Editas Medicine (NASDAQ:EDIT) Given New $15.00 Price Target at Citigroup

Editas Medicine (NASDAQ:EDIT) had its price target decreased by equities research analysts at Citigroup from $16.00 to $15.00 in a research note issued on Thursday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. Citigroup’s price target indicates a potential upside of 169.78% from the stock’s current price.

Several other research analysts have also issued reports on the company. StockNews.com upgraded Editas Medicine from a “sell” rating to a “hold” rating in a research report on Friday, March 1st. Morgan Stanley upgraded Editas Medicine from an “underweight” rating to an “equal weight” rating and set a $7.00 target price on the stock in a report on Thursday. JPMorgan Chase & Co. lifted their price objective 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. Finally, 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. Six equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat.com, Editas Medicine has an average rating of “Hold” and a consensus target price of $13.90.

Editas Medicine Trading Up 10.5 %

Editas Medicine stock traded up $0.53 during mid-day trading on Thursday, hitting $5.56. The stock had a trading volume of 2,717,523 shares, compared to its average volume of 1,843,758. The stock has a 50-day simple moving average of $7.03 and a two-hundred day simple moving average of $8.24. The stock has a market capitalization of $457.23 million, a PE ratio of -2.67 and a beta of 2.09. Editas Medicine has a 12 month low of $4.91 and a 12 month high of $11.91.

Editas Medicine (NASDAQ:EDIT) last issued its earnings results on Wednesday, May 8th. The company reported ($0.76) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.63) by ($0.13). Editas Medicine had a negative net margin of 196.12% and a negative return on equity of 42.95%. The business had revenue of $1.10 million during the quarter, compared to the consensus estimate of $11.14 million. During the same period last year, the business posted ($0.71) EPS. The firm’s revenue for the quarter was down 88.9% compared to the same quarter last year. Sell-side analysts expect that Editas Medicine will post -2.61 earnings per share for the current fiscal year.

Insider Buying and Selling at Editas Medicine

In other Editas Medicine news, SVP Baisong Mei sold 20,327 shares of the stock in a transaction on Monday, March 4th. The stock was sold at an average price of $9.42, for a total transaction of $191,480.34. Following the transaction, the senior vice president now owns 141,543 shares in the company, valued at approximately $1,333,335.06. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, CEO Gilmore Neil O’neill sold 77,824 shares of the business’s stock in a transaction dated Tuesday, March 5th. The stock was 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 of the company’s stock, valued at $3,084,767.40. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, SVP Baisong Mei sold 20,327 shares of the stock in a transaction dated Monday, March 4th. The stock was sold at an average price of $9.42, for a total transaction of $191,480.34. Following the sale, the senior vice president now owns 141,543 shares in the company, valued at $1,333,335.06. The disclosure for this sale can be found here. Insiders own 1.90% of the company’s stock.

Institutional Trading of Editas Medicine

A number of institutional investors and hedge funds have recently made changes to their positions in EDIT. Clear Street Markets LLC bought a new position in shares of Editas Medicine in the third quarter worth about $44,000. Russell Investments Group Ltd. raised 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 valued at $53,000 after acquiring an additional 4,156 shares during the last quarter. Amalgamated Bank raised its position in Editas Medicine by 18.0% during the 3rd quarter. Amalgamated Bank now owns 8,023 shares of the company’s stock worth $63,000 after purchasing an additional 1,226 shares during the last quarter. Headlands Technologies LLC raised its position in Editas Medicine by 481.7% during the 1st quarter. Headlands Technologies LLC now owns 9,493 shares of the company’s stock worth $70,000 after purchasing an additional 7,861 shares during the last quarter. Finally, HB Wealth Management LLC bought a new position in Editas Medicine during the 1st quarter worth $76,000. 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.