Editas Medicine, Inc. (NASDAQ:EDIT) Stock Has Consensus Price Target of $5.83

Key Points

• Editas Medicine has a “Moderate Buy” consensus from seven analysts, with six buy ratings and one sell rating. The average 12-month price target is $5.83, above the stock’s reported price of $2.93.
• The company reported quarterly revenue of $11.89 million and an adjusted loss of $0.15 per share, beating analyst estimates of $2.85 million and a $0.27-per-share loss, respectively.
• Editas focuses on CRISPR-based genomic medicines, with its lead candidate reni-cel being developed for sickle cell disease and transfusion-dependent beta thalassemia. Institutional investors own approximately 71.9% of the company’s stock.

Shares of Editas Medicine, Inc. (NASDAQ:EDIT - Get Free Report) have earned an average recommendation of "Moderate Buy" from the seven ratings firms that are covering the stock, MarketBeat reports. One equities research analyst has rated the stock with a sell recommendation and six have assigned a buy recommendation to the company. The average 12-month price target among analysts that have issued ratings on the stock in the last year is $5.83.

Several research analysts have commented on EDIT shares. Wall Street Zen upgraded Editas Medicine from a "sell" rating to a "hold" rating in a report on Saturday, August 8th. Guggenheim upgraded Editas Medicine from a "neutral" rating to a "buy" rating and set a $5.00 target price for the company in a report on Wednesday, September 23rd. LADENBURG THALM/SH SH started coverage on Editas Medicine in a research report on Tuesday, August 18th. They set a "buy" rating and a $6.00 price target on the stock. Weiss Ratings upgraded Editas Medicine from a "sell (e+)" rating to a "sell (d-)" rating in a research note on Tuesday, August 11th. Finally, Wells Fargo & Company upgraded Editas Medicine from an "equal weight" rating to an "overweight" rating and raised their price target for the company from $4.00 to $6.00 in a research note on Thursday, October 8th.

Editas Medicine Stock Performance

Shares of NASDAQ:EDIT opened at $2.93 on Friday. The firm has a market cap of $449.99 million, a PE ratio of -3.91 and a beta of 2.00. The firm's 50 day simple moving average is $2.77 and its 200-day simple moving average is $2.67. Editas Medicine has a one year low of $1.66 and a one year high of $3.94.

Editas Medicine (NASDAQ:EDIT - Get Free Report) last posted its quarterly earnings results on Wednesday, August 5th. The company reported ($0.15) earnings per share for the quarter, beating the consensus estimate of ($0.27) by $0.12. Editas Medicine had a negative net margin of 157.32% and a negative return on equity of 196.63%. The firm had revenue of $11.89 million during the quarter, compared to the consensus estimate of $2.85 million. Equities research analysts predict that Editas Medicine will post -0.80 EPS for the current fiscal year.

Institutional Investors Weigh In On Editas Medicine

Several large investors have recently modified their holdings of the business. Legal & General Group Plc bought a new position in shares of Editas Medicine during the second quarter valued at approximately $31,000. Pallas Capital Advisors LLC bought a new position in Editas Medicine in the second quarter worth approximately $38,000. Abel Hall LLC bought a new position in Editas Medicine in the first quarter worth approximately $36,000. Callan Family Office LLC bought a new position in Editas Medicine in the second quarter worth approximately $47,000. Finally, Strategic Advisory Partners LLC purchased a new stake in Editas Medicine during the second quarter worth $49,000. 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 using CRISPR-based gene-editing technologies. The company's research platforms include CRISPR/Cas9 and CRISPR/Cas12a, which are designed to make precise changes to DNA and potentially treat diseases caused by genetic abnormalities.

Editas Medicine's lead investigational program is reni-cel, formerly known as EDIT-301. Reni-cel is an ex vivo gene-editing therapy intended to treat sickle cell disease and transfusion-dependent beta thalassemia by modifying a patient's blood-forming stem cells before they are returned to the body.

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