Editas Medicine (NASDAQ:EDIT) Upgraded by Wall Street Zen to Hold Rating

Key Points

• Editas Medicine has been upgraded from a "sell" to a "hold" rating by Wall Street Zen, indicating a more favorable outlook for the stock.
• The company's stock price is currently at $3.24, with recent trading activity showing increased volume compared to its average.
• Editas Medicine reported earnings of ($0.63) per share for the last quarter, missing analysts' expectations but surpassing revenue estimates with $3.58 million.

Editas Medicine (NASDAQ:EDIT - Get Free Report) was upgraded by equities researchers at Wall Street Zen from a "sell" rating to a "hold" rating in a research report issued to clients and investors on Friday.

A number of other research analysts have also recently weighed in on the company. Wells Fargo & Company lifted their target price on Editas Medicine from $3.00 to $4.00 and gave the company an "equal weight" rating in a report on Wednesday, September 3rd. Robert W. Baird raised their price objective on Editas Medicine from $4.00 to $6.00 and gave the company an "outperform" rating in a research report on Wednesday, August 13th. Finally, HC Wainwright restated a "buy" rating and set a $5.00 price objective on shares of Editas Medicine in a research note on Friday, September 5th. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, seven have given a Hold rating and two have given a Sell rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $5.10.

Editas Medicine Stock Performance

Editas Medicine stock traded up $0.01 during midday trading on Friday, reaching $3.24. The stock had a trading volume of 2,399,733 shares, compared to its average volume of 2,054,501. Editas Medicine has a twelve month low of $0.91 and a twelve month high of $3.80. The stock has a market capitalization of $291.34 million, a PE ratio of -1.14 and a beta of 2.16. The stock's 50-day simple moving average is $2.77 and its 200 day simple moving average is $2.10.

Editas Medicine (NASDAQ:EDIT - Get Free Report) last issued its earnings results on Tuesday, August 12th. The company reported ($0.63) earnings per share 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 analyst estimates of $1.81 million. Equities analysts predict that Editas Medicine will post -2.71 earnings per share for the current fiscal year.

Institutional Trading of Editas Medicine

Hedge funds and other institutional investors have recently modified their holdings of the business. Captrust Financial Advisors purchased a new stake in shares of Editas Medicine during the second quarter worth about $26,000. Allspring Global Investments Holdings LLC increased its position in shares of Editas Medicine by 45.9% during the first quarter. Allspring Global Investments Holdings LLC now owns 35,781 shares of the company's stock worth $40,000 after acquiring an additional 11,252 shares during the last quarter. Brave Asset Management Inc. increased its position in shares of Editas Medicine by 250.0% during the first quarter. Brave Asset Management Inc. now owns 35,000 shares of the company's stock worth $41,000 after acquiring an additional 25,000 shares during the last quarter. SCS Capital Management LLC purchased a new stake in shares of Editas Medicine during the first quarter worth about $41,000. Finally, R Squared Ltd purchased a new stake in shares of Editas Medicine during the second quarter worth about $45,000. 71.90% of the stock is owned by hedge funds and other institutional investors.

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.

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