Editas Medicine, Inc. (NASDAQ:EDIT) Receives Average Recommendation of “Moderate Buy” from Brokerages

Editas Medicine, Inc. (NASDAQ:EDIT) has earned an average recommendation of “Moderate Buy” from the nine research firms that are currently covering the company, Marketbeat Ratings reports. Four investment analysts have rated the stock with a hold rating and five have issued a buy rating on the company. The average 12 month price target among brokerages that have updated their coverage on the stock in the last year is $15.00.

EDIT has been the subject of several research reports. JPMorgan Chase & Co. boosted their price target on shares of Editas Medicine from $8.00 to $9.00 and gave the stock a “neutral” rating in a research note on Tuesday, February 27th. Barclays boosted their price target on shares of Editas Medicine from $10.00 to $11.00 and gave the stock an “equal weight” rating in a research note on Thursday, February 29th. Citigroup lifted their price objective on shares of Editas Medicine from $11.00 to $16.00 and gave the stock a “buy” rating in a research report on Thursday, February 29th. Finally, StockNews.com raised shares of Editas Medicine from a “sell” rating to a “hold” rating in a research report on Friday, March 1st.

Insider Activity at Editas Medicine

In related news, SVP Baisong Mei sold 20,327 shares of the business’s stock in a transaction on Monday, March 4th. The shares were sold at an average price of $9.42, for a total value of $191,480.34. Following the completion of the sale, the senior vice president now directly owns 141,543 shares of the company’s stock, valued at $1,333,335.06. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In other news, SVP Baisong Mei sold 20,327 shares of the company’s stock in a transaction dated Monday, March 4th. The shares were sold at an average price of $9.42, for a total value of $191,480.34. Following the completion of the sale, the senior vice president now directly owns 141,543 shares of the company’s stock, valued at $1,333,335.06. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Gilmore Neil O’neill sold 77,824 shares of the company’s stock in a transaction dated Tuesday, March 5th. The shares were sold at an average price of $9.42, for a total transaction of $733,102.08. Following the completion of the sale, the chief executive officer now directly owns 327,470 shares of the company’s stock, valued at $3,084,767.40. The disclosure for this sale can be found here. 2.20% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Editas Medicine

A number of institutional investors and hedge funds have recently made changes to their positions in EDIT. Covestor Ltd increased its stake in shares of Editas Medicine by 9,693.3% during the first quarter. Covestor Ltd now owns 1,469 shares of the company’s stock worth $28,000 after acquiring an additional 1,454 shares during the period. Quantbot Technologies LP acquired a new position in shares of Editas Medicine during the first quarter worth about $44,000. Lazard Asset Management LLC increased its stake in shares of Editas Medicine by 81.4% during the third quarter. Lazard Asset Management LLC now owns 4,595 shares of the company’s stock worth $35,000 after acquiring an additional 2,062 shares during the period. Russell Investments Group Ltd. increased its stake in shares of Editas Medicine by 401.9% during the fourth quarter. Russell Investments Group Ltd. now owns 5,190 shares of the company’s stock worth $53,000 after acquiring an additional 4,156 shares during the period. Finally, Clear Street Markets LLC acquired a new position in shares of Editas Medicine during the third quarter worth about $44,000. 71.90% of the stock is owned by hedge funds and other institutional investors.

Editas Medicine Stock Performance

Editas Medicine stock opened at $5.49 on Friday. Editas Medicine has a fifty-two week low of $5.28 and a fifty-two week high of $11.91. The firm has a 50 day moving average price of $7.78 and a 200 day moving average price of $8.37. The company has a market capitalization of $451.50 million, a PE ratio of -2.68 and a beta of 2.01.

Editas Medicine (NASDAQ:EDIT) last posted its earnings results on Wednesday, February 28th. The company reported ($0.23) earnings per share for the quarter, beating the consensus estimate of ($0.52) by $0.29. The firm had revenue of $60.00 million during the quarter, compared to the consensus estimate of $4.84 million. Editas Medicine had a negative net margin of 196.12% and a negative return on equity of 42.95%. The firm’s revenue for the quarter was up 817.4% on a year-over-year basis. During the same quarter last year, the firm earned ($0.88) EPS. As a group, equities research analysts forecast that Editas Medicine will post -2.61 earnings per share for the current year.

Editas Medicine Company Profile

Editas Medicine, Inc, a clinical stage genome editing company, focuses on developing transformative genomic medicines to treat a range of serious diseases. It develops a proprietary gene editing platform based on CRISPR technology. The company develops EDIT-101, which is in Phase 1/2 BRILLIANCE trial for Leber Congenital Amaurosis; and reni-cel, a clinical development gene-edited medicine to treat sickle cell disease and transfusion-dependent beta-thalassemia.