Editas Medicine (NASDAQ:EDIT) Shares Down 1.9%

Shares of Editas Medicine, Inc. (NASDAQ:EDITGet Rating) were down 1.9% during trading on Friday . The stock traded as low as $15.90 and last traded at $15.90. Approximately 1,089 shares traded hands during trading, a decline of 100% from the average daily volume of 1,443,050 shares. The stock had previously closed at $16.20.

Analyst Ratings Changes

Several analysts recently commented on EDIT shares. The Goldman Sachs Group dropped their price target on shares of Editas Medicine from $10.00 to $8.00 and set a “sell” rating on the stock in a research report on Tuesday, May 24th. Barclays increased their price objective on shares of Editas Medicine from $16.00 to $17.00 and gave the company an “equal weight” rating in a report on Thursday, August 4th. Three investment analysts have rated the stock with a sell rating, four have assigned a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $27.89.

Editas Medicine Price Performance

The company’s 50 day moving average price is $16.08 and its two-hundred day moving average price is $15.05. The stock has a market capitalization of $1.09 billion, a PE ratio of -5.86 and a beta of 2.04.

Editas Medicine (NASDAQ:EDITGet Rating) last posted its quarterly earnings results on Wednesday, August 3rd. The company reported ($0.78) earnings per share for the quarter, topping the consensus estimate of ($0.84) by $0.06. The firm had revenue of $6.36 million for the quarter, compared to the consensus estimate of $4.29 million. Editas Medicine had a negative net margin of 580.16% and a negative return on equity of 34.83%. The company’s revenue for the quarter was up 1578.6% on a year-over-year basis. During the same period last year, the firm posted ($0.81) earnings per share. Analysts forecast that Editas Medicine, Inc. will post -3.35 earnings per share for the current year.

Insider Transactions at Editas Medicine

In other news, EVP Mark S. Shearman sold 5,145 shares of the firm’s stock in a transaction dated Wednesday, June 15th. The shares were sold at an average price of $10.06, for a total value of $51,758.70. Following the transaction, the executive vice president now directly owns 68,349 shares of the company’s stock, valued at $687,590.94. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 1.30% of the company’s stock.

Hedge Funds Weigh In On Editas Medicine

A number of institutional investors have recently bought and sold shares of the company. State Street Corp raised its stake in Editas Medicine by 43.8% during the second quarter. State Street Corp now owns 7,879,890 shares of the company’s stock worth $93,219,000 after purchasing an additional 2,399,852 shares during the period. Vanguard Group Inc. raised its stake in Editas Medicine by 3.0% during the first quarter. Vanguard Group Inc. now owns 6,876,539 shares of the company’s stock worth $130,792,000 after purchasing an additional 202,642 shares during the period. BlackRock Inc. raised its stake in Editas Medicine by 15.5% during the first quarter. BlackRock Inc. now owns 6,275,270 shares of the company’s stock worth $119,355,000 after purchasing an additional 841,894 shares during the period. JPMorgan Chase & Co. raised its stake in Editas Medicine by 29.8% during the fourth quarter. JPMorgan Chase & Co. now owns 1,464,063 shares of the company’s stock worth $38,871,000 after purchasing an additional 336,305 shares during the period. Finally, Geode Capital Management LLC raised its stake in Editas Medicine by 2.1% during the fourth quarter. Geode Capital Management LLC now owns 1,220,371 shares of the company’s stock worth $32,400,000 after purchasing an additional 25,283 shares during the period. 68.77% of the stock is owned by hedge funds and other institutional investors.

About Editas Medicine

(Get Rating)

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 clinical trial for Leber Congenital Amaurosis 10 that leads to inherited childhood blindness.

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