Editas Medicine (NASDAQ:EDIT) Hits New 52-Week Low at $6.05

Shares of Editas Medicine, Inc. (NASDAQ:EDIT - Get Free Report) hit a new 52-week low during trading on Monday . The company traded as low as $6.05 and last traded at $6.19, with a volume of 572263 shares. The stock had previously closed at $6.21.

Wall Street Analyst Weigh In

EDIT has been the topic of a number of recent analyst reports. Barclays boosted their price objective on shares of Editas Medicine from $10.00 to $11.00 and gave the stock an "equal weight" rating in a report on Thursday, February 29th. JPMorgan Chase & Co. boosted their price objective on shares of Editas Medicine from $8.00 to $9.00 and gave the stock a "neutral" rating in a report on Tuesday, February 27th. Citigroup boosted their price objective on shares of Editas Medicine from $11.00 to $16.00 and gave the stock a "buy" rating in a report on Thursday, February 29th. Finally, StockNews.com upgraded shares of Editas Medicine from a "sell" rating to a "hold" rating in a report on Friday, March 1st. Five investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $15.00.

Editas Medicine Trading Down 2.1 %

The business's 50-day moving average is $7.90 and its two-hundred day moving average is $8.43. The firm has a market cap of $497.40 million, a P/E ratio of -2.97 and a beta of 2.02.

Editas Medicine (NASDAQ:EDIT - Get Free Report) last announced its quarterly earnings data on Wednesday, February 28th. The company reported ($0.23) earnings per share for the quarter, beating analysts' consensus estimates of ($0.52) by $0.29. Editas Medicine had a negative net margin of 196.12% and a negative return on equity of 42.95%. The business had revenue of $60.00 million during the quarter, compared to the consensus estimate of $4.84 million. During the same quarter in the prior year, the firm earned ($0.88) EPS. The company's revenue for the quarter was up 817.4% compared to the same quarter last year. On average, analysts anticipate that Editas Medicine, Inc. will post -2.61 earnings per share for the current year.

Insider Buying and Selling at Editas Medicine

In other Editas Medicine news, SVP Baisong Mei sold 20,327 shares of the business's stock in a transaction dated Monday, March 4th. The shares were sold at an average price of $9.42, for a total transaction of $191,480.34. Following the completion of the transaction, the senior vice president now directly owns 141,543 shares of the company's stock, valued at approximately $1,333,335.06. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Editas Medicine news, CEO Gilmore Neil O'neill sold 77,824 shares of the business's stock in a transaction dated Tuesday, March 5th. The shares were sold at an average price of $9.42, for a total transaction of $733,102.08. Following the completion of the transaction, the chief executive officer now directly owns 327,470 shares of the company's stock, valued at approximately $3,084,767.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Baisong Mei sold 20,327 shares of the business's stock in a transaction dated Monday, March 4th. The shares were sold at an average price of $9.42, for a total transaction of $191,480.34. Following the transaction, the senior vice president now directly owns 141,543 shares of the company's stock, valued at $1,333,335.06. The disclosure for this sale can be found here. 2.20% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of EDIT. State Street Corp lifted its stake in shares of Editas Medicine by 43.8% in the 2nd quarter. State Street Corp now owns 7,879,890 shares of the company's stock worth $93,219,000 after acquiring an additional 2,399,852 shares during the period. BlackRock Inc. lifted its stake in shares of Editas Medicine by 15.5% in the 1st quarter. BlackRock Inc. now owns 6,275,270 shares of the company's stock worth $119,355,000 after acquiring an additional 841,894 shares during the period. Dimensional Fund Advisors LP lifted its stake in shares of Editas Medicine by 40.6% in the 4th quarter. Dimensional Fund Advisors LP now owns 2,392,396 shares of the company's stock worth $24,236,000 after acquiring an additional 690,366 shares during the period. Renaissance Technologies LLC lifted its stake in shares of Editas Medicine by 296.1% in the 1st quarter. Renaissance Technologies LLC now owns 903,400 shares of the company's stock worth $17,183,000 after acquiring an additional 675,300 shares during the period. Finally, Point72 Asset Management L.P. lifted its stake in shares of Editas Medicine by 26,262.1% in the 4th quarter. Point72 Asset Management L.P. now owns 579,967 shares of the company's stock worth $5,875,000 after acquiring an additional 577,767 shares during the period. 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.