Editas Medicine (NASDAQ:EDIT) Share Price Passes Below Fifty Day Moving Average – What’s Next?

Editas Medicine, Inc. (NASDAQ:EDIT)’s share price crossed below its 50 day moving average during trading on Thursday . The stock has a 50 day moving average of $2.95 and traded as low as $2.82. Editas Medicine shares last traded at $2.88, with a volume of 1,383,929 shares traded.

Wall Street Analyst Weigh In

Several research firms have weighed in on EDIT. Wall Street Zen cut Editas Medicine from a “hold” rating to a “sell” rating in a research note on Sunday, May 10th. TD Cowen reiterated a “buy” rating on shares of Editas Medicine in a research note on Wednesday, May 27th. Chardan Capital boosted their price target on Editas Medicine from $3.50 to $4.00 and gave the stock a “buy” rating in a report on Tuesday, May 5th. Finally, Weiss Ratings restated a “sell (e+)” rating on shares of Editas Medicine in a research report on Monday, April 20th. Five equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Editas Medicine currently has an average rating of “Moderate Buy” and a consensus target price of $5.40.

Editas Medicine Stock Down 5.3%

The company has a 50 day moving average price of $2.95 and a 200-day moving average price of $2.57. The company has a market cap of $281.98 million, a price-to-earnings ratio of -2.34 and a beta of 2.10.

Editas Medicine (NASDAQ:EDIT) last posted its earnings results on Tuesday, May 5th. The company reported ($0.26) EPS for the quarter, topping the consensus estimate of ($0.30) by $0.04. Editas Medicine had a negative net margin of 281.59% and a negative return on equity of 677.39%. The business had revenue of $2.83 million for the quarter, compared to the consensus estimate of $6.37 million. On average, analysts forecast that Editas Medicine, Inc. will post -1.03 EPS 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 on Wednesday, June 3rd. The shares were sold at an average price of $2.70, for a total transaction of $41,526.00. Following the transaction, the chief executive officer owned 248,313 shares in the company, valued at approximately $670,445.10. The trade was a 5.83% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 16,575 shares of company stock worth $44,752 in the last quarter. 3.10% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Arete Wealth Advisors LLC bought a new stake in shares of Editas Medicine in the 1st quarter valued at about $88,000. Renaissance Technologies LLC raised its position 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 worth $9,811,000 after acquiring an additional 932,382 shares during the last quarter. Sei Investments Co. lifted its stake in shares of Editas Medicine by 19.6% in the first quarter. Sei Investments Co. now owns 88,707 shares of the company’s stock worth $219,000 after acquiring an additional 14,516 shares during the period. State of Wyoming acquired a new position in shares of Editas Medicine in the first quarter worth approximately $43,000. Finally, Independent Financial Group LLC bought a new stake in Editas Medicine in the first quarter valued at approximately $50,000. 71.90% of the stock is owned by institutional investors.

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.