Editas Medicine (NASDAQ:EDIT) Receives Sell (E+) Rating from Weiss Ratings

Key Points

• Editas Medicine has received a "sell (e+)" rating from Weiss Ratings, reiterating a negative outlook on its stock.
• The stock's average rating is currently "Hold" with an average target price of $5.10, despite various analysts offering differing ratings, including a "buy" from HC Wainwright and a "hold" by Wall Street Zen.
• Editas Medicine reported a larger than expected loss of ($0.63) earnings per share, missing consensus estimates and reflecting challenges in financial performance.

Editas Medicine (NASDAQ:EDIT - Get Free Report)'s stock had its "sell (e+)" rating reiterated by equities research analysts at Weiss Ratings in a research note issued to investors on Wednesday,Weiss Ratings reports.

EDIT has been the topic of several other reports. Wall Street Zen raised shares of Editas Medicine from a "sell" rating to a "hold" rating in a research note on Friday, September 26th. Wells Fargo & Company raised their price objective on shares of Editas Medicine from $3.00 to $4.00 and gave the company an "equal weight" rating in a research note on Wednesday, September 3rd. Robert W. Baird raised their price objective on shares of Editas Medicine from $4.00 to $6.00 and gave the company an "outperform" rating in a research note on Wednesday, August 13th. Finally, HC Wainwright reaffirmed a "buy" rating and issued a $5.00 price objective on shares of Editas Medicine in a research note on Friday, September 5th. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, seven have assigned a Hold rating and three have given a Sell rating to the company. According to MarketBeat, the stock has an average rating of "Hold" and an average target price of $5.10.

Editas Medicine Price Performance

EDIT stock traded up $0.22 during trading on Wednesday, reaching $4.15. 6,242,656 shares of the company were exchanged, compared to its average volume of 2,865,261. Editas Medicine has a twelve month low of $0.91 and a twelve month high of $4.54. The company has a market capitalization of $373.17 million, a price-to-earnings ratio of -1.46 and a beta of 2.18. The company has a 50-day moving average of $2.89 and a two-hundred day moving average of $2.23.

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

Hedge Funds Weigh In On Editas Medicine

A number of institutional investors and hedge funds have recently added to or reduced their stakes in EDIT. Wealth Enhancement Advisory Services LLC boosted its position in Editas Medicine by 144.4% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 45,017 shares of the company's stock worth $52,000 after purchasing an additional 26,601 shares during the period. Allspring Global Investments Holdings LLC boosted its position in Editas Medicine by 45.9% during the first quarter. Allspring Global Investments Holdings LLC now owns 35,781 shares of the company's stock worth $40,000 after purchasing an additional 11,252 shares during the period. Cerity Partners LLC bought a new position in Editas Medicine during the first quarter worth about $57,000. CWM LLC boosted its position in Editas Medicine by 218.7% during the first quarter. CWM LLC now owns 47,296 shares of the company's stock worth $55,000 after purchasing an additional 32,455 shares during the period. Finally, XTX Topco Ltd boosted its position in Editas Medicine by 352.5% during the first quarter. XTX Topco Ltd now owns 475,381 shares of the company's stock worth $551,000 after purchasing an additional 370,325 shares during the period. Institutional investors own 71.90% of the company's stock.

Editas Medicine Company Profile

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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