Editas Medicine, Inc. (NASDAQ:EDIT) Given Average Recommendation of “Hold” by Analysts

Editas Medicine, Inc. (NASDAQ:EDIT) has earned a consensus rating of “Hold” from the thirteen brokerages that are currently covering the stock, MarketBeat.com reports. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and six have issued a buy rating on the company. The average twelve-month price objective among analysts that have updated their coverage on the stock in the last year is $15.57.

A number of brokerages recently weighed in on EDIT. Chardan Capital decreased their price target on shares of Editas Medicine from $22.00 to $19.00 and set a “buy” rating on the stock in a research note on Wednesday, August 2nd. StockNews.com initiated coverage on shares of Editas Medicine in a report on Thursday, August 17th. They issued a “sell” rating for the company. Raymond James upgraded shares of Editas Medicine from a “market perform” rating to an “outperform” rating and set a $17.00 price objective for the company in a report on Monday, June 12th. Cantor Fitzgerald restated an “overweight” rating and set a $14.00 price target on shares of Editas Medicine in a report on Tuesday, August 29th. Finally, Oppenheimer restated a “market perform” rating and set a $12.00 price target on shares of Editas Medicine in a report on Thursday, August 3rd.

Editas Medicine Price Performance

NASDAQ EDIT opened at $9.02 on Friday. Editas Medicine has a 1 year low of $6.33 and a 1 year high of $16.30. The company has a market cap of $736.30 million, a price-to-earnings ratio of -3.05 and a beta of 1.79. The stock’s fifty day moving average price is $8.77 and its 200 day moving average price is $8.64.

Editas Medicine (NASDAQ:EDIT) last posted its earnings results on Wednesday, August 2nd. The company reported ($0.56) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.76) by $0.20. Editas Medicine had a negative net margin of 1,065.39% and a negative return on equity of 55.14%. The business had revenue of $2.89 million for the quarter, compared to analyst estimates of $4.17 million. During the same period in the prior year, the company posted ($0.78) EPS. The company’s revenue for the quarter was down 54.6% on a year-over-year basis. Research analysts expect that Editas Medicine will post -2.55 earnings per share for the current year.

Insider Buying and Selling

In related news, SVP Baisong Mei sold 4,317 shares of the business’s stock in a transaction on Wednesday, July 19th. The shares were sold at an average price of $8.80, for a total transaction of $37,989.60. Following the completion of the transaction, the senior vice president now owns 72,055 shares in the company, valued at $634,084. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Over the last quarter, insiders sold 5,263 shares of company stock worth $46,111. Corporate insiders own 2.20% of the company’s stock.

Institutional Investors Weigh In On Editas Medicine

A number of institutional investors and hedge funds have recently made changes to their positions in EDIT. Bank of New York Mellon Corp raised its holdings in shares of Editas Medicine by 0.4% in the first quarter. Bank of New York Mellon Corp now owns 288,878 shares of the company’s stock valued at $5,494,000 after buying an additional 1,060 shares during the last quarter. US Bancorp DE raised its holdings in Editas Medicine by 13.6% during the first quarter. US Bancorp DE now owns 12,699 shares of the company’s stock worth $243,000 after purchasing an additional 1,520 shares in the last quarter. PNC Financial Services Group Inc. raised its holdings in Editas Medicine by 88.2% during the first quarter. PNC Financial Services Group Inc. now owns 41,811 shares of the company’s stock worth $795,000 after purchasing an additional 19,594 shares in the last quarter. Bank of Montreal Can purchased a new position in Editas Medicine during the first quarter worth about $1,011,000. Finally, MetLife Investment Management LLC raised its holdings in Editas Medicine by 57.4% during the first quarter. MetLife Investment Management LLC now owns 37,148 shares of the company’s stock worth $707,000 after purchasing an additional 13,546 shares in the last quarter. 76.61% of the stock is owned by hedge funds and other institutional investors.

About Editas Medicine

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 10; autosomal dominant retinitis pigmentosa; and EDIT-301, a clinical development gene-edited medicine to treat sickle cell disease and transfusion-dependent beta-thalassemia.