Chardan Capital Boosts Editas Medicine (NASDAQ:EDIT) Price Target to $4.00

Key Points

• Chardan Capital raised its price target on Editas from $3.50 to $4.00 and maintained a "buy" rating, implying about a 32.45% upside from the prior close.
• Consensus among analysts is a "Moderate Buy" (five Buys, one Hold, one Sell) with an average price target of $5.40, indicating generally positive sentiment beyond Chardan's view.
• Editas shares traded at $3.02 (up 0.7%) with a market cap of ~$295.7M; the company posted an EPS beat for the quarter (‑$0.26 vs. ‑$0.30) but missed revenue estimates, and remains a clinical‑stage biotech with lead programs EDIT‑101 and EDIT‑301.

Editas Medicine (NASDAQ:EDIT - Get Free Report) had its target price increased by stock analysts at Chardan Capital from $3.50 to $4.00 in a research note issued to investors on Tuesday,Benzinga reports. The brokerage presently has a "buy" rating on the stock. Chardan Capital's target price would indicate a potential upside of 32.45% from the company's previous close.

Other equities analysts have also recently issued research reports about the stock. JonesTrading raised shares of Editas Medicine from a "hold" rating to a "buy" rating and set a $8.00 target price on the stock in a research note on Tuesday, March 10th. TD Cowen reaffirmed a "buy" rating on shares of Editas Medicine in a research note on Monday, March 9th. Wall Street Zen raised Editas Medicine from a "sell" rating to a "hold" rating in a report on Saturday. Weiss Ratings reissued a "sell (e+)" rating on shares of Editas Medicine in a report on Monday, April 20th. Finally, Robert W. Baird set a $6.00 price objective on shares of Editas Medicine in a research note on Monday, March 9th. Five equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Editas Medicine currently has a consensus rating of "Moderate Buy" and an average price target of $5.40.

Editas Medicine Stock Up 0.7%

EDIT stock traded up $0.02 during trading on Tuesday, reaching $3.02. 1,249,056 shares of the company's stock were exchanged, compared to its average volume of 1,694,911. Editas Medicine has a 1-year low of $1.29 and a 1-year high of $4.54. The firm has a market cap of $295.68 million, a PE ratio of -1.60 and a beta of 2.14. The company's fifty day moving average price is $2.61 and its 200-day moving average price is $2.49.

Editas Medicine (NASDAQ:EDIT - Get Free Report) last issued 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. The company had revenue of $2.83 million for the quarter, compared to analyst estimates of $5.94 million. Editas Medicine had a negative return on equity of 389.73% and a negative net margin of 395.02%. As a group, sell-side analysts expect that Editas Medicine will post -1.12 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Editas Medicine

Several hedge funds have recently modified their holdings of the stock. Bank of New York Mellon Corp boosted its position in shares of Editas Medicine by 11.1% in the 1st quarter. Bank of New York Mellon Corp now owns 272,567 shares of the company's stock valued at $673,000 after purchasing an additional 27,225 shares during the period. Abel Hall LLC acquired a new stake in Editas Medicine during the 1st quarter worth about $36,000. Hsbc Holdings PLC lifted its stake in Editas Medicine by 17.0% during the fourth quarter. Hsbc Holdings PLC now owns 112,186 shares of the company's stock valued at $231,000 after buying an additional 16,288 shares in the last quarter. Virtu Financial LLC acquired a new position in shares of Editas Medicine in the fourth quarter worth about $89,000. Finally, Quadrature Capital Ltd acquired a new position in shares of Editas Medicine in the fourth quarter worth about $220,000. 71.90% of the stock is owned by hedge funds and other institutional investors.

Editas Medicine Company Profile

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.

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