Editas Medicine (NASDAQ:EDIT) Stock Breaks Below 50 Day Moving Average - Here's Why

Editas Medicine, Inc. (NASDAQ:EDIT - Get Free Report) crossed below its fifty day moving average during trading on Friday. The stock has a fifty day moving average of $2.83 and traded as low as $2.33. Editas Medicine shares last traded at $2.35, with a volume of 1,551,331 shares trading hands.

Wall Street Analyst Weigh In

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

Editas Medicine Stock Down 3.7%

The stock's 50 day moving average price is $2.83 and its 200-day moving average price is $2.89. The stock has a market capitalization of $360.91 million, a PE ratio of -3.13 and a beta of 2.00.

Editas Medicine (NASDAQ:EDIT - Get Free Report) last released its earnings results on Wednesday, August 5th. The company reported ($0.15) earnings per share for the quarter, beating 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 for the quarter, compared to analysts' expectations of $2.85 million. On average, analysts forecast that Editas Medicine, Inc. will post -0.80 earnings per share for the current year.

Institutional Investors Weigh In On Editas Medicine

Several institutional investors and hedge funds have recently modified their holdings of EDIT. Legal & General Group Plc bought a new position in shares of Editas Medicine during the 2nd quarter valued at approximately $31,000. Pallas Capital Advisors LLC purchased a new stake in Editas Medicine in the second quarter valued at about $38,000. Abel Hall LLC purchased a new stake in Editas Medicine during the 1st quarter worth approximately $36,000. Callan Family Office LLC acquired a new position in shares of Editas Medicine in the 2nd quarter valued at $47,000. Finally, Strategic Advisory Partners LLC purchased a new stake in Editas Medicine in the second quarter valued at approximately $49,000. Institutional investors own 71.90% of the company's stock.

Editas Medicine Company Profile

Editas Medicine, Inc is a biotechnology company focused on developing genomic medicines that use CRISPR-based gene-editing technologies to treat diseases caused by genetic abnormalities. The company's research programs are designed to modify or correct disease-associated genes in patients' cells, with the goal of developing potentially durable treatments.

Its lead investigational program is reni-cel, formerly known as EDIT-301, an ex vivo CRISPR gene-editing therapy being studied for sickle cell disease and transfusion-dependent beta thalassemia.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.