Editas Medicine (NASDAQ:EDIT) Upgraded by Cantor Fitzgerald to “Strong-Buy” Rating

Cantor Fitzgerald upgraded shares of Editas Medicine (NASDAQ:EDIT) from a hold rating to a strong-buy rating in a research report sent to investors on Tuesday,Zacks.com reports.

Separately, HC Wainwright started coverage on Editas Medicine in a report on Monday. They set a “buy” rating and a $3.00 target price on the stock. Three research analysts have rated the stock with a sell rating, nine have assigned a hold rating, three have assigned a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $6.54.

Editas Medicine Price Performance

EDIT stock opened at $1.55 on Tuesday. The business has a fifty day moving average price of $1.43 and a 200 day moving average price of $1.81. The stock has a market capitalization of $129.75 million, a price-to-earnings ratio of -0.61 and a beta of 2.16. Editas Medicine has a fifty-two week low of $0.91 and a fifty-two week high of $6.69.

Editas Medicine (NASDAQ:EDIT) last issued its earnings results on Wednesday, March 5th. The company reported ($0.55) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.39) by ($0.16). Editas Medicine had a negative net margin of 340.96% and a negative return on equity of 80.13%. The business had revenue of $30.60 million during the quarter, compared to the consensus estimate of $37.17 million. During the same period last year, the business posted ($0.23) EPS. On average, equities analysts expect that Editas Medicine will post -2.71 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Invesco Ltd. raised its stake in Editas Medicine by 9.2% during the fourth quarter. Invesco Ltd. now owns 100,164 shares of the company’s stock valued at $127,000 after purchasing an additional 8,448 shares in the last quarter. Allspring Global Investments Holdings LLC lifted its position in shares of Editas Medicine by 45.9% during the first quarter. Allspring Global Investments Holdings LLC now owns 35,781 shares of the company’s stock worth $40,000 after purchasing an additional 11,252 shares during the last quarter. Intech Investment Management LLC lifted its holdings in Editas Medicine by 43.1% during the 4th quarter. Intech Investment Management LLC now owns 40,942 shares of the company’s stock valued at $52,000 after buying an additional 12,336 shares in the last quarter. Dark Forest Capital Management LP boosted its holdings in shares of Editas Medicine by 66.9% in the fourth quarter. Dark Forest Capital Management LP now owns 32,787 shares of the company’s stock valued at $42,000 after purchasing an additional 13,138 shares during the period. Finally, JPMorgan Chase & Co. grew its position in shares of Editas Medicine by 2.1% during the 4th quarter. JPMorgan Chase & Co. now owns 787,599 shares of the company’s stock worth $1,000,000 after buying an additional 16,419 shares in the last quarter. 71.90% of the stock is owned by institutional investors.

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.