Editas Medicine, Inc. (NASDAQ:EDIT) Stock Has Consensus Price Target of $5.80 According to Analysts

Key Points

• Editas Medicine has a “Moderate Buy” consensus rating among six analysts, with five buys and one sell. The average 12-month price target is $5.80, versus the stock’s recent price of $2.62.
• Recent analyst actions were generally positive: Guggenheim upgraded the stock to “buy” with a $5 target, while Ladenburg Thalmann initiated coverage with a “buy” rating and a $6 target.
• Editas reported quarterly revenue of $11.89 million and an adjusted loss of $0.15 per share, beating analyst estimates. Institutional investors own approximately 71.9% of the company, whose lead program, reni-cel, targets sickle cell disease and beta thalassemia.

Shares of Editas Medicine, Inc. (NASDAQ:EDIT - Get Free Report) have received a consensus rating of "Moderate Buy" from the six brokerages that are currently covering the company, Marketbeat.com reports. One equities research analyst has rated the stock with a sell recommendation and five have given a buy recommendation to the company. The average 1-year price target among brokers that have covered the stock in the last year is $5.80.

Several equities research analysts recently weighed in on the company. Guggenheim raised Editas Medicine from a "neutral" rating to a "buy" rating and set a $5.00 price target on the stock in a research note on Wednesday, September 23rd. Wall Street Zen raised Editas Medicine from a "sell" rating to a "hold" rating in a research report on Saturday, August 8th. Weiss Ratings upgraded shares of Editas Medicine from a "sell (e+)" rating to a "sell (d-)" rating in a report on Tuesday, August 11th. Finally, LADENBURG THALM/SH SH began coverage on shares of Editas Medicine in a research report on Tuesday, August 18th. They issued a "buy" rating and a $6.00 target price on the stock.

Editas Medicine Price Performance

Shares of NASDAQ EDIT opened at $2.62 on Monday. Editas Medicine has a one year low of $1.66 and a one year high of $4.54. The firm's 50 day simple moving average is $2.85 and its two-hundred day simple moving average is $2.88. The stock has a market capitalization of $402.38 million, a P/E ratio of -3.49 and a beta of 2.00.

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

Institutional Investors Weigh In On Editas Medicine

Hedge funds and other institutional investors have recently bought and sold shares of the business. GSA Capital Partners LLP purchased a new position in Editas Medicine during the second quarter valued at $1,190,000. Opaleye Management Inc. boosted its holdings in Editas Medicine by 100.4% in the second quarter. Opaleye Management Inc. now owns 3,861,930 shares of the company's stock worth $12,513,000 after acquiring an additional 1,934,933 shares in the last quarter. Seven Fleet Capital Management LP purchased a new stake in shares of Editas Medicine in the second quarter worth $4,311,000. Renaissance Technologies LLC grew its stake in shares of Editas Medicine by 30.7% in the first quarter. Renaissance Technologies LLC now owns 3,972,160 shares of the company's stock worth $9,811,000 after acquiring an additional 932,382 shares during the last quarter. Finally, BlackRock Inc. bought a new position in shares of Editas Medicine during the second quarter valued at $34,312,000. Hedge funds and other institutional investors own 71.90% of the company's stock.

About Editas Medicine

Editas Medicine, Inc is a biotechnology company focused on developing genomic medicines that use CRISPR-based gene-editing technologies to treat diseases caused by genetic abnormalities. The company's research programs are designed to modify or correct disease-associated genes in patients' cells, with the goal of developing potentially durable treatments.

Its lead investigational program is reni-cel, formerly known as EDIT-301, an ex vivo CRISPR gene-editing therapy being studied for sickle cell disease and transfusion-dependent beta thalassemia.

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