 and a beta of 2.15. The business’s 50-day simple moving average is $2.05 and its 200 day simple moving average is $2.61.

Institutional Investors Weigh In On Editas Medicine

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Price T Rowe Associates Inc. MD lifted its stake in shares of Editas Medicine by 7.2% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 92,397 shares of the company’s stock worth $190,000 after purchasing an additional 6,177 shares during the period. BNP Paribas Financial Markets increased its holdings in Editas Medicine by 33.3% during the third quarter. BNP Paribas Financial Markets now owns 27,168 shares of the company’s stock valued at $94,000 after buying an additional 6,787 shares during the last quarter. Victory Capital Management Inc. bought a new position in Editas Medicine in the third quarter worth approximately $36,000. Captrust Financial Advisors purchased a new position in shares of Editas Medicine during the 2nd quarter worth $26,000. Finally, Sei Investments Co. purchased a new position in shares of Editas Medicine during the 3rd quarter worth $46,000. Hedge funds and other institutional investors own 71.90% of the company’s stock.

About Editas Medicine

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.