Editas Medicine (NASDAQ:EDIT) Stock Passes Above Fifty Day Moving Average - Here's Why

Shares of Editas Medicine, Inc. (NASDAQ:EDIT - Get Free Report) crossed above its 50 day moving average during trading on Wednesday . The stock has a 50 day moving average of $2.58 and traded as high as $3.06. Editas Medicine shares last traded at $2.82, with a volume of 1,213,721 shares trading hands.

Wall Street Analyst Weigh In

EDIT has been the subject of several research reports. 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 note on Tuesday, March 10th. Chardan Capital reaffirmed a "buy" rating and set a $3.50 target price on shares of Editas Medicine in a research note on Monday, March 9th. Robert W. Baird set a $6.00 target price on Editas Medicine in a research note on Monday, March 9th. TD Cowen reaffirmed a "buy" rating on shares of Editas Medicine in a report on Monday, March 9th. Finally, Wall Street Zen downgraded Editas Medicine from a "hold" rating to a "sell" rating in a report on Saturday, April 11th. Five investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, Editas Medicine currently has an average rating of "Moderate Buy" and a consensus price target of $5.30.

Editas Medicine Price Performance

The firm has a market capitalization of $276.00 million, a PE ratio of -1.49 and a beta of 2.04. The firm has a fifty day moving average price of $2.58 and a 200 day moving average price of $2.50.

Editas Medicine (NASDAQ:EDIT - Get Free Report) last announced its earnings results on Monday, March 9th. The company reported ($0.06) EPS for the quarter, beating the consensus estimate of ($0.27) by $0.21. The business had revenue of $24.74 million during the quarter, compared to the consensus estimate of $8.77 million. Editas Medicine had a negative return on equity of 389.73% and a negative net margin of 395.02%. On average, sell-side analysts expect that Editas Medicine, Inc. will post -1.12 EPS for the current year.

Institutional Investors Weigh In On Editas Medicine

Hedge funds have recently bought and sold shares of the business. Victory Capital Management Inc. purchased a new stake in Editas Medicine in the 3rd quarter worth about $36,000. Captrust Financial Advisors purchased a new stake in Editas Medicine in the 2nd quarter worth about $26,000. Sei Investments Co. purchased a new stake in Editas Medicine in the 3rd quarter worth about $46,000. Abel Hall LLC purchased a new stake in Editas Medicine in the 1st quarter worth about $36,000. Finally, Baader Bank Aktiengesellschaft purchased a new stake in Editas Medicine in the 3rd quarter worth about $50,000. 71.90% of the stock is owned by hedge funds and other institutional investors.

About Editas Medicine

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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