Brokerages Set Editas Medicine, Inc. (NASDAQ:EDIT) Price Target at $5.30

Editas Medicine, Inc. (NASDAQ:EDIT) has earned a consensus rating of “Moderate Buy” from the eight research firms that are presently covering the stock, MarketBeat reports. One analyst has rated the stock with a sell recommendation, one has assigned a hold recommendation, five have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12 month target price among brokerages that have issued ratings on the stock in the last year is $5.30.

A number of research analysts have recently weighed in on EDIT shares. TD Cowen restated a “buy” rating on shares of Editas Medicine in a research report on Monday, March 9th. JonesTrading raised shares of Editas Medicine from a “hold” rating to a “buy” rating and set a $8.00 price objective on the stock in a research note on Tuesday, March 10th. Chardan Capital restated a “buy” rating and set a $3.50 target price on shares of Editas Medicine in a report on Monday, March 9th. Robert W. Baird set a $6.00 target price on shares of Editas Medicine in a research report on Monday, March 9th. Finally, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Editas Medicine in a report on Wednesday, January 21st.

Editas Medicine Trading Down 0.4%

EDIT stock opened at $2.34 on Thursday. The firm has a 50 day moving average of $2.08 and a 200-day moving average of $2.56. Editas Medicine has a 12-month low of $0.91 and a 12-month high of $4.54. The company has a market cap of $229.02 million, a price-to-earnings ratio of -1.24 and a beta of 2.16.

Editas Medicine (NASDAQ:EDIT) last released its quarterly earnings results on Monday, March 9th. The company reported ($0.06) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.27) by $0.21. The business had revenue of $24.74 million for the quarter, compared to analysts’ expectations of $8.77 million. Editas Medicine had a negative return on equity of 389.73% and a negative net margin of 395.02%. Sell-side analysts forecast that Editas Medicine will post -2.71 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of EDIT. CIBC Bancorp USA Inc. acquired a new stake in Editas Medicine during the 3rd quarter valued at $57,000. Sei Investments Co. acquired a new position in shares of Editas Medicine in the third quarter worth $46,000. Victory Capital Management Inc. acquired a new position in shares of Editas Medicine in the third quarter worth $36,000. StoneX Group Inc. purchased a new stake in shares of Editas Medicine in the fourth quarter valued at $33,000. Finally, Eversept Partners LP purchased a new stake in shares of Editas Medicine in the fourth quarter valued at $596,000. 71.90% of the stock is currently owned by institutional investors and hedge funds.

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.