Editas Medicine (NASDAQ:EDIT) Stock Breaks Above 200 Day Moving Average – Time to Sell?

Editas Medicine, Inc. (NASDAQ:EDIT)’s share price crossed above its 200-day moving average during trading on Wednesday. The stock has a 200-day moving average of $2.67 and traded as high as $2.96. Editas Medicine shares last traded at $2.95, with a volume of 4,427,562 shares.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on EDIT shares. Weiss Ratings upgraded Editas Medicine from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Tuesday, August 11th. LADENBURG THALM/SH SH began coverage on Editas Medicine in a research report on Tuesday, August 18th. They issued a “buy” rating and a $6.00 target price on the stock. Wall Street Zen upgraded Editas Medicine from a “sell” rating to a “hold” rating in a research note on Saturday, August 8th. Guggenheim raised shares of Editas Medicine from a “neutral” rating to a “buy” rating and set a $5.00 price target for the company in a report on Wednesday, September 23rd. Finally, Wells Fargo & Company upgraded shares of Editas Medicine from an “equal weight” rating to an “overweight” rating and upped their price target for the stock from $4.00 to $6.00 in a research report on Thursday, October 8th. Six research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $5.83.

Editas Medicine Trading Down 8.9%

The business’s 50 day moving average is $2.76 and its two-hundred day moving average is $2.67.

Editas Medicine (NASDAQ:EDIT) last posted its quarterly earnings data on Wednesday, August 5th. The company reported ($0.15) earnings per share for the quarter, topping the consensus estimate of ($0.27) by $0.12. The business had revenue of $11.89 million during the quarter, compared to the consensus estimate of $2.85 million. Editas Medicine had a negative net margin of 157.32% and a negative return on equity of 196.63%. On average, research analysts predict that Editas Medicine, Inc. will post -0.80 EPS for the current year.

Institutional Inflows and Outflows

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

About Editas Medicine

Editas Medicine, Inc is a biotechnology company focused on developing genomic medicines using CRISPR-based gene-editing technologies. The company’s research platforms include CRISPR/Cas9 and CRISPR/Cas12a, which are designed to make precise changes to DNA and potentially treat diseases caused by genetic abnormalities.

Editas Medicine’s lead investigational program is reni-cel, formerly known as EDIT-301. Reni-cel is an ex vivo gene-editing therapy intended to treat sickle cell disease and transfusion-dependent beta thalassemia by modifying a patient’s blood-forming stem cells before they are returned to the body.