Editas Medicine (NASDAQ:EDIT) Share Price Crosses Below Fifty Day Moving Average – Here’s What Happened

Shares of Editas Medicine, Inc. (NASDAQ:EDIT) crossed 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.

Wall Street Analysts Forecast Growth

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

Editas Medicine Stock Up 2.4 %

The business’s fifty day moving average is $1.51 and its 200-day moving average is $2.20. The stock has a market capitalization of $107.87 million, a PE ratio of -0.51 and a beta of 1.88.

Editas Medicine (NASDAQ:EDIT) last released its quarterly earnings data on Wednesday, March 5th. The company reported ($0.55) EPS for the quarter, missing analysts’ consensus estimates of ($0.39) by ($0.16). Editas Medicine had a negative return on equity of 80.13% and a negative net margin of 340.96%. The firm had revenue of $30.60 million for the quarter, compared to analyst estimates of $37.17 million. During the same quarter in the previous year, the company earned ($0.23) earnings per share. As a group, sell-side analysts anticipate that Editas Medicine, Inc. will post -2.71 EPS for the current fiscal year.

Institutional Trading of Editas Medicine

A number of institutional investors have recently modified their holdings of EDIT. Two Sigma Advisers LP grew its stake in Editas Medicine by 46.8% during the fourth quarter. Two Sigma Advisers LP now owns 1,657,000 shares of the company’s stock worth $2,104,000 after buying an additional 528,000 shares during the period. Two Sigma Investments LP boosted its position in Editas Medicine by 21.4% during the 4th quarter. Two Sigma Investments LP now owns 1,649,072 shares of the company’s stock worth $2,094,000 after purchasing an additional 290,483 shares during the period. Renaissance Technologies LLC acquired a new stake in Editas Medicine in the 4th quarter valued at $1,843,000. Balyasny Asset Management L.P. raised its position in Editas Medicine by 647.3% in the fourth quarter. Balyasny Asset Management L.P. now owns 1,300,604 shares of the company’s stock valued at $1,652,000 after purchasing an additional 1,126,569 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in shares of Editas Medicine by 30.4% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,170,000 shares of the company’s stock worth $1,486,000 after purchasing an additional 272,467 shares in the last quarter. Hedge funds and other 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.