Editas Medicine, Inc. (NASDAQ:EDIT) Stock Has Average Price Target of $5.83 According to Analysts

Editas Medicine, Inc. (NASDAQ:EDIT) has been given an average rating of “Moderate Buy” by the seven ratings firms that are covering the company, Marketbeat.com reports. One research analyst has rated the stock with a sell rating and six have given a buy rating to the company. The average twelve-month price objective among analysts that have issued ratings on the stock in the last year is $5.83.

EDIT has been the topic of a number of analyst reports. 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 note on Saturday, August 8th. Wells Fargo & Company upgraded Editas Medicine from an “equal weight” rating to an “overweight” rating and boosted their price target for the company from $4.00 to $6.00 in a research note on Thursday, October 8th. LADENBURG THALM/SH SH started coverage on Editas Medicine in a research report on Tuesday, August 18th. They issued a “buy” rating and a $6.00 target price on the stock. Finally, Guggenheim upgraded Editas Medicine from a “neutral” rating to a “buy” rating and set a $5.00 target price on the stock in a research report on Wednesday, September 23rd.

Editas Medicine Stock Performance

Shares of NASDAQ:EDIT opened at $2.67 on Friday. Editas Medicine has a twelve month low of $1.66 and a twelve month high of $3.94. The company has a market capitalization of $410.06 million, a PE ratio of -3.56 and a beta of 2.00. The firm has a 50 day simple moving average of $2.76 and a 200-day simple moving average of $2.67.

Editas Medicine (NASDAQ:EDIT) last announced its earnings results on Wednesday, August 5th. The company reported ($0.15) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.27) by $0.12. The firm had revenue of $11.89 million for the quarter, compared to analyst estimates of $2.85 million. Editas Medicine had a negative net margin of 157.32% and a negative return on equity of 196.63%. As a group, equities research analysts predict that Editas Medicine will post -0.80 EPS for the current fiscal year.

Hedge Funds Weigh In On Editas Medicine

A number of large investors have recently bought and sold shares of the business. Profund Advisors LLC purchased a new stake in shares of Editas Medicine during the third quarter worth $168,000. ProShare Advisors LLC increased its position in shares of Editas Medicine by 37.9% during the 3rd quarter. ProShare Advisors LLC now owns 25,019 shares of the company’s stock valued at $64,000 after purchasing an additional 6,882 shares during the period. China Universal Asset Management Co. Ltd. lifted its position in Editas Medicine by 44.1% in the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 64,022 shares of the company’s stock worth $166,000 after buying an additional 19,598 shares in the last quarter. Opaleye Management Inc. grew 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 valued at $12,513,000 after buying an additional 1,934,933 shares during the last quarter. Finally, Corient Private Wealth LP acquired a new stake in shares of Editas Medicine in the 2nd quarter valued at $80,000. 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 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.