Editas Medicine (NASDAQ:EDIT) Stock Crosses Below 50 Day Moving Average – What’s Next?

Shares of Editas Medicine, Inc. (NASDAQ:EDIT) crossed below its 50-day moving average during trading on Friday . The stock has a 50-day moving average of $2.33 and traded as low as $2.00. Editas Medicine shares last traded at $2.03, with a volume of 2,199,811 shares.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on EDIT. Chardan Capital raised Editas Medicine from a “hold” rating to a “strong-buy” rating in a research note on Thursday, November 13th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Editas Medicine in a report on Wednesday, October 8th. Finally, Wall Street Zen upgraded shares of Editas Medicine from a “sell” rating to a “hold” rating in a research note on Friday, September 26th. Two analysts have rated the stock with a Strong Buy rating, two have issued a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $5.00.

Editas Medicine Trading Down 2.9%

The firm has a market cap of $198.17 million, a PE ratio of -0.85 and a beta of 2.16. The business’s 50-day simple moving average is $2.33 and its 200 day simple moving average is $2.77.

Editas Medicine (NASDAQ:EDIT) last announced its quarterly earnings results on Monday, November 10th. The company reported ($0.28) earnings per share for the quarter, topping the consensus estimate of ($0.38) by $0.10. Editas Medicine had a negative net margin of 430.84% and a negative return on equity of 277.29%. The firm had revenue of $7.54 million during the quarter, compared to analysts’ expectations of $4.95 million. Analysts expect that Editas Medicine, Inc. will post -2.71 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in shares of Editas Medicine by 122.2% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 2,600,000 shares of the company’s stock worth $3,016,000 after purchasing an additional 1,430,000 shares during the last quarter. Acadian Asset Management LLC lifted its position in shares of Editas Medicine by 288.5% during the first quarter. Acadian Asset Management LLC now owns 752,162 shares of the company’s stock valued at $869,000 after buying an additional 558,567 shares during the last quarter. Wealth Enhancement Advisory Services LLC boosted its holdings in shares of Editas Medicine by 13.5% in the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 51,105 shares of the company’s stock valued at $112,000 after buying an additional 6,088 shares in the last quarter. Vanguard Personalized Indexing Management LLC boosted its holdings in shares of Editas Medicine by 55.5% in the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 41,366 shares of the company’s stock valued at $91,000 after buying an additional 14,765 shares in the last quarter. Finally, International Assets Investment Management LLC bought a new position in shares of Editas Medicine during the 2nd quarter worth approximately $70,000. 71.90% of the stock is currently owned by hedge funds and other institutional investors.

Editas Medicine Company Profile

Editas Medicine is a clinical-stage biotechnology company focused on translating the power of gene editing into a new class of transformative genomic medicines. Founded in 2013 and headquartered in Cambridge, Massachusetts, the company leverages proprietary CRISPR/Cas9 and CRISPR/Cas12a (Cpf1) platforms to develop therapies aimed at correcting disease-causing genetic mutations. Editas Medicine’s research and development efforts span multiple therapeutic areas, including inherited retinal diseases, hemoglobinopathies, and oncology.

The company’s pipeline includes EDIT-101, a lead candidate designed to treat Leber congenital amaurosis type 10 (LCA10), which has entered early-stage clinical trials, and EDIT-301, targeting sickle cell disease and β-thalassemia using an ex vivo editing approach.