Editas Medicine (NASDAQ:EDIT) Share Price Breaks Below 200-Day Moving Average – What’s Next?

Editas Medicine, Inc. (NASDAQ:EDIT)’s stock price passed below its 200-day moving average during trading on Thursday. The stock has a 200-day moving average of $2.68 and traded as low as $2.41. Editas Medicine shares last traded at $2.55, with a volume of 2,097,878 shares traded.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on EDIT shares. Wells Fargo & Company upgraded shares of Editas Medicine from an “equal weight” rating to an “overweight” rating and upped their price objective for the company from $4.00 to $6.00 in a research note on Thursday, October 8th. 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. LADENBURG THALM/SH SH started coverage on Editas Medicine in a report on Tuesday, August 18th. They issued a “buy” rating and a $6.00 target price for the company. Weiss Ratings raised Editas Medicine from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Tuesday, August 11th. Finally, Wall Street Zen raised Editas Medicine from a “sell” rating to a “hold” rating in a research report on Saturday, August 8th. Six research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Editas Medicine presently has a consensus rating of “Moderate Buy” and a consensus target price of $5.83.

Editas Medicine Price Performance

The business’s 50-day moving average price is $2.72 and its 200-day moving average price is $2.68. The firm has a market capitalization of $391.63 million, a PE ratio of -3.40 and a beta of 2.08.

Editas Medicine (NASDAQ:EDIT) last released its quarterly earnings results on Wednesday, August 5th. The company reported ($0.15) EPS for the quarter, beating the consensus estimate of ($0.27) by $0.12. The firm had revenue of $11.89 million during the quarter, compared to the consensus estimate of $2.85 million. Editas Medicine had a negative net margin of 157.32% and a negative return on equity of 196.63%. Equities analysts forecast that Editas Medicine, Inc. will post -0.80 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of EDIT. GSA Capital Partners LLP purchased a new stake in shares of Editas Medicine in the second quarter valued at about $1,190,000. Opaleye Management Inc. boosted its stake in shares of Editas Medicine by 100.4% during the second 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. Seven Fleet Capital Management LP purchased a new position in shares of Editas Medicine during the second quarter worth about $4,311,000. Renaissance Technologies LLC grew its holdings in shares of Editas Medicine by 30.7% during the first quarter. Renaissance Technologies LLC now owns 3,972,160 shares of the company’s stock worth $9,811,000 after buying an additional 932,382 shares during the last quarter. Finally, BlackRock Inc. purchased a new position in shares of Editas Medicine during the second quarter worth about $34,312,000. 71.90% of the stock is currently owned by institutional investors and hedge funds.

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.