Editas Medicine (NASDAQ:EDIT) Share Price Passes Above 50 Day Moving Average - Here's What Happened

Key Points

• Crossed above its 50‑day moving average: Editas shares rose above the 50‑day MA of $2.43 on Tuesday, trading as high as $3.59 and last at $3.30 on volume of about 1.6 million shares.
• Analyst sentiment is mixed but tilted positive, with a MarketBeat consensus rating of Moderate Buy and a consensus target price of $5.30 (ratings range from Strong Buy to Sell).
• The company beat quarterly expectations (EPS -$0.06 vs. -$0.27; revenue $24.74M vs. $8.77M) but remains unprofitable with large negative margins and ROE, a market cap of roughly $323M, and 71.9% institutional ownership.

Editas Medicine, Inc. (NASDAQ:EDIT - Get Free Report)'s stock price crossed above its 50 day moving average during trading on Tuesday . The stock has a 50 day moving average of $2.43 and traded as high as $3.59. Editas Medicine shares last traded at $3.30, with a volume of 1,596,266 shares trading hands.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on the company. Robert W. Baird set a $6.00 price objective on Editas Medicine in a report on Monday, March 9th. Chardan Capital reaffirmed a "buy" rating and set a $3.50 price target on shares of Editas Medicine in a research report on Monday, March 9th. JonesTrading raised Editas Medicine from a "hold" rating to a "buy" rating and set a $8.00 target price for the company in a research report on Tuesday, March 10th. Wall Street Zen lowered Editas Medicine from a "hold" rating to a "sell" rating in a research report on Saturday, April 11th. Finally, Weiss Ratings restated a "sell (e+)" rating on shares of Editas Medicine in a research note on Wednesday, January 21st. One analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Editas Medicine has an average rating of "Moderate Buy" and a consensus target price of $5.30.

Editas Medicine Stock Performance

The stock has a fifty day moving average of $2.43 and a 200 day moving average of $2.53. The company has a market capitalization of $322.97 million, a P/E ratio of -1.75 and a beta of 2.04.

Editas Medicine (NASDAQ:EDIT - Get Free Report) last posted its quarterly earnings results on Monday, March 9th. The company reported ($0.06) EPS for the quarter, beating analysts' consensus estimates of ($0.27) by $0.21. The business had revenue of $24.74 million for the quarter, compared to analysts' expectations of $8.77 million. Editas Medicine had a negative return on equity of 389.73% and a negative net margin of 395.02%. Research analysts anticipate that Editas Medicine, Inc. will post -1.12 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Captrust Financial Advisors purchased a new position in shares of Editas Medicine during the second quarter valued at about $26,000. StoneX Group Inc. purchased a new position in shares of Editas Medicine during the fourth quarter valued at about $33,000. Victory Capital Management Inc. purchased a new position in shares of Editas Medicine during the third quarter valued at about $36,000. Sei Investments Co. purchased a new position in shares of Editas Medicine during the third quarter valued at about $46,000. Finally, Baader Bank Aktiengesellschaft purchased a new position in shares of Editas Medicine during the third quarter valued at about $50,000. Hedge funds and other institutional investors own 71.90% of the company's stock.

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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