Editas Medicine (NASDAQ:EDIT) Upgraded by Cantor Fitzgerald to Strong-Buy Rating

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 note issued to investors on Tuesday,Zacks.com reports.

Separately, HC Wainwright assumed coverage on shares of Editas Medicine in a report on Monday. They set a "buy" rating and a $3.00 price target on the stock. Three equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating, three have assigned a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, Editas Medicine currently has an average rating of "Hold" and a consensus target price of $6.54.

Editas Medicine Trading Down 1.9 %

Shares of NASDAQ:EDIT opened at $1.55 on Tuesday. The stock has a fifty day simple moving average of $1.43 and a two-hundred day simple moving average of $1.81. Editas Medicine has a 12-month low of $0.91 and a 12-month high of $6.69. The stock has a market capitalization of $129.75 million, a price-to-earnings ratio of -0.61 and a beta of 2.16.

Editas Medicine (NASDAQ:EDIT - Get Free Report) last issued its quarterly earnings results on Wednesday, March 5th. The company reported ($0.55) earnings per share for the quarter, missing the consensus estimate of ($0.39) by ($0.16). The company had revenue of $30.60 million for the quarter, compared to the consensus estimate 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 quarter in the previous year, the business earned ($0.23) earnings per share. As a group, equities research analysts predict that Editas Medicine will post -2.71 EPS for the current year.

Hedge Funds Weigh In On Editas Medicine

Institutional investors and hedge funds have recently bought and sold shares of the stock. Raymond James Financial Inc. bought a new position in shares of Editas Medicine in the fourth quarter worth about $303,000. Barclays PLC increased its holdings in Editas Medicine by 46.9% in the 3rd quarter. Barclays PLC now owns 178,507 shares of the company's stock worth $607,000 after acquiring an additional 56,986 shares in the last quarter. Monaco Asset Management SAM bought a new stake in Editas Medicine during the 4th quarter worth approximately $1,359,000. SG Americas Securities LLC lifted its holdings in Editas Medicine by 103.7% during the fourth quarter. SG Americas Securities LLC now owns 81,669 shares of the company's stock valued at $104,000 after purchasing an additional 41,573 shares in the last quarter. Finally, Renaissance Technologies LLC purchased a new stake in shares of Editas Medicine in the fourth quarter worth $1,843,000. 71.90% of the stock is currently owned by hedge funds and other institutional investors.

About Editas Medicine

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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