Editas Medicine, Inc. (NASDAQ:EDIT) Given Average Rating of “Hold” by Analysts

Editas Medicine, Inc. (NASDAQ:EDIT) has been given a consensus recommendation of “Hold” by the nine brokerages that are currently covering the firm, Marketbeat.com reports. Six equities research analysts have rated the stock with a hold recommendation and three have assigned a buy recommendation to the company. The average 12 month target price among brokerages that have updated their coverage on the stock in the last year is $12.22.

Several equities analysts have issued reports on the stock. Barclays decreased their price objective on shares of Editas Medicine from $11.00 to $9.00 and set an “equal weight” rating on the stock in a report on Thursday, May 9th. Citigroup lowered their price objective on Editas Medicine from $16.00 to $15.00 and set a “buy” rating on the stock in a report on Thursday, May 9th. Evercore ISI reduced their target price on Editas Medicine from $15.00 to $7.00 and set an “in-line” rating for the company in a report on Thursday, May 30th. Oppenheimer reaffirmed a “market perform” rating and issued a $12.00 price target on shares of Editas Medicine in a research note on Tuesday, June 18th. Finally, StockNews.com downgraded Editas Medicine from a “hold” rating to a “sell” rating in a research note on Thursday, May 9th.

Insider Transactions at Editas Medicine

In related news, EVP Linda Burkly sold 11,886 shares of the company’s stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $5.42, for a total value of $64,422.12. Following the completion of the sale, the executive vice president now owns 73,136 shares of the company’s stock, valued at $396,397.12. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, Director Jessica Hopfield bought 45,000 shares of the firm’s stock in a transaction on Monday, May 13th. The shares were bought at an average price of $5.64 per share, with a total value of $253,800.00. Following the completion of the transaction, the director now directly owns 67,700 shares of the company’s stock, valued at approximately $381,828. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Linda Burkly sold 11,886 shares of the business’s stock in a transaction that occurred on Thursday, July 25th. The shares were sold at an average price of $5.42, for a total transaction of $64,422.12. Following the completion of the sale, the executive vice president now directly owns 73,136 shares in the company, valued at $396,397.12. The disclosure for this sale can be found here. Insiders have sold a total of 31,207 shares of company stock worth $168,768 in the last quarter. Company insiders own 1.90% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Vanguard Group Inc. boosted its holdings in Editas Medicine by 4.5% during the 3rd quarter. Vanguard Group Inc. now owns 8,536,208 shares of the company’s stock valued at $66,582,000 after acquiring an additional 370,734 shares during the period. Jump Financial LLC boosted its position in Editas Medicine by 42.0% in the 4th quarter. Jump Financial LLC now owns 28,159 shares of the company’s stock valued at $285,000 after buying an additional 8,329 shares during the period. International Assets Investment Management LLC grew its stake in shares of Editas Medicine by 1,183.6% in the fourth quarter. International Assets Investment Management LLC now owns 288,269 shares of the company’s stock worth $28,457,000 after acquiring an additional 265,812 shares in the last quarter. Trexquant Investment LP raised its stake in shares of Editas Medicine by 28.9% in the fourth quarter. Trexquant Investment LP now owns 241,754 shares of the company’s stock valued at $2,449,000 after acquiring an additional 54,245 shares in the last quarter. Finally, Seven Eight Capital LP purchased a new position in Editas Medicine in the fourth quarter valued at $1,482,000. 71.90% of the stock is currently owned by hedge funds and other institutional investors.

Editas Medicine Stock Down 2.7 %

EDIT stock opened at $5.00 on Tuesday. The firm has a market cap of $411.20 million, a P/E ratio of -2.38 and a beta of 2.01. The company’s 50-day simple moving average is $5.22 and its 200-day simple moving average is $6.47. Editas Medicine has a 52-week low of $4.45 and a 52-week high of $11.69.

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