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

Key Points

• Editas Medicine has a consensus analyst rating of “Moderate Buy” from seven brokerages, with an average 1-year price target of $5.40.
• The company recently reported a quarterly EPS loss of $0.26, which beat estimates, but revenue of $2.83 million fell well short of expectations.
• CEO Gilmore Neil O’neill sold 15,380 shares in a pre-arranged transaction, while institutional investors now own about 71.9% of the company.

Shares of Editas Medicine, Inc. (NASDAQ:EDIT - Get Free Report) have received a consensus rating of "Moderate Buy" from the seven brokerages that are covering the company, Marketbeat Ratings reports. One research analyst has rated the stock with a sell recommendation, one has assigned a hold recommendation and five have given a buy recommendation to the company. The average 1-year target price among brokerages that have updated their coverage on the stock in the last year is $5.40.

Several research analysts have commented on the stock. Chardan Capital lifted their price target on shares of Editas Medicine from $3.50 to $4.00 and gave the stock a "buy" rating in a research note on Tuesday, May 5th. Wall Street Zen cut shares of Editas Medicine from a "hold" rating to a "sell" rating in a research note on Sunday, May 10th. TD Cowen reaffirmed a "buy" rating on shares of Editas Medicine in a report on Wednesday, May 27th. Finally, Weiss Ratings reissued a "sell (e+)" rating on shares of Editas Medicine in a research note on Friday.

Editas Medicine Stock Up 0.3%

Shares of EDIT stock opened at $2.89 on Wednesday. The business has a 50-day moving average price of $2.95 and a two-hundred day moving average price of $2.59. Editas Medicine has a 12-month low of $1.66 and a 12-month high of $4.54. The firm has a market cap of $282.96 million, a P/E ratio of -2.35 and a beta of 2.10.

Editas Medicine (NASDAQ:EDIT - Get Free Report) last announced its quarterly earnings data on Tuesday, May 5th. The company reported ($0.26) EPS for the quarter, beating the consensus estimate of ($0.30) by $0.04. The firm had revenue of $2.83 million for the quarter, compared to analyst estimates of $6.37 million. Editas Medicine had a negative return on equity of 677.39% and a negative net margin of 281.59%. As a group, research analysts expect that Editas Medicine will post -1.03 EPS for the current fiscal year.

Insider Buying and Selling at Editas Medicine

In related news, CEO Gilmore Neil O'neill sold 15,380 shares of the stock in a transaction dated Wednesday, June 3rd. The stock was sold at an average price of $2.70, for a total transaction of $41,526.00. Following the completion of the sale, the chief executive officer directly owned 248,313 shares in the company, valued at $670,445.10. This represents a 5.83% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders sold 16,575 shares of company stock valued at $44,752. Insiders own 3.10% of the company's stock.

Institutional Trading of Editas Medicine

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in shares of Editas Medicine by 122.2% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 2,600,000 shares of the company's stock valued at $3,016,000 after purchasing an additional 1,430,000 shares during the period. Acadian Asset Management LLC increased its stake in shares of Editas Medicine by 288.5% in the first quarter. Acadian Asset Management LLC now owns 752,162 shares of the company's stock worth $869,000 after buying an additional 558,567 shares during the period. Geode Capital Management LLC raised its holdings in Editas Medicine by 1.1% during the 2nd quarter. Geode Capital Management LLC now owns 1,964,298 shares of the company's stock valued at $4,323,000 after buying an additional 20,521 shares during the last quarter. JPMorgan Chase & Co. raised its holdings in Editas Medicine by 15.2% during the 2nd quarter. JPMorgan Chase & Co. now owns 1,065,722 shares of the company's stock valued at $2,345,000 after buying an additional 140,916 shares during the last quarter. Finally, Bridgeway Capital Management LLC raised its holdings in Editas Medicine by 500.0% during the 2nd quarter. Bridgeway Capital Management LLC now owns 120,000 shares of the company's stock valued at $264,000 after buying an additional 100,000 shares during the last quarter. Institutional investors own 71.90% of the company's stock.

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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