Editas Medicine, Inc. (NASDAQ:EDIT) Given Average Rating of “Moderate Buy” by Brokerages

Shares of Editas Medicine, Inc. (NASDAQ:EDIT) have earned a consensus recommendation of “Moderate Buy” from the nine brokerages that are currently covering the company, Marketbeat reports. Four analysts have rated the stock with a hold recommendation and five have assigned a buy recommendation to the company. The average 12 month price target among brokerages that have issued a report on the stock in the last year is $15.00.

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

Insider Activity at Editas Medicine

In other Editas Medicine news, CEO Gilmore Neil O’neill sold 77,824 shares of the 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 sale, the chief executive officer now owns 327,470 shares of the company’s stock, valued at approximately $3,084,767.40. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In related news, CEO Gilmore Neil O’neill sold 77,824 shares of the business’s stock in a transaction that occurred on Tuesday, March 5th. The shares were sold at an average price of $9.42, for a total value of $733,102.08. Following the completion of the transaction, the chief executive officer now owns 327,470 shares in the company, valued at approximately $3,084,767.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Baisong Mei sold 20,327 shares of the company’s stock in a transaction on Monday, March 4th. The stock was sold at an average price of $9.42, for a total value of $191,480.34. Following the transaction, the senior vice president now directly owns 141,543 shares in the company, valued at approximately $1,333,335.06. The disclosure for this sale can be found here. 1.90% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Editas Medicine

Hedge funds have recently added to or reduced their stakes in the company. Assenagon Asset Management S.A. lifted its position in Editas Medicine by 49.0% during the 1st quarter. Assenagon Asset Management S.A. now owns 57,033 shares of the company’s stock valued at $423,000 after purchasing an additional 18,745 shares during the period. Los Angeles Capital Management LLC bought a new stake in shares of Editas Medicine during the first quarter worth approximately $1,097,000. Virtu Financial LLC bought a new stake in shares of Editas Medicine during the fourth quarter worth approximately $748,000. Public Employees Retirement System of Ohio acquired a new position in Editas Medicine in the fourth quarter valued at approximately $137,000. Finally, Seven Eight Capital LP bought a new position in Editas Medicine in the fourth quarter valued at approximately $1,482,000. Institutional investors own 71.90% of the company’s stock.

Editas Medicine Price Performance

Shares of EDIT stock opened at $5.22 on Friday. Editas Medicine has a one year low of $5.11 and a one year high of $11.91. The stock has a fifty day moving average price of $7.57 and a 200 day moving average price of $8.32. The stock has a market cap of $429.29 million, a P/E ratio of -2.55 and a beta of 2.01.

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