Editas Medicine, Inc. (NASDAQ:EDIT) Receives $10.22 Consensus Target Price from Analysts

Editas Medicine, Inc. (NASDAQ:EDIT) has earned a consensus recommendation of “Hold” from the nine research firms that are currently covering the stock, Marketbeat Ratings reports. Six investment analysts have rated the stock with a hold recommendation and three have assigned a buy recommendation to the company. The average 12-month price objective among analysts that have issued ratings on the stock in the last year is $10.22.

EDIT has been the topic of several research analyst reports. Bank of America raised Editas Medicine from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $13.00 to $15.00 in a research note on Thursday, August 8th. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $8.00 price objective on shares of Editas Medicine in a research note on Thursday, September 19th. Barclays reduced their price objective on Editas Medicine from $9.00 to $7.00 and set an “equal weight” rating on the stock in a research note on Thursday, August 8th. Finally, Truist Financial reduced their price objective on Editas Medicine from $20.00 to $12.00 and set a “buy” rating on the stock in a research note on Thursday, August 8th.

Insider Activity at Editas Medicine

In related news, EVP Linda Burkly sold 11,886 shares of the firm’s stock in a transaction dated Thursday, July 25th. The stock was sold at an average price of $5.42, for a total transaction of $64,422.12. Following the sale, the executive vice president now directly owns 73,136 shares in the company, valued at approximately $396,397.12. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In the last ninety days, insiders have sold 13,959 shares of company stock worth $71,512. 1.90% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Editas Medicine

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. increased its holdings in Editas Medicine by 1.1% during the 1st quarter. Vanguard Group Inc. now owns 8,555,597 shares of the company’s stock worth $63,483,000 after purchasing an additional 93,740 shares during the last quarter. Millennium Management LLC increased its holdings in Editas Medicine by 10.0% during the 2nd quarter. Millennium Management LLC now owns 2,459,629 shares of the company’s stock worth $11,486,000 after purchasing an additional 223,012 shares during the last quarter. Integral Health Asset Management LLC increased its holdings in Editas Medicine by 50.0% during the 2nd quarter. Integral Health Asset Management LLC now owns 675,000 shares of the company’s stock worth $3,152,000 after purchasing an additional 225,000 shares during the last quarter. Raymond James & Associates increased its holdings in Editas Medicine by 49.7% during the 2nd quarter. Raymond James & Associates now owns 526,815 shares of the company’s stock worth $2,460,000 after purchasing an additional 174,993 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. increased its holdings in Editas Medicine by 59.0% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 314,774 shares of the company’s stock worth $2,246,000 after purchasing an additional 116,803 shares during the last quarter. 71.90% of the stock is currently owned by hedge funds and other institutional investors.

Editas Medicine Trading Down 4.1 %

Shares of NASDAQ:EDIT opened at $3.31 on Friday. The stock’s 50-day moving average price is $3.62 and its two-hundred day moving average price is $4.83. Editas Medicine has a 12-month low of $2.91 and a 12-month high of $11.69. The firm has a market cap of $272.21 million, a price-to-earnings ratio of -1.58 and a beta of 1.99.

Editas Medicine (NASDAQ:EDIT) last issued its quarterly earnings results on Wednesday, August 7th. The company reported ($0.82) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.70) by ($0.12). The business had revenue of $0.51 million during the quarter, compared to analyst estimates of $4.78 million. Editas Medicine had a negative return on equity of 62.61% and a negative net margin of 288.59%. The firm’s quarterly revenue was down 82.2% on a year-over-year basis. During the same period in the previous year, the business posted ($0.56) earnings per share. As a group, research analysts forecast that Editas Medicine will post -2.98 earnings per share for the current fiscal year.

About Editas Medicine

Editas Medicine, Inc, a clinical stage genome editing company, focuses on developing transformative genomic medicines to treat a range of serious diseases. It develops a proprietary gene editing platform based on CRISPR technology. The company develops EDIT-101, which is in Phase 1/2 BRILLIANCE trial for Leber Congenital Amaurosis; and reni-cel, a clinical development gene-edited medicine to treat sickle cell disease and transfusion-dependent beta-thalassemia.