Editas Medicine, Inc. (NASDAQ:EDIT) Receives Consensus Recommendation of "Hold" from Analysts

Key Points

• Editas Medicine, Inc. has received an average consensus rating of "Hold" from analysts, with an average 12-month target price of $5.10.
• The company reported a loss of $0.63 per share in its latest earnings, missing analysts' estimates, but exceeding revenue expectations with $3.58 million reported.
• Insider trading activity includes CEO Gilmore Neil O'Neill selling 15,192 shares, which reflects a decrease in his ownership by 5.14%.

Editas Medicine, Inc. (NASDAQ:EDIT - Get Free Report) has received an average rating of "Hold" from the thirteen ratings firms that are covering the firm, Marketbeat reports. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company. The average 12-month target price among analysts that have issued a report on the stock in the last year is $5.10.

Several research analysts recently weighed in on EDIT shares. Wall Street Zen lowered Editas Medicine from a "hold" rating to a "sell" rating in a research report on Saturday, August 16th. HC Wainwright increased their target price on Editas Medicine from $3.00 to $5.00 and gave the stock a "buy" rating in a research report on Friday, August 15th. Finally, Robert W. Baird increased their target price on Editas Medicine from $4.00 to $6.00 and gave the stock an "outperform" rating in a research report on Wednesday, August 13th.

Insider Buying and Selling at Editas Medicine

In related news, CEO Gilmore Neil O'neill sold 15,192 shares of the stock in a transaction on Tuesday, June 3rd. The stock was sold at an average price of $1.72, for a total value of $26,130.24. Following the transaction, the chief executive officer directly owned 280,282 shares of the company's stock, valued at approximately $482,085.04. This trade represents a 5.14% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Over the last 90 days, insiders sold 22,164 shares of company stock valued at $42,649. Company insiders own 2.10% of the company's stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Captrust Financial Advisors purchased a new position in Editas Medicine in the second quarter valued at about $26,000. Allspring Global Investments Holdings LLC raised its position in Editas Medicine by 45.9% in the first quarter. Allspring Global Investments Holdings LLC now owns 35,781 shares of the company's stock valued at $40,000 after purchasing an additional 11,252 shares during the period. Brave Asset Management Inc. raised its position in Editas Medicine by 250.0% in the first quarter. Brave Asset Management Inc. now owns 35,000 shares of the company's stock valued at $41,000 after purchasing an additional 25,000 shares during the period. SCS Capital Management LLC purchased a new position in Editas Medicine in the first quarter valued at about $41,000. Finally, R Squared Ltd purchased a new position in Editas Medicine in the second quarter valued at about $45,000. 71.90% of the stock is owned by hedge funds and other institutional investors.

Editas Medicine Stock Down 3.0%

Shares of Editas Medicine stock opened at $2.57 on Friday. Editas Medicine has a fifty-two week low of $0.91 and a fifty-two week high of $4.12. The firm has a market cap of $231.09 million, a PE ratio of -0.90 and a beta of 2.19. The business's fifty day moving average is $2.67 and its two-hundred day moving average is $1.96.

Editas Medicine (NASDAQ:EDIT - Get Free Report) last issued its earnings results on Tuesday, August 12th. The company reported ($0.63) earnings per share for the quarter, missing the consensus estimate of ($0.41) by ($0.22). The firm had revenue of $3.58 million during the quarter, compared to analysts' expectations of $1.81 million. Editas Medicine had a negative return on equity of 200.25% and a negative net margin of 608.88%. Equities research analysts anticipate that Editas Medicine will post -2.71 EPS for the current year.

About Editas Medicine

Editas Medicine, Inc, a clinical stage genome editing company, focuses on developing transformative genomic medicines to treat a range of serious diseases. It develops a proprietary gene editing platform based on CRISPR technology. The company develops EDIT-101, which is in Phase 1/2 BRILLIANCE trial for Leber Congenital Amaurosis; and reni-cel, a clinical development gene-edited medicine to treat sickle cell disease and transfusion-dependent beta-thalassemia.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.