Editas Medicine (NASDAQ:EDIT) Upgraded by StockNews.com to “Hold” Rating

Editas Medicine (NASDAQ:EDIT) was upgraded by equities research analysts at StockNews.com from a “sell” rating to a “hold” rating in a research note issued on Wednesday.

A number of other equities analysts have also weighed in on the stock. Cantor Fitzgerald upgraded shares of Editas Medicine from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, April 29th. HC Wainwright began coverage on shares of Editas Medicine in a research report on Monday, April 28th. They set a “buy” rating and a $3.00 price target on the stock. Finally, Robert W. Baird lowered their price target on shares of Editas Medicine from $8.00 to $4.00 and set an “outperform” rating on the stock in a research report on Tuesday. Two research analysts have rated the stock with a sell rating, nine have given a hold rating, two have assigned a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $5.36.

Editas Medicine Trading Up 1.1%

EDIT opened at $1.40 on Wednesday. The firm has a market capitalization of $116.78 million, a PE ratio of -0.54 and a beta of 2.15. Editas Medicine has a twelve month low of $0.91 and a twelve month high of $6.22. The firm’s 50-day moving average price is $1.35 and its 200 day moving average price is $1.67.

Editas Medicine (NASDAQ:EDIT) last posted its quarterly earnings results on Monday, May 12th. The company reported ($0.43) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.51) by $0.08. The firm had revenue of $4.66 million for the quarter, compared to analyst estimates of $0.79 million. Editas Medicine had a negative net margin of 340.96% and a negative return on equity of 80.13%. During the same period in the previous year, the business posted ($76.00) earnings per share. As a group, analysts predict that Editas Medicine will post -2.71 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Editas Medicine

A number of institutional investors and hedge funds have recently made changes to their positions in EDIT. Ieq Capital LLC purchased a new stake in shares of Editas Medicine in the 4th quarter valued at approximately $31,000. Thrive Wealth Management LLC purchased a new stake in Editas Medicine during the 4th quarter worth approximately $36,000. Allspring Global Investments Holdings LLC increased its stake in Editas Medicine by 45.9% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 35,781 shares of the company’s stock worth $40,000 after buying an additional 11,252 shares during the period. Brave Asset Management Inc. increased its stake in Editas Medicine by 250.0% during the 1st quarter. Brave Asset Management Inc. now owns 35,000 shares of the company’s stock worth $41,000 after buying an additional 25,000 shares during the period. Finally, Dark Forest Capital Management LP increased its stake in Editas Medicine by 66.9% during the 4th quarter. Dark Forest Capital Management LP now owns 32,787 shares of the company’s stock worth $42,000 after buying an additional 13,138 shares during the period. 71.90% of the stock is owned by hedge funds and other institutional investors.

Editas Medicine Company Profile

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.