Editas Medicine (NASDAQ:EDIT) Upgraded to "Equal Weight" at Morgan Stanley

Morgan Stanley upgraded shares of Editas Medicine (NASDAQ:EDIT - Free Report) from an underweight rating to an equal weight rating in a research note released on Thursday, MarketBeat reports. They currently have $7.00 price objective on the stock.

A number of other research analysts have also recently issued reports on EDIT. Citigroup boosted their price objective on shares of Editas Medicine from $11.00 to $16.00 and gave the company a buy rating in a report on Thursday, February 29th. JPMorgan Chase & Co. boosted their target price 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. StockNews.com raised Editas Medicine from a sell rating to a hold rating in a research note on Friday, March 1st. Finally, Barclays upped their price target on shares of Editas Medicine from $10.00 to $11.00 and gave the company an equal weight rating in a research report on Thursday, February 29th. Six analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of Hold and an average target price of $13.90.

Editas Medicine Price Performance

NASDAQ:EDIT traded up $0.52 during trading hours on Thursday, reaching $5.56. The company's stock had a trading volume of 2,717,539 shares, compared to its average volume of 1,843,758. The business's 50-day moving average is $7.03 and its 200-day moving average is $8.24. Editas Medicine has a one year low of $4.91 and a one year high of $11.91. The company has a market cap of $457.23 million, a price-to-earnings ratio of -2.67 and a beta of 2.09.

Editas Medicine (NASDAQ:EDIT - Get Free Report) last issued its quarterly earnings results on Wednesday, May 8th. The company reported ($0.76) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.63) by ($0.13). Editas Medicine had a negative net margin of 196.12% and a negative return on equity of 42.95%. The firm had revenue of $1.10 million for the quarter, compared to the consensus estimate of $11.14 million. During the same quarter in the prior year, the firm earned ($0.71) earnings per share. The company's revenue was down 88.9% on a year-over-year basis. On average, sell-side analysts predict that Editas Medicine will post -2.61 EPS for the current fiscal year.

Insider Transactions at Editas Medicine

In other news, SVP Baisong Mei sold 20,327 shares of the stock in a transaction on Monday, March 4th. The stock was sold at an average price of $9.42, for a total value of $191,480.34. Following the sale, the senior vice president now directly owns 141,543 shares of the company's stock, valued at $1,333,335.06. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other Editas Medicine news, CEO Gilmore Neil O'neill sold 77,824 shares of the stock in a transaction that occurred on Tuesday, March 5th. The shares were sold at an average price of $9.42, for a total value of $733,102.08. Following the transaction, the chief executive officer now directly owns 327,470 shares in the company, valued at $3,084,767.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Baisong Mei sold 20,327 shares of the stock in a transaction on Monday, March 4th. The stock was sold at an average price of $9.42, for a total transaction of $191,480.34. Following the completion of the sale, 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. Insiders own 1.90% of the company's stock.

Institutional Trading of Editas Medicine

Several hedge funds have recently bought and sold shares of EDIT. Clear Street Markets LLC bought a new stake in Editas Medicine in the third quarter worth about $44,000. Russell Investments Group Ltd. raised its position in shares of Editas Medicine by 401.9% in the 4th quarter. Russell Investments Group Ltd. now owns 5,190 shares of the company's stock worth $53,000 after acquiring an additional 4,156 shares in the last quarter. Amalgamated Bank lifted its position in shares of Editas Medicine by 18.0% during the third quarter. Amalgamated Bank now owns 8,023 shares of the company's stock valued at $63,000 after buying an additional 1,226 shares during the last quarter. Headlands Technologies LLC grew its holdings in Editas Medicine by 481.7% in the first quarter. Headlands Technologies LLC now owns 9,493 shares of the company's stock worth $70,000 after purchasing an additional 7,861 shares during the last quarter. Finally, HB Wealth Management LLC acquired a new stake in Editas Medicine in the first quarter worth about $76,000. Hedge funds and other institutional investors own 71.90% of the company's stock.

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.