Cantor Fitzgerald Upgrades Editas Medicine (NASDAQ:EDIT) to "Strong-Buy"

Editas Medicine (NASDAQ:EDIT - Get Free Report) was upgraded by equities research analysts at Cantor Fitzgerald from a "hold" rating to a "strong-buy" rating in a report released on Tuesday,Zacks.com reports.

Separately, HC Wainwright began coverage on shares of Editas Medicine in a report on Monday, April 28th. They issued a "buy" rating and a $3.00 price target on the stock. Three analysts have rated the stock with a sell rating, nine have issued a hold rating, three have issued a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target of $6.54.

Editas Medicine Stock Down 3.4 %

Shares of Editas Medicine stock traded down $0.06 on Tuesday, hitting $1.59. The company's stock had a trading volume of 332,833 shares, compared to its average volume of 2,574,919. The company has a market capitalization of $132.68 million, a P/E ratio of -0.62 and a beta of 2.14. Editas Medicine has a 52-week low of $0.91 and a 52-week high of $6.69. The firm has a fifty day moving average price of $1.42 and a 200-day moving average price of $1.76.

Editas Medicine (NASDAQ:EDIT - Get Free Report) last posted its quarterly earnings data on Wednesday, March 5th. The company reported ($0.55) EPS for the quarter, missing analysts' consensus estimates of ($0.39) by ($0.16). The company had revenue of $30.60 million for the quarter, compared to analyst estimates of $37.17 million. Editas Medicine had a negative net margin of 340.96% and a negative return on equity of 80.13%. During the same period in the previous year, the business earned ($0.23) EPS. As a group, analysts expect that Editas Medicine will post -2.71 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. Ieq Capital LLC acquired a new stake in shares of Editas Medicine in the 4th quarter valued at $31,000. Thrive Wealth Management LLC acquired a new position in Editas Medicine during the 4th quarter valued at about $36,000. Allspring Global Investments Holdings LLC boosted its stake in shares of Editas Medicine by 45.9% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 35,781 shares of the company's stock valued at $40,000 after purchasing an additional 11,252 shares during the last quarter. Brave Asset Management Inc. grew its position in shares of Editas Medicine by 250.0% during the 1st quarter. Brave Asset Management Inc. now owns 35,000 shares of the company's stock worth $41,000 after buying an additional 25,000 shares during the period. Finally, Dark Forest Capital Management LP raised its stake in shares of Editas Medicine by 66.9% during the fourth quarter. Dark Forest Capital Management LP now owns 32,787 shares of the company's stock worth $42,000 after buying an additional 13,138 shares during the last quarter. 71.90% of the stock is owned by institutional investors and hedge funds.

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.