Editas Medicine (NASDAQ:EDIT) Stock Breaks Above 200-Day Moving Average - Time to Sell?

Key Points

• Editas Medicine shares rose 13.5%, reaching $2.96 and breaking above their 200-day moving average of $2.67, with more than 4.4 million shares traded.
• Analyst sentiment is generally positive: six analysts rate the stock a Buy and one rates it Sell, producing a “Moderate Buy” consensus and an average price target of $5.83.
• The company exceeded quarterly expectations, reporting an adjusted loss of $0.15 per share versus the anticipated $0.27 loss and revenue of $11.89 million, though it continues to post substantial negative margins and return on equity.

Editas Medicine, Inc. (NASDAQ:EDIT - Get Free Report) crossed above its 200-day moving average during trading on Wednesday. The stock has a 200-day moving average of $2.67 and traded as high as $2.96. Editas Medicine shares last traded at $2.95, with a volume of 4,427,562 shares traded.

Analyst Ratings Changes

EDIT has been the topic of several analyst reports. LADENBURG THALM/SH SH assumed coverage on Editas Medicine in a research report on Tuesday, August 18th. They set a "buy" rating and a $6.00 target price on the stock. Weiss Ratings upgraded Editas Medicine from a "sell (e+)" rating to a "sell (d-)" rating in a research report on Tuesday, August 11th. Wall Street Zen upgraded Editas Medicine from a "sell" rating to a "hold" rating in a research report on Saturday, August 8th. Guggenheim raised shares of Editas Medicine from a "neutral" rating to a "buy" rating and set a $5.00 price objective for the company in a research note on Wednesday, September 23rd. Finally, Wells Fargo & Company upgraded shares of Editas Medicine from an "equal weight" rating to an "overweight" rating and boosted their price objective for the company from $4.00 to $6.00 in a research report on Thursday, October 8th. Six analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, Editas Medicine has an average rating of "Moderate Buy" and a consensus target price of $5.83.

Editas Medicine Trading Up 13.5%

The firm has a market cap of $453.06 million, a P/E ratio of -3.93 and a beta of 2.00. The business has a 50-day moving average price of $2.77 and a 200-day moving average price of $2.67.

Editas Medicine (NASDAQ:EDIT - Get Free Report) last released its quarterly earnings data on Wednesday, August 5th. The company reported ($0.15) earnings per share for the quarter, topping analysts' consensus estimates of ($0.27) by $0.12. Editas Medicine had a negative net margin of 157.32% and a negative return on equity of 196.63%. The company had revenue of $11.89 million during the quarter, compared to analyst estimates of $2.85 million. On average, equities analysts anticipate that Editas Medicine, Inc. will post -0.80 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Editas Medicine

Several institutional investors have recently bought and sold shares of EDIT. China Universal Asset Management Co. Ltd. boosted its position in Editas Medicine by 44.1% in the third quarter. China Universal Asset Management Co. Ltd. now owns 64,022 shares of the company's stock valued at $166,000 after buying an additional 19,598 shares during the last quarter. Opaleye Management Inc. increased its holdings in Editas Medicine by 100.4% in the 2nd quarter. Opaleye Management Inc. now owns 3,861,930 shares of the company's stock worth $12,513,000 after buying an additional 1,934,933 shares during the period. Corient Private Wealth LP purchased a new position in Editas Medicine during the 2nd quarter worth approximately $80,000. Seven Fleet Capital Management LP purchased a new position in Editas Medicine during the 2nd quarter worth approximately $4,311,000. Finally, AXQ Capital LP purchased a new position in Editas Medicine during the 2nd quarter worth approximately $118,000. 71.90% of the stock is owned by hedge funds and other institutional investors.

About Editas Medicine

Editas Medicine, Inc is a biotechnology company focused on developing genomic medicines using CRISPR-based gene-editing technologies. The company's research platforms include CRISPR/Cas9 and CRISPR/Cas12a, which are designed to make precise changes to DNA and potentially treat diseases caused by genetic abnormalities.

Editas Medicine's lead investigational program is reni-cel, formerly known as EDIT-301. Reni-cel is an ex vivo gene-editing therapy intended to treat sickle cell disease and transfusion-dependent beta thalassemia by modifying a patient's blood-forming stem cells before they are returned to the body.

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