Analysts Set Editas Medicine, Inc. (NASDAQ:EDIT) Price Target at $15.00

Shares of Editas Medicine, Inc. (NASDAQ:EDIT) have earned an average recommendation of “Moderate Buy” from the nine ratings firms that are covering the company, MarketBeat reports. Four analysts have rated the stock with a hold rating and five have issued a buy rating on the company. The average 12-month price target among analysts that have covered the stock in the last year is $15.00.

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

Editas Medicine Price Performance

Shares of NASDAQ EDIT opened at $5.46 on Friday. The company’s 50 day simple moving average is $7.69 and its 200 day simple moving average is $8.36. Editas Medicine has a fifty-two week low of $5.28 and a fifty-two week high of $11.91. The firm has a market capitalization of $449.03 million, a P/E ratio of -2.66 and a beta of 2.02.

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

Insider Transactions at Editas Medicine

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

Institutional Trading of Editas Medicine

Hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. lifted its stake in shares of Editas Medicine by 4.5% during the 3rd quarter. Vanguard Group Inc. now owns 8,536,208 shares of the company’s stock worth $66,582,000 after buying an additional 370,734 shares during the last quarter. Citigroup Inc. increased its holdings in Editas Medicine by 13.6% in the 3rd quarter. Citigroup Inc. now owns 212,582 shares of the company’s stock valued at $1,658,000 after buying an additional 25,532 shares during the period. International Assets Investment Management LLC increased its holdings in Editas Medicine by 1,183.6% in the 4th quarter. International Assets Investment Management LLC now owns 288,269 shares of the company’s stock valued at $28,457,000 after buying an additional 265,812 shares during the period. QRG Capital Management Inc. bought a new position in Editas Medicine in the 3rd quarter valued at about $635,000. Finally, China Universal Asset Management Co. Ltd. grew its holdings in shares of Editas Medicine by 351.1% during the 4th quarter. China Universal Asset Management Co. Ltd. now owns 9,450 shares of the company’s stock valued at $96,000 after purchasing an additional 7,355 shares during the last quarter. Institutional investors and hedge funds own 71.90% of the company’s stock.

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.