Analysts Set Editas Medicine, Inc. (NASDAQ:EDIT) Price Target at $5.40

Shares of Editas Medicine, Inc. (NASDAQ:EDIT) have received an average recommendation of “Moderate Buy” from the seven ratings firms that are covering the company, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell rating, one has given a hold rating and five have issued a buy rating on the company. The average 12 month price objective among brokers that have issued ratings on the stock in the last year is $5.40.

Several analysts have weighed in on the stock. TD Cowen reissued a “buy” rating on shares of Editas Medicine in a research note on Monday, March 9th. Wall Street Zen downgraded shares of Editas Medicine from a “hold” rating to a “sell” rating in a research note on Sunday, May 10th. Robert W. Baird set a $6.00 price objective on shares of Editas Medicine in a research note on Monday, March 9th. Chardan Capital upped their price objective on shares of Editas Medicine from $3.50 to $4.00 and gave the company a “buy” rating in a research note on Tuesday, May 5th. Finally, JonesTrading raised shares of Editas Medicine from a “hold” rating to a “buy” rating and set a $8.00 price objective for the company in a research note on Tuesday, March 10th.

Editas Medicine Stock Down 1.7%

Editas Medicine stock opened at $2.85 on Friday. The company has a market capitalization of $279.04 million, a PE ratio of -2.32 and a beta of 2.14. The firm has a fifty day simple moving average of $2.76 and a two-hundred day simple moving average of $2.44. Editas Medicine has a twelve month low of $1.35 and a twelve month high of $4.54.

Editas Medicine (NASDAQ:EDIT) last posted its quarterly earnings results on Tuesday, May 5th. The company reported ($0.26) earnings per share for the quarter, topping the consensus estimate of ($0.30) by $0.04. The business had revenue of $2.83 million during the quarter, compared to the consensus estimate of $6.37 million. Editas Medicine had a negative net margin of 281.59% and a negative return on equity of 677.39%. As a group, equities analysts expect that Editas Medicine will post -1.07 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Editas Medicine

Hedge funds and other institutional investors have recently modified their holdings of the company. Sei Investments Co. raised its stake in shares of Editas Medicine by 19.6% during the first quarter. Sei Investments Co. now owns 88,707 shares of the company’s stock valued at $219,000 after acquiring an additional 14,516 shares during the last quarter. Bank of New York Mellon Corp raised its stake in shares of Editas Medicine by 11.1% during the first quarter. Bank of New York Mellon Corp now owns 272,567 shares of the company’s stock valued at $673,000 after acquiring an additional 27,225 shares during the last quarter. State of Wyoming bought a new position in shares of Editas Medicine during the first quarter valued at about $43,000. Renaissance Technologies LLC raised its stake in shares of Editas Medicine by 30.7% during the first quarter. Renaissance Technologies LLC now owns 3,972,160 shares of the company’s stock valued at $9,811,000 after acquiring an additional 932,382 shares during the last quarter. Finally, Independent Financial Group LLC bought a new position in shares of Editas Medicine during the first quarter valued at about $50,000. 71.90% of the stock is owned by institutional investors.

Editas Medicine Company Profile

Editas Medicine is a clinical-stage biotechnology company focused on translating the power of gene editing into a new class of transformative genomic medicines. Founded in 2013 and headquartered in Cambridge, Massachusetts, the company leverages proprietary CRISPR/Cas9 and CRISPR/Cas12a (Cpf1) platforms to develop therapies aimed at correcting disease-causing genetic mutations. Editas Medicine’s research and development efforts span multiple therapeutic areas, including inherited retinal diseases, hemoglobinopathies, and oncology.

The company’s pipeline includes EDIT-101, a lead candidate designed to treat Leber congenital amaurosis type 10 (LCA10), which has entered early-stage clinical trials, and EDIT-301, targeting sickle cell disease and β-thalassemia using an ex vivo editing approach.