Editas Medicine (NASDAQ:EDIT) Stock Price Crosses Below Fifty Day Moving Average – Here’s Why

Editas Medicine, Inc. (NASDAQ:EDIT) crossed below its 50 day moving average during trading on Friday . The stock has a 50 day moving average of $2.95 and traded as low as $2.43. Editas Medicine shares last traded at $2.50, with a volume of 1,906,693 shares changing hands.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on the company. JonesTrading raised Editas Medicine from a “hold” rating to a “buy” rating and set a $8.00 price objective for the company in a report on Tuesday, March 10th. Weiss Ratings reissued a “sell (e+)” rating on shares of Editas Medicine in a report on Monday, April 20th. Wall Street Zen cut Editas Medicine from a “hold” rating to a “sell” rating in a research note on Sunday, May 10th. Robert W. Baird set a $6.00 price target on Editas Medicine in a research note on Monday, March 9th. Finally, Chardan Capital increased their price target on Editas Medicine from $3.50 to $4.00 and gave the company a “buy” rating in a research note on Tuesday, May 5th. Five research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $5.40.

Editas Medicine Trading Up 2.5%

The stock has a market cap of $244.78 million, a P/E ratio of -2.03 and a beta of 2.16. The firm has a 50-day simple moving average of $2.95 and a two-hundred day simple moving average of $2.45.

Editas Medicine (NASDAQ:EDIT) last posted its quarterly earnings data on Tuesday, May 5th. The company reported ($0.26) earnings per share for the quarter, topping the consensus estimate of ($0.30) by $0.04. The firm had revenue of $2.83 million for the quarter, compared to analysts’ expectations of $6.37 million. Editas Medicine had a negative return on equity of 677.39% and a negative net margin of 281.59%. Sell-side analysts predict that Editas Medicine, Inc. will post -1.03 earnings per share for the current year.

Insiders Place Their Bets

In other Editas Medicine news, CEO Gilmore Neil O’neill sold 15,380 shares of the stock in a transaction on Wednesday, June 3rd. The stock was sold at an average price of $2.70, for a total transaction of $41,526.00. Following the transaction, the chief executive officer owned 248,313 shares in the company, valued at $670,445.10. This trade represents a 5.83% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 16,575 shares of company stock worth $44,753. 3.10% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the company. Arete Wealth Advisors LLC bought a new position in shares of Editas Medicine in the first quarter worth $88,000. Renaissance Technologies LLC increased its stake in shares of Editas Medicine by 30.7% in the 1st quarter. Renaissance Technologies LLC now owns 3,972,160 shares of the company’s stock valued at $9,811,000 after purchasing an additional 932,382 shares during the last quarter. Sei Investments Co. increased its stake in shares of Editas Medicine by 19.6% in the 1st quarter. Sei Investments Co. now owns 88,707 shares of the company’s stock valued at $219,000 after purchasing an additional 14,516 shares during the last quarter. State of Wyoming bought a new position in shares of Editas Medicine in the 1st quarter valued at $43,000. Finally, Independent Financial Group LLC bought a new position in shares of Editas Medicine in the 1st quarter valued at $50,000. Institutional investors own 71.90% of the company’s stock.

Editas Medicine Company Profile

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.