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

Key Points

• Analysts give Editas Medicine a “Moderate Buy” consensus: Four of six analysts rate the stock a buy, while one rates it a hold and one a sell. The average 12-month price target is $5.40, compared with a recent price of $2.82.
• Editas reported quarterly EPS of -$0.15, beating the consensus estimate of -$0.27, while revenue of $11.89 million exceeded estimates of $2.85 million. Despite the beat, the company remains unprofitable, with a negative net margin of 157.32%.
• Institutional investors own 71.9% of Editas shares, while insiders own 3.1%; insiders sold $57,910 worth of stock during the last quarter. The company is developing CRISPR-based treatments for inherited retinal diseases, sickle cell disease, beta-thalassemia and oncology.

Editas Medicine, Inc. (NASDAQ:EDIT - Get Free Report) has been assigned an average rating of "Moderate Buy" from the six analysts that are presently covering the firm, MarketBeat reports. One research analyst has rated the stock with a sell rating, one has issued a hold rating and four have given a buy rating to the company. The average 1-year target price among brokerages that have covered the stock in the last year is $5.40.

EDIT has been the subject of several research analyst reports. Chardan Capital lifted their target price on shares of Editas Medicine from $3.50 to $4.00 and gave the company a "buy" rating in a research report on Tuesday, May 5th. TD Cowen restated a "buy" rating on shares of Editas Medicine in a research report on Wednesday, May 27th. Wall Street Zen raised shares of Editas Medicine from a "sell" rating to a "hold" rating in a report on Saturday, August 8th. Finally, Weiss Ratings upgraded shares of Editas Medicine from a "sell (e+)" rating to a "sell (d-)" rating in a research report on Tuesday.

Editas Medicine Stock Up 0.4%

NASDAQ:EDIT opened at $2.82 on Friday. The stock has a market cap of $433.10 million, a P/E ratio of -3.76 and a beta of 2.14. The business's 50-day moving average price is $2.89 and its two-hundred day moving average price is $2.67. Editas Medicine has a twelve month low of $1.66 and a twelve month high of $4.54.

Editas Medicine (NASDAQ:EDIT - Get Free Report) last issued its quarterly earnings data on Wednesday, August 5th. The company reported ($0.15) EPS for the quarter, topping the consensus estimate of ($0.27) by $0.12. The company had revenue of $11.89 million during the quarter, compared to analyst estimates of $2.85 million. Editas Medicine had a negative return on equity of 196.63% and a negative net margin of 157.32%. On average, equities research analysts expect that Editas Medicine will post -0.89 EPS for the current fiscal year.

Insiders Place Their Bets

In other Editas Medicine news, CEO Gilmore Neil O'neill sold 15,380 shares of Editas Medicine 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 owned 248,313 shares of the company's stock, valued at $670,445.10. The trade was a 5.83% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 21,503 shares of company stock worth $57,910 in the last quarter. Company insiders own 3.10% of the company's stock.

Hedge Funds Weigh In On Editas Medicine

Institutional investors have recently modified their holdings of the company. Captrust Financial Advisors bought a new stake in Editas Medicine in the 2nd quarter worth approximately $26,000. Legal & General Group Plc purchased a new stake in Editas Medicine in the second quarter worth approximately $31,000. StoneX Group Inc. bought a new position in Editas Medicine during the fourth quarter valued at approximately $33,000. Abel Hall LLC bought a new position in Editas Medicine during the first quarter valued at approximately $36,000. Finally, Victory Capital Management Inc. purchased a new position in shares of Editas Medicine during the third quarter worth approximately $36,000. 71.90% of the stock is currently owned by institutional investors.

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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