Editas Medicine, Inc. (NASDAQ:EDIT) Stock Has Average Price Target of $5.80 According to Analysts

Shares of Editas Medicine, Inc. (NASDAQ:EDIT) have received an average rating of “Moderate Buy” from the six analysts that are covering the stock, Marketbeat reports. One research analyst has rated the stock with a sell rating and five have assigned a buy rating to the company. The average 12-month price target among brokerages that have covered the stock in the last year is $5.80.

Several brokerages have commented on EDIT. Weiss Ratings raised shares of Editas Medicine from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Tuesday, August 11th. Wall Street Zen raised Editas Medicine from a “sell” rating to a “hold” rating in a research report on Saturday, August 8th. LADENBURG THALM/SH SH assumed coverage on Editas Medicine in a report on Tuesday, August 18th. They set a “buy” rating and a $6.00 target price on the stock. Finally, Guggenheim upgraded Editas Medicine from a “neutral” rating to a “buy” rating and set a $5.00 price target for the company in a research note on Wednesday, September 23rd.

Editas Medicine Stock Up 0.7%

Shares of EDIT opened at $2.75 on Monday. The stock has a market capitalization of $422.35 million, a P/E ratio of -3.67 and a beta of 2.00. Editas Medicine has a twelve month low of $1.66 and a twelve month high of $4.54. The company has a 50 day moving average of $2.85 and a 200-day moving average of $2.89.

Editas Medicine (NASDAQ:EDIT) last announced its quarterly earnings data on Wednesday, August 5th. The company reported ($0.15) EPS for the quarter, topping analysts’ consensus estimates of ($0.27) by $0.12. Editas Medicine had a negative net margin of 157.32% and a negative return on equity of 196.63%. The business had revenue of $11.89 million for the quarter, compared to analyst estimates of $2.85 million. On average, sell-side analysts anticipate that Editas Medicine will post -0.8 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Editas Medicine

Large investors have recently made changes to their positions in the stock. BlackRock Inc. acquired a new position in Editas Medicine during the second quarter worth $34,312,000. ADAR1 Capital Management LLC acquired a new stake in Editas Medicine in the second quarter valued at $28,800,000. Opaleye Management Inc. lifted its stake in Editas Medicine by 100.4% in the second quarter. Opaleye Management Inc. now owns 3,861,930 shares of the company’s stock valued at $12,513,000 after acquiring an additional 1,934,933 shares during the last quarter. Renaissance Technologies LLC grew its position in shares of Editas Medicine by 30.7% in the 1st quarter. Renaissance Technologies LLC now owns 3,972,160 shares of the company’s stock valued at $9,811,000 after acquiring an additional 932,382 shares during the period. Finally, Seven Fleet Capital Management LP bought a new position in shares of Editas Medicine in the 2nd quarter valued at about $4,311,000. Institutional investors and hedge funds own 71.90% of the company’s stock.

About Editas Medicine

Editas Medicine, Inc is a biotechnology company focused on developing genomic medicines that use CRISPR-based gene-editing technologies to treat diseases caused by genetic abnormalities. The company’s research programs are designed to modify or correct disease-associated genes in patients’ cells, with the goal of developing potentially durable treatments.

Its lead investigational program is reni-cel, formerly known as EDIT-301, an ex vivo CRISPR gene-editing therapy being studied for sickle cell disease and transfusion-dependent beta thalassemia.