Editas Medicine (NASDAQ:EDIT) Price Target Raised to $6.00

Key Points

• Robert W. Baird has raised Editas Medicine's price target from $4.00 to $6.00, suggesting a potential upside of 162.01%
• Editas Medicine reported a quarterly loss of ($0.63) per share, missing analysts' expectations, but exceeded revenue estimates with $3.58 million in revenue
• Insider trading activity showed CEO Gilmore Neil O'neill sold 15,192 shares at an average price of $1.72, decreasing his position by 5.14%

Editas Medicine (NASDAQ:EDIT - Get Free Report) had its price objective upped by stock analysts at Robert W. Baird from $4.00 to $6.00 in a report issued on Wednesday,Benzinga reports. The firm presently has an "outperform" rating on the stock. Robert W. Baird's price target would indicate a potential upside of 162.01% from the stock's current price.

Several other brokerages also recently weighed in on EDIT. HC Wainwright started coverage on Editas Medicine in a research report on Monday, April 28th. They set a "buy" rating and a $3.00 price target on the stock. Cantor Fitzgerald upgraded shares of Editas Medicine from a "hold" rating to a "strong-buy" rating in a report on Tuesday, April 29th. Finally, Wall Street Zen raised shares of Editas Medicine from a "sell" rating to a "hold" rating in a research report on Saturday, July 26th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating, two have assigned a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $4.90.

Editas Medicine Stock Performance

Shares of NASDAQ EDIT opened at $2.29 on Wednesday. Editas Medicine has a fifty-two week low of $0.91 and a fifty-two week high of $4.19. The stock has a fifty day moving average of $2.49 and a 200-day moving average of $1.83. The stock has a market cap of $191.70 million, a PE ratio of -0.75 and a beta of 2.19.

Editas Medicine (NASDAQ:EDIT - Get Free Report) last posted its quarterly earnings results on Tuesday, August 12th. The company reported ($0.63) EPS for the quarter, missing analysts' consensus estimates of ($0.40) by ($0.23). The business had revenue of $3.58 million for the quarter, compared to the consensus estimate of $1.81 million. Editas Medicine had a negative net margin of 701.06% and a negative return on equity of 139.24%. On average, sell-side analysts predict that Editas Medicine will post -2.71 EPS for the current year.

Insider Activity

In other Editas Medicine news, CEO Gilmore Neil O'neill sold 15,192 shares of the firm's stock in a transaction that occurred on Tuesday, June 3rd. The stock was sold at an average price of $1.72, for a total transaction of $26,130.24. Following the completion of the transaction, the chief executive officer owned 280,282 shares in the company, valued at $482,085.04. This trade represents a 5.14% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Insiders sold 22,164 shares of company stock worth $42,649 over the last 90 days. Corporate insiders own 1.90% of the company's stock.

Institutional Trading of Editas Medicine

Several hedge funds have recently modified their holdings of the stock. JPMorgan Chase & Co. raised its position in shares of Editas Medicine by 2.1% during the 4th quarter. JPMorgan Chase & Co. now owns 787,599 shares of the company's stock worth $1,000,000 after purchasing an additional 16,419 shares during the last quarter. Invesco Ltd. grew its position in Editas Medicine by 9.2% in the fourth quarter. Invesco Ltd. now owns 100,164 shares of the company's stock worth $127,000 after buying an additional 8,448 shares during the last quarter. Renaissance Technologies LLC acquired a new stake in shares of Editas Medicine during the 4th quarter valued at $1,843,000. Raymond James Financial Inc. acquired a new stake in shares of Editas Medicine during the 4th quarter valued at $303,000. Finally, XTX Topco Ltd lifted its stake in shares of Editas Medicine by 99.9% in the 4th quarter. XTX Topco Ltd now owns 105,056 shares of the company's stock valued at $133,000 after purchasing an additional 52,498 shares during the last quarter. 71.90% of the stock is currently owned by institutional investors and hedge funds.

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.

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