Editas Medicine (NASDAQ:EDIT) Coverage Initiated at LADENBURG THALM/SH SH

Key Points

• LADENBURG THALM/SH SH initiated coverage of Editas Medicine with a “buy” rating and a $6.00 price target, implying 111.27% upside from the prior close.
• Editas reported quarterly revenue of $11.89 million and an adjusted loss of $0.15 per share, outperforming analyst expectations of $2.85 million in revenue and a $0.27-per-share loss.
• Analyst sentiment is generally positive, with five buy ratings, one hold, and one sell; institutional investors own 71.90% of the stock, while insiders sold shares worth approximately $57,910 over the past three months.

Equities research analysts at LADENBURG THALM/SH SH initiated coverage on shares of Editas Medicine (NASDAQ:EDIT - Get Free Report) in a report issued on Tuesday,Benzinga reports. The brokerage set a "buy" rating and a $6.00 price target on the stock. LADENBURG THALM/SH SH's price target indicates a potential upside of 111.27% from the stock's previous close.

A number of other equities research analysts also recently weighed in on EDIT. Weiss Ratings upgraded shares of Editas Medicine from a "sell (e+)" rating to a "sell (d-)" rating in a research note on Tuesday, August 11th. Chardan Capital upped their target price on shares of Editas Medicine from $3.50 to $4.00 and gave the company a "buy" rating in a research note on Tuesday, May 5th. Wall Street Zen raised shares of Editas Medicine from a "sell" rating to a "hold" rating in a research report on Saturday, August 8th. Finally, TD Cowen reaffirmed a "buy" rating on shares of Editas Medicine in a report on Wednesday, May 27th. Five analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $5.50.

Editas Medicine Stock Up 0.7%

NASDAQ:EDIT opened at $2.84 on Tuesday. 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 $436.17 million, a price-to-earnings ratio of -3.79 and a beta of 2.14. The company's 50 day moving average is $2.89 and its 200-day moving average is $2.67.

Editas Medicine (NASDAQ:EDIT - Get Free Report) last issued its quarterly earnings data 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 net margin of 157.32% and a negative return on equity of 196.63%. The business had revenue of $11.89 million during the quarter, compared to analysts' expectations of $2.85 million. Research analysts predict that Editas Medicine will post -0.89 EPS for the current fiscal year.

Insider Activity

In other Editas Medicine news, CEO Gilmore Neil O'neill sold 15,380 shares of the firm's stock in a transaction dated Wednesday, June 3rd. The shares were sold at an average price of $2.70, for a total value of $41,526.00. Following the completion of the sale, the chief executive officer owned 248,313 shares in the company, valued at approximately $670,445.10. This trade represents a 5.83% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 21,503 shares of company stock valued at $57,910 over the last three months. Insiders own 3.10% of the company's stock.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. BlackRock Inc. acquired a new position in shares of Editas Medicine during the second quarter valued at $34,312,000. ADAR1 Capital Management LLC bought a new stake in Editas Medicine during the 2nd quarter worth about $28,800,000. Renaissance Technologies LLC lifted its position in Editas Medicine by 30.7% during the 1st quarter. Renaissance Technologies LLC now owns 3,972,160 shares of the company's stock valued at $9,811,000 after purchasing an additional 932,382 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in shares of Editas Medicine by 122.2% in the 1st 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 last quarter. Finally, Geode Capital Management LLC grew its position in shares of Editas Medicine by 12.0% during the 4th quarter. Geode Capital Management LLC now owns 2,284,740 shares of the company's stock worth $4,685,000 after buying an additional 244,574 shares during the period. 71.90% of the stock is currently owned by institutional investors.

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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