Editas Medicine (NASDAQ:EDIT) Stock Price Passes Below Fifty Day Moving Average – Should You Sell?

Editas Medicine, Inc. (NASDAQ:EDIT)’s share price crossed below its 50-day moving average during trading on Thursday . The stock has a 50-day moving average of $2.95 and traded as low as $2.82. Editas Medicine shares last traded at $2.88, with a volume of 1,383,929 shares changing hands.

Analysts Set New Price Targets

EDIT has been the topic of several research analyst reports. Chardan Capital boosted their price target on Editas Medicine from $3.50 to $4.00 and gave the stock a “buy” rating in a research note on Tuesday, May 5th. Wall Street Zen downgraded Editas Medicine from a “hold” rating to a “sell” rating in a research note on Sunday, May 10th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Editas Medicine in a report on Monday, April 20th. Finally, TD Cowen reaffirmed a “buy” rating on shares of Editas Medicine in a research note on Wednesday, May 27th. Five equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, Editas Medicine currently has an average rating of “Moderate Buy” and a consensus target price of $5.40.

Editas Medicine Trading Up 3.5%

The business has a 50 day simple moving average of $2.95 and a two-hundred day simple moving average of $2.57. The company has a market cap of $291.76 million, a PE ratio of -2.42 and a beta of 2.10.

Editas Medicine (NASDAQ:EDIT) last announced its quarterly earnings data on Tuesday, May 5th. The company reported ($0.26) EPS for the quarter, beating analysts’ consensus estimates of ($0.30) by $0.04. Editas Medicine had a negative return on equity of 677.39% and a negative net margin of 281.59%.The business had revenue of $2.83 million during the quarter, compared to the consensus estimate of $6.37 million. On average, equities research analysts expect that Editas Medicine, Inc. will post -1.03 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Editas Medicine news, CEO Gilmore Neil O’neill sold 15,380 shares of Editas Medicine stock in a transaction dated Wednesday, June 3rd. The stock was sold at an average price of $2.70, for a total value of $41,526.00. Following the completion of the sale, the chief executive officer owned 248,313 shares in the company, valued at $670,445.10. The trade was a 5.83% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 16,575 shares of company stock valued at $44,752. 3.10% of the stock is owned by insiders.

Institutional Investors Weigh In On Editas Medicine

Hedge funds have recently modified their holdings of the stock. Renaissance Technologies LLC increased its position in Editas Medicine by 30.7% during the first quarter. Renaissance Technologies LLC now owns 3,972,160 shares of the company’s stock worth $9,811,000 after purchasing an additional 932,382 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake 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 worth $3,016,000 after purchasing an additional 1,430,000 shares during the period. Geode Capital Management LLC boosted its holdings in shares of Editas Medicine by 12.0% in the 4th quarter. Geode Capital Management LLC now owns 2,284,740 shares of the company’s stock valued at $4,685,000 after purchasing an additional 244,574 shares during the last quarter. State Street Corp boosted its holdings in shares of Editas Medicine by 2.6% in the 4th quarter. State Street Corp now owns 1,974,931 shares of the company’s stock valued at $4,049,000 after purchasing an additional 49,887 shares during the last quarter. Finally, Two Sigma Investments LP grew its stake in shares of Editas Medicine by 63.3% during the 3rd quarter. Two Sigma Investments LP now owns 1,584,155 shares of the company’s stock valued at $5,497,000 after buying an additional 614,229 shares during the period. 71.90% of the stock is owned by institutional investors and hedge funds.

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.