Analysts Set Editas Medicine, Inc. (NASDAQ:EDIT) Target Price at $5.40

Shares of Editas Medicine, Inc. (NASDAQ:EDIT) have been given an average rating of “Moderate Buy” by the seven research firms that are covering the firm, MarketBeat reports. One analyst has rated the stock with a sell rating, one has issued a hold rating and five have given a buy rating to the company. The average 12-month target price among brokers that have issued a report on the stock in the last year is $5.40.

EDIT has been the subject of a number of research reports. JonesTrading upgraded Editas Medicine from a “hold” rating to a “buy” rating and set a $8.00 price objective for the company in a research note on Tuesday, March 10th. TD Cowen reiterated a “buy” rating on shares of Editas Medicine in a research report on Wednesday, May 27th. Chardan Capital boosted their price objective on shares of Editas Medicine from $3.50 to $4.00 and gave the stock a “buy” rating in a research report on Tuesday, May 5th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Editas Medicine in a report on Monday, April 20th. Finally, Robert W. Baird set a $6.00 price target on shares of Editas Medicine in a research note on Monday, March 9th.

Editas Medicine Trading Up 1.2%

Shares of NASDAQ EDIT opened at $3.28 on Friday. The stock has a market cap of $321.14 million, a P/E ratio of -2.67 and a beta of 2.10. The business’s fifty day simple moving average is $2.89 and its 200-day simple moving average is $2.49. Editas Medicine has a 12-month low of $1.66 and a 12-month high of $4.54.

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. The company had revenue of $2.83 million for the quarter, compared to the consensus estimate of $6.37 million. Editas Medicine had a negative net margin of 281.59% and a negative return on equity of 677.39%. On average, equities analysts forecast that Editas Medicine will post -1.03 EPS 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 Trading of Editas Medicine

Several institutional investors have recently made changes to their positions in the stock. Renaissance Technologies LLC grew its holdings in shares of Editas Medicine by 138.0% during the 4th quarter. Renaissance Technologies LLC now owns 3,039,778 shares of the company’s stock worth $6,232,000 after purchasing an additional 1,762,378 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in shares of Editas Medicine by 122.2% in 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 buying an additional 1,430,000 shares during the last quarter. Jacobs Levy Equity Management Inc. raised its stake in shares of Editas Medicine by 761.7% in the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 800,023 shares of the company’s stock valued at $2,776,000 after purchasing an additional 707,181 shares in the last quarter. Two Sigma Investments LP raised its stake in Editas Medicine by 63.3% during the third 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 in the last quarter. Finally, GSA Capital Partners LLP acquired a new stake in shares of Editas Medicine during the 4th quarter valued at approximately $1,166,000. 71.90% of the stock is owned by hedge funds and other institutional investors.

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.