Editas Medicine, Inc. (NASDAQ:EDIT) Given Average Rating of "Moderate Buy" by Brokerages

Key Points

• Editas Medicine has a “Moderate Buy” consensus rating from five analysts, with four buys and one sell; the average 12-month price target is $6.00.
• Institutional investors and hedge funds own approximately 71.9% of the company’s stock, with several firms recently increasing holdings or initiating new positions.
• The stock fell 8.6% to $2.77, while the company reported a quarterly loss of $0.15 per share—better than the expected $0.27 loss—and revenue of $11.89 million versus a $2.85 million estimate.

Shares of Editas Medicine, Inc. (NASDAQ:EDIT - Get Free Report) have received an average recommendation of "Moderate Buy" from the five brokerages that are currently covering the company, MarketBeat.com reports. One research analyst has rated the stock with a sell recommendation and four have assigned a buy recommendation to the company. The average 12-month price objective among analysts that have issued ratings on the stock in the last year is $6.00.

Several analysts have recently commented on the stock. TD Cowen restated a "buy" rating on shares of Editas Medicine in a research note on Wednesday, May 27th. Weiss Ratings upgraded shares of Editas Medicine from a "sell (e+)" rating to a "sell (d-)" rating in a research report on Tuesday, August 11th. Wall Street Zen raised Editas Medicine from a "sell" rating to a "hold" rating in a report on Saturday, August 8th. Finally, LADENBURG THALM/SH SH assumed coverage on Editas Medicine in a research report on Tuesday, August 18th. They set a "buy" rating and a $6.00 target price on the stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Price T Rowe Associates Inc. MD lifted its holdings in Editas Medicine by 7.2% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 92,397 shares of the company's stock valued at $190,000 after acquiring an additional 6,177 shares during the period. BNP Paribas Financial Markets grew its stake in shares of Editas Medicine by 33.3% during the 3rd quarter. BNP Paribas Financial Markets now owns 27,168 shares of the company's stock worth $94,000 after purchasing an additional 6,787 shares during the period. Legal & General Group Plc purchased a new position in shares of Editas Medicine in the 2nd quarter valued at about $31,000. Victory Capital Management Inc. acquired a new stake in shares of Editas Medicine in the third quarter valued at about $36,000. Finally, Pallas Capital Advisors LLC purchased a new stake in Editas Medicine during the second quarter worth about $38,000. Institutional investors and hedge funds own 71.90% of the company's stock.

Editas Medicine Trading Down 8.6%

NASDAQ:EDIT opened at $2.77 on Thursday. Editas Medicine has a 12-month low of $1.66 and a 12-month high of $4.54. The stock's 50 day simple moving average is $3.02 and its 200-day simple moving average is $2.82. The firm has a market cap of $425.42 million, a P/E ratio of -3.69 and a beta of 2.09.

Editas Medicine (NASDAQ:EDIT - Get Free Report) last issued its quarterly earnings results on Wednesday, August 5th. The company reported ($0.15) earnings per share for the quarter, topping the consensus estimate of ($0.27) by $0.12. The firm had revenue of $11.89 million during the quarter, compared to the consensus estimate of $2.85 million. Editas Medicine had a negative return on equity of 196.63% and a negative net margin of 157.32%. Research analysts forecast that Editas Medicine will post -0.8 EPS for the current fiscal year.

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.

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