Editas Medicine (NASDAQ:EDIT) Stock Price Down 2.9% – Should You Sell?

Editas Medicine, Inc. (NASDAQ:EDIT) traded down 2.9% during trading on Tuesday . The company traded as low as $2.02 and last traded at $2.04. 1,660,565 shares traded hands during mid-day trading, a decline of 1% from the average session volume of 1,682,416 shares. The stock had previously closed at $2.10.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on EDIT shares. Chardan Capital upgraded Editas Medicine from a “hold” rating to a “strong-buy” rating in a report on Thursday, November 13th. Wells Fargo & Company lifted their price target on Editas Medicine from $3.00 to $4.00 and gave the stock an “equal weight” rating in a research report on Wednesday, September 3rd. Wall Street Zen raised shares of Editas Medicine from a “sell” rating to a “hold” rating in a research report on Friday, September 26th. HC Wainwright reiterated a “buy” rating and set a $5.00 price target on shares of Editas Medicine in a research note on Friday, September 5th. Finally, Weiss Ratings reiterated a “sell (e+)” rating on shares of Editas Medicine in a research report on Wednesday, October 8th. Two investment analysts have rated the stock with a Strong Buy rating, two have given a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $5.00.

Editas Medicine Price Performance

The firm has a market cap of $199.14 million, a price-to-earnings ratio of -0.86 and a beta of 2.44. The firm has a 50 day moving average price of $2.59 and a 200-day moving average price of $2.79.

Editas Medicine (NASDAQ:EDIT) last released its earnings results on Monday, November 10th. The company reported ($0.28) earnings per share for the quarter, beating the consensus estimate of ($0.38) by $0.10. The firm had revenue of $7.54 million for the quarter, compared to analyst estimates of $4.95 million. Editas Medicine had a negative return on equity of 277.29% and a negative net margin of 430.84%. On average, sell-side analysts expect that Editas Medicine, Inc. will post -2.71 EPS for the current fiscal year.

Institutional Trading of Editas Medicine

A number of hedge funds have recently modified their holdings of the stock. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position 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 valued at $3,016,000 after purchasing an additional 1,430,000 shares during the last quarter. Geode Capital Management LLC boosted its stake in shares of Editas Medicine by 1.1% in the second quarter. Geode Capital Management LLC now owns 1,964,298 shares of the company’s stock valued at $4,323,000 after buying an additional 20,521 shares during the period. Two Sigma Investments LP increased its position in shares of Editas Medicine by 63.3% in the third quarter. Two Sigma Investments LP now owns 1,584,155 shares of the company’s stock worth $5,497,000 after purchasing an additional 614,229 shares during the period. JPMorgan Chase & Co. increased its stake in Editas Medicine by 15.2% in the second quarter. JPMorgan Chase & Co. now owns 1,065,722 shares of the company’s stock valued at $2,345,000 after acquiring an additional 140,916 shares during the last quarter. Finally, Jacobs Levy Equity Management Inc. boosted its stake in Editas Medicine by 761.7% in the third quarter. Jacobs Levy Equity Management Inc. now owns 800,023 shares of the company’s stock valued at $2,776,000 after buying an additional 707,181 shares in the last quarter. Institutional investors and hedge funds 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.