Editas Medicine (NASDAQ:EDIT) Share Price Passes Below 50 Day Moving Average – Here’s Why

Editas Medicine, Inc. (NASDAQ:EDIT)’s stock price passed below its 50-day moving average during trading on Tuesday . The stock has a 50-day moving average of $1.51 and traded as low as $1.28. Editas Medicine shares last traded at $1.30, with a volume of 1,372,494 shares changing hands.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on EDIT shares. Barclays reduced their price target on shares of Editas Medicine from $5.00 to $3.00 and set an “equal weight” rating for the company in a research report on Friday, December 13th. Wells Fargo & Company cut Editas Medicine from an “overweight” rating to an “equal weight” rating and decreased their price target for the stock from $7.00 to $4.00 in a research note on Wednesday, December 11th. Robert W. Baird dropped their price objective on Editas Medicine from $10.00 to $8.00 and set an “outperform” rating on the stock in a research report on Friday, December 13th. Truist Financial lowered Editas Medicine from a “buy” rating to a “hold” rating in a research report on Friday, December 13th. Finally, JPMorgan Chase & Co. lowered shares of Editas Medicine from a “neutral” rating to an “underweight” rating in a research note on Monday, December 16th. Three equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $6.83.

Editas Medicine Stock Performance

The company has a market capitalization of $107.87 million, a P/E ratio of -0.51 and a beta of 1.88. The stock has a fifty day moving average of $1.51 and a 200 day moving average of $2.21.

Editas Medicine (NASDAQ:EDIT) last posted its quarterly earnings data on Wednesday, March 5th. The company reported ($0.55) EPS for the quarter, missing the consensus estimate of ($0.39) by ($0.16). The company had revenue of $30.60 million during the quarter, compared to the consensus estimate of $37.17 million. Editas Medicine had a negative return on equity of 80.13% and a negative net margin of 340.96%. During the same period last year, the business earned ($0.23) EPS. Research analysts anticipate that Editas Medicine, Inc. will post -2.71 EPS for the current fiscal year.

Hedge Funds Weigh In On Editas Medicine

A number of hedge funds have recently modified their holdings of the company. Y Intercept Hong Kong Ltd purchased a new position in shares of Editas Medicine during the 3rd quarter valued at $47,000. Erste Asset Management GmbH bought a new position in shares of Editas Medicine in the third quarter worth about $52,000. Paloma Partners Management Co bought a new position in shares of Editas Medicine in the third quarter worth about $66,000. Verition Fund Management LLC bought a new stake in Editas Medicine during the 3rd quarter valued at approximately $78,000. Finally, Ieq Capital LLC purchased a new position in Editas Medicine in the 4th quarter worth approximately $31,000. 71.90% of the stock is currently owned by institutional investors.

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.