Editas Medicine (NASDAQ:EDIT) Shares Cross Below 50 Day Moving Average - What's Next?

Key Points

• Editas Medicine's stock price fell below its 50-day moving average of $2.67, trading as low as $2.48, which has raised concerns about potential selling pressure.
• Analysts have mixed opinions on Editas, with ratings ranging from a Strong Buy to Sell, and a consensus rating of "Hold" with an average target price of $5.10.
• The company reported disappointing quarterly earnings with an EPS of ($0.63), missing estimates, but exceeding revenue expectations at $3.58 million.

Editas Medicine, Inc. (NASDAQ:EDIT - Get Free Report) shares passed below its fifty day moving average during trading on Friday . The stock has a fifty day moving average of $2.67 and traded as low as $2.48. Editas Medicine shares last traded at $2.57, with a volume of 1,147,132 shares traded.

Analyst Ratings Changes

EDIT has been the topic of several analyst reports. Robert W. Baird increased their target price on shares of Editas Medicine from $4.00 to $6.00 and gave the stock an "outperform" rating in a report on Wednesday, August 13th. Wells Fargo & Company lifted their price target 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. Wall Street Zen lowered shares of Editas Medicine from a "hold" rating to a "sell" rating in a research note on Saturday, August 16th. Finally, HC Wainwright lifted their price target on shares of Editas Medicine from $3.00 to $5.00 and gave the company a "buy" rating in a research note on Friday, August 15th. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, seven have issued a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $5.10.

Editas Medicine Stock Performance

The business's 50-day moving average price is $2.69 and its 200 day moving average price is $1.98. The company has a market cap of $224.80 million, a P/E ratio of -0.88 and a beta of 2.16.

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

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of EDIT. Captrust Financial Advisors bought a new stake in shares of Editas Medicine during the 2nd quarter worth about $26,000. Allspring Global Investments Holdings LLC raised its stake in Editas Medicine by 45.9% in the 1st 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 in the last quarter. Brave Asset Management Inc. raised its position in shares of Editas Medicine by 250.0% in the 1st quarter. Brave Asset Management Inc. now owns 35,000 shares of the company's stock valued at $41,000 after buying an additional 25,000 shares in the last quarter. SCS Capital Management LLC acquired a new position in shares of Editas Medicine in the 1st quarter valued at approximately $41,000. Finally, R Squared Ltd acquired a new position in shares of Editas Medicine in the 2nd quarter valued at approximately $45,000. 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.