Editas Medicine’s (EDIT) Buy Rating Reiterated at Chardan Capital

Editas Medicine (NASDAQ:EDIT)‘s stock had its “buy” rating reissued by equities research analysts at Chardan Capital in a report released on Monday,Benzinga reports. They presently have a $3.50 target price on the stock. Chardan Capital’s price objective indicates a potential upside of 51.78% from the company’s previous close.

EDIT has been the subject of a number of other reports. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Editas Medicine in a research note on Wednesday, January 21st. TD Cowen reissued a “buy” rating on shares of Editas Medicine in a research note on Monday. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, Editas Medicine presently has an average rating of “Moderate Buy” and an average target price of $4.63.

Editas Medicine Stock Up 15.3%

NASDAQ EDIT traded up $0.31 during trading hours on Monday, hitting $2.31. The company’s stock had a trading volume of 3,977,833 shares, compared to its average volume of 1,812,144. Editas Medicine has a twelve month low of $0.91 and a twelve month high of $4.54. The firm has a market capitalization of $225.11 million, a P/E ratio of -0.97 and a beta of 2.16. The stock has a fifty day moving average of $2.00 and a 200 day moving average of $2.57.

Editas Medicine (NASDAQ:EDIT) last released its earnings results on Wednesday, March 11th. The company reported ($0.06) EPS for the quarter, topping analysts’ consensus estimates of ($0.27) by $0.21. The firm had revenue of $24.74 million during the quarter, compared to analyst estimates of $8.77 million. Editas Medicine had a negative net margin of 430.84% and a negative return on equity of 277.29%. On average, analysts predict that Editas Medicine will post -2.71 earnings per share for the current year.

Institutional Trading of Editas Medicine

Large investors have recently made changes to their positions in the company. Renaissance Technologies LLC raised its stake in Editas Medicine by 138.0% during the 4th quarter. Renaissance Technologies LLC now owns 3,039,778 shares of the company’s stock worth $6,232,000 after buying an additional 1,762,378 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in shares of Editas Medicine by 122.2% in the first 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 acquiring an additional 1,430,000 shares in the last quarter. Jacobs Levy Equity Management Inc. raised its position in shares of Editas Medicine by 761.7% during the third quarter. Jacobs Levy Equity Management Inc. now owns 800,023 shares of the company’s stock worth $2,776,000 after purchasing an additional 707,181 shares during the period. Two Sigma Investments LP lifted its holdings in shares of Editas Medicine by 63.3% during the 3rd quarter. Two Sigma Investments LP now owns 1,584,155 shares of the company’s stock valued at $5,497,000 after purchasing an additional 614,229 shares in the last quarter. Finally, GSA Capital Partners LLP bought a new position in shares of Editas Medicine during the 4th quarter valued at about $1,166,000. Institutional investors own 71.90% of the company’s stock.

About Editas Medicine

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.