Brokerages Set Editas Medicine, Inc. (NASDAQ:EDIT) Target Price at $11.22

Shares of Editas Medicine, Inc. (NASDAQ:EDIT) have received an average rating of “Hold” from the eleven ratings firms that are currently covering the firm, MarketBeat Ratings reports. Seven investment analysts have rated the stock with a hold recommendation and four have given a buy recommendation to the company. The average 12 month price target among brokers that have updated their coverage on the stock in the last year is $10.90.

A number of research firms have issued reports on EDIT. Barclays decreased their price target on shares of Editas Medicine from $9.00 to $7.00 and set an “equal weight” rating for the company in a report on Thursday, August 8th. Truist Financial lowered their target price on Editas Medicine from $20.00 to $12.00 and set a “buy” rating on the stock in a report on Thursday, August 8th. Royal Bank of Canada reiterated a “sector perform” rating and set a $8.00 price target on shares of Editas Medicine in a report on Thursday. Bank of America upgraded shares of Editas Medicine from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $13.00 to $15.00 in a research note on Thursday, August 8th. Finally, Oppenheimer reaffirmed a “market perform” rating and set a $12.00 target price on shares of Editas Medicine in a research report on Tuesday, June 18th.

Insider Activity

In related news, EVP Baisong Mei sold 6,619 shares of the stock in a transaction dated Friday, July 19th. The shares were sold at an average price of $5.21, for a total value of $34,484.99. Following the completion of the transaction, the executive vice president now owns 134,413 shares of the company’s stock, valued at $700,291.73. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, EVP Baisong Mei sold 6,619 shares of the business’s stock in a transaction on Friday, July 19th. The stock was sold at an average price of $5.21, for a total value of $34,484.99. Following the sale, the executive vice president now owns 134,413 shares of the company’s stock, valued at approximately $700,291.73. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Linda Burkly sold 11,886 shares of the stock in a transaction on Thursday, July 25th. The stock was sold at an average price of $5.42, for a total value of $64,422.12. Following the transaction, the executive vice president now owns 73,136 shares of the company’s stock, valued at $396,397.12. The disclosure for this sale can be found here. In the last three months, insiders have sold 20,578 shares of company stock worth $105,997. Corporate insiders own 1.90% of the company’s stock.

Institutional Investors Weigh In On Editas Medicine

A number of hedge funds and other institutional investors have recently bought and sold shares of EDIT. Russell Investments Group Ltd. grew its holdings in Editas Medicine by 401.9% during the 4th 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 last quarter. Headlands Technologies LLC grew its stake in shares of Editas Medicine by 481.7% during the first quarter. Headlands Technologies LLC now owns 9,493 shares of the company’s stock valued at $70,000 after purchasing an additional 7,861 shares during the last quarter. EntryPoint Capital LLC bought a new stake in shares of Editas Medicine during the first quarter valued at approximately $72,000. Koss Olinger Consulting LLC acquired a new stake in shares of Editas Medicine in the second quarter valued at approximately $47,000. Finally, HB Wealth Management LLC bought a new position in Editas Medicine in the 1st quarter worth approximately $76,000. 71.90% of the stock is owned by institutional investors and hedge funds.

Editas Medicine Stock Performance

Shares of EDIT stock opened at $3.77 on Wednesday. The stock’s 50 day simple moving average is $4.34 and its 200 day simple moving average is $5.46. Editas Medicine has a twelve month low of $3.40 and a twelve month high of $11.69. The company has a market capitalization of $310.04 million, a price-to-earnings ratio of -1.80 and a beta of 1.99.

Editas Medicine (NASDAQ:EDIT) last released its quarterly earnings results on Wednesday, August 7th. The company reported ($0.82) EPS for the quarter, missing analysts’ consensus estimates of ($0.70) by ($0.12). The firm had revenue of $0.51 million during the quarter, compared to the consensus estimate of $4.78 million. Editas Medicine had a negative net margin of 288.59% and a negative return on equity of 62.61%. The company’s revenue for the quarter was down 82.2% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.56) EPS. On average, analysts forecast that Editas Medicine will post -2.97 EPS for the current fiscal year.

About Editas Medicine

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.