HC Wainwright Upgrades Editas Medicine (NASDAQ:EDIT) to Strong-Buy

Editas Medicine (NASDAQ:EDIT) was upgraded by investment analysts at HC Wainwright to a “strong-buy” rating in a research note issued to investors on Monday, MarketBeat.com reports. The brokerage currently has a $3.00 price target on the stock. HC Wainwright’s price objective points to a potential upside of 93.55% from the company’s current price.

Editas Medicine Trading Down 1.9 %

Shares of NASDAQ EDIT opened at $1.55 on Monday. The firm has a market cap of $129.75 million, a price-to-earnings ratio of -0.61 and a beta of 2.16. The stock has a fifty day simple moving average of $1.43 and a two-hundred day simple moving average of $1.81. Editas Medicine has a 1-year low of $0.91 and a 1-year high of $6.69.

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

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. Ieq Capital LLC purchased a new stake in shares of Editas Medicine during the fourth quarter worth $31,000. Thrive Wealth Management LLC purchased a new stake in Editas Medicine during the 4th quarter worth about $36,000. Allspring Global Investments Holdings LLC boosted its stake in Editas Medicine by 45.9% in the 1st 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 period. Brave Asset Management Inc. grew its holdings in Editas Medicine by 250.0% during the 1st quarter. Brave Asset Management Inc. now owns 35,000 shares of the company’s stock valued at $41,000 after buying an additional 25,000 shares in the last quarter. Finally, Dark Forest Capital Management LP increased its position in shares of Editas Medicine by 66.9% during the fourth quarter. Dark Forest Capital Management LP now owns 32,787 shares of the company’s stock valued at $42,000 after buying an additional 13,138 shares during the period. 71.90% of the stock is owned by 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; and reni-cel, a clinical development gene-edited medicine to treat sickle cell disease and transfusion-dependent beta-thalassemia.