Editas Medicine, Inc. (NASDAQ:EDIT) Receives $12.90 Average Target Price from Brokerages

Shares of Editas Medicine, Inc. (NASDAQ:EDIT) have been given an average rating of “Hold” by the ten analysts that are currently covering the stock, MarketBeat Ratings reports. Six research analysts have rated the stock with a hold recommendation and four have issued a buy recommendation on the company. The average 1-year price target among analysts that have covered the stock in the last year is $12.90.

A number of research analysts have commented on EDIT shares. Barclays reduced their price target on shares of Editas Medicine from $11.00 to $9.00 and set an “equal weight” rating on the stock in a research report on Thursday, May 9th. Citigroup reduced their price target on shares of Editas Medicine from $16.00 to $15.00 and set a “buy” rating on the stock in a research report on Thursday, May 9th. StockNews.com cut shares of Editas Medicine from a “hold” rating to a “sell” rating in a research report on Thursday, May 9th. Evercore ISI dropped their price objective on Editas Medicine from $15.00 to $7.00 and set an “in-line” rating for the company in a research note on Thursday, May 30th. Finally, Morgan Stanley raised Editas Medicine from an “underweight” rating to an “equal weight” rating and set a $7.00 price objective for the company in a research note on Thursday, May 9th.

Editas Medicine Trading Up 1.9 %

EDIT stock opened at $4.91 on Friday. Editas Medicine has a 1-year low of $4.45 and a 1-year high of $11.69. The company’s 50 day moving average is $5.30 and its 200 day moving average is $6.99. The stock has a market cap of $403.79 million, a price-to-earnings ratio of -2.34 and a beta of 2.01.

Editas Medicine (NASDAQ:EDIT) last issued its quarterly earnings results on Wednesday, May 8th. The company reported ($0.76) EPS for the quarter, missing analysts’ consensus estimates of ($0.63) by ($0.13). Editas Medicine had a negative net margin of 239.36% and a negative return on equity of 47.34%. The business had revenue of $1.10 million for the quarter, compared to the consensus estimate of $11.14 million. During the same quarter in the previous year, the business earned ($0.71) earnings per share. The firm’s revenue was down 88.9% on a year-over-year basis. As a group, sell-side analysts forecast that Editas Medicine will post -2.7 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CEO Gilmore Neil O’neill sold 12,191 shares of the firm’s stock in a transaction on Tuesday, June 4th. The stock was sold at an average price of $5.50, for a total value of $67,050.50. Following the completion of the sale, the chief executive officer now owns 315,279 shares of the company’s stock, valued at $1,734,034.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Editas Medicine news, Director Jessica Hopfield purchased 45,000 shares of the company’s stock in a transaction that occurred on Monday, May 13th. The stock was bought at an average price of $5.64 per share, with a total value of $253,800.00. Following the completion of the purchase, the director now directly owns 67,700 shares of the company’s stock, valued at approximately $381,828. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Gilmore Neil O’neill sold 12,191 shares of the firm’s stock in a transaction on Tuesday, June 4th. The shares were sold at an average price of $5.50, for a total value of $67,050.50. Following the transaction, the chief executive officer now directly owns 315,279 shares of the company’s stock, valued at approximately $1,734,034.50. The disclosure for this sale can be found here. 1.90% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Editas Medicine

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Russell Investments Group Ltd. lifted its position in Editas Medicine by 401.9% during the fourth quarter. Russell Investments Group Ltd. now owns 5,190 shares of the company’s stock valued at $53,000 after buying an additional 4,156 shares during the period. China Universal Asset Management Co. Ltd. lifted its position in Editas Medicine by 351.1% during the fourth quarter. China Universal Asset Management Co. Ltd. now owns 9,450 shares of the company’s stock valued at $96,000 after buying an additional 7,355 shares during the period. Headlands Technologies LLC lifted its position in 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 buying an additional 7,861 shares during the period. EntryPoint Capital LLC purchased a new position in Editas Medicine during the first quarter valued at $72,000. Finally, HB Wealth Management LLC purchased a new position in Editas Medicine during the first quarter valued at $76,000. Hedge funds and other institutional investors own 71.90% of the company’s stock.

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.