Editas Medicine (NASDAQ:EDIT) Stock Price Crosses Below Fifty Day Moving Average – Here’s Why

Editas Medicine, Inc. (NASDAQ:EDIT)’s stock price passed below its fifty day moving average during trading on Friday . The stock has a fifty day moving average of $2.95 and traded as low as $2.43. Editas Medicine shares last traded at $2.50, with a volume of 1,906,693 shares trading hands.

Analyst Ratings Changes

Several analysts recently weighed in on the company. JonesTrading raised Editas Medicine from a “hold” rating to a “buy” rating and set a $8.00 price objective on the stock in a research note on Tuesday, March 10th. Robert W. Baird set a $6.00 price objective on Editas Medicine in a research note on Monday, March 9th. TD Cowen reaffirmed a “buy” rating on shares of Editas Medicine in a research note on Wednesday, May 27th. Chardan Capital raised their price objective on Editas Medicine from $3.50 to $4.00 and gave the company a “buy” rating in a research note on Tuesday, May 5th. Finally, Wall Street Zen lowered Editas Medicine from a “hold” rating to a “sell” rating in a research note on Sunday, May 10th. Five equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $5.40.

Editas Medicine Stock Up 2.5%

The stock has a 50 day moving average price of $2.95 and a 200 day moving average price of $2.45. The stock has a market capitalization of $244.78 million, a price-to-earnings ratio of -2.03 and a beta of 2.16.

Editas Medicine (NASDAQ:EDIT) last announced its quarterly earnings results on Tuesday, May 5th. The company reported ($0.26) EPS for the quarter, beating analysts’ consensus estimates of ($0.30) by $0.04. Editas Medicine had a negative return on equity of 677.39% and a negative net margin of 281.59%.The firm had revenue of $2.83 million for the quarter, compared to analyst estimates of $6.37 million. Sell-side analysts forecast that Editas Medicine, Inc. will post -1.03 earnings per share for the current fiscal year.

Insider Activity at Editas Medicine

In other news, CEO Gilmore Neil O’neill sold 15,380 shares of Editas Medicine stock in a transaction dated Wednesday, June 3rd. The stock was sold at an average price of $2.70, for a total transaction of $41,526.00. Following the sale, the chief executive officer directly owned 248,313 shares of the company’s stock, valued at approximately $670,445.10. This trade represents a 5.83% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 16,575 shares of company stock worth $44,753 over the last quarter. Company insiders own 3.10% of the company’s stock.

Institutional Trading of Editas Medicine

A number of hedge funds have recently made changes to their positions in EDIT. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in shares of Editas Medicine by 122.2% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 2,600,000 shares of the company’s stock valued at $3,016,000 after purchasing an additional 1,430,000 shares in the last quarter. Acadian Asset Management LLC boosted its stake in shares of Editas Medicine by 288.5% during the first quarter. Acadian Asset Management LLC now owns 752,162 shares of the company’s stock valued at $869,000 after purchasing an additional 558,567 shares in the last quarter. Geode Capital Management LLC boosted its stake in shares of Editas Medicine by 1.1% during the second quarter. Geode Capital Management LLC now owns 1,964,298 shares of the company’s stock valued at $4,323,000 after purchasing an additional 20,521 shares in the last quarter. JPMorgan Chase & Co. boosted its stake in shares of Editas Medicine by 15.2% during the second quarter. JPMorgan Chase & Co. now owns 1,065,722 shares of the company’s stock valued at $2,345,000 after purchasing an additional 140,916 shares in the last quarter. Finally, Bridgeway Capital Management LLC boosted its stake in shares of Editas Medicine by 500.0% during the second quarter. Bridgeway Capital Management LLC now owns 120,000 shares of the company’s stock valued at $264,000 after purchasing an additional 100,000 shares in the last quarter. 71.90% of the stock is owned by institutional investors and hedge funds.

About Editas Medicine

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.