Editas Medicine (NASDAQ:EDIT) Price Target Raised to $6.00

Editas Medicine (NASDAQ:EDIT) had its target price raised by Robert W. Baird from $4.00 to $6.00 in a research report released on Wednesday,Benzinga reports. The brokerage currently has an outperform rating on the stock.

Other research analysts have also issued research reports about the company. Wall Street Zen raised Editas Medicine from a “sell” rating to a “hold” rating in a report on Saturday, July 26th. Cantor Fitzgerald raised Editas Medicine from a “hold” rating to a “strong-buy” rating in a report on Tuesday, April 29th. Finally, HC Wainwright initiated coverage on Editas Medicine in a report on Monday, April 28th. They set a “buy” rating and a $3.00 price objective for the company. Two analysts have rated the stock with a sell rating, eight have issued a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $5.10.

Editas Medicine Price Performance

Shares of EDIT stock opened at $3.03 on Wednesday. The business’s fifty day moving average price is $2.56 and its 200 day moving average price is $1.86. Editas Medicine has a 1-year low of $0.91 and a 1-year high of $4.19. The firm has a market capitalization of $272.46 million, a PE ratio of -1.06 and a beta of 2.19.

Editas Medicine (NASDAQ:EDIT) last announced its quarterly earnings data on Tuesday, August 12th. The company reported ($0.63) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.41) by ($0.22). Editas Medicine had a negative return on equity of 200.25% and a negative net margin of 608.88%. The business had revenue of $3.58 million for the quarter, compared to analyst estimates of $1.81 million. Equities research analysts expect that Editas Medicine will post -2.71 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Editas Medicine news, CEO Gilmore Neil O’neill sold 15,192 shares of the business’s stock in a transaction on Tuesday, June 3rd. The stock was sold at an average price of $1.72, for a total value of $26,130.24. Following the completion of the transaction, the chief executive officer directly owned 280,282 shares in the company, valued at approximately $482,085.04. The trade was a 5.14% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In the last three months, insiders sold 22,164 shares of company stock valued at $42,649. Insiders own 2.10% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of EDIT. CANADA LIFE ASSURANCE Co boosted its holdings in shares of Editas Medicine by 279.1% in the 2nd quarter. CANADA LIFE ASSURANCE Co now owns 31,938 shares of the company’s stock valued at $70,000 after purchasing an additional 23,513 shares during the last quarter. Captrust Financial Advisors acquired a new position in shares of Editas Medicine in the 2nd quarter valued at $26,000. Bridgeway Capital Management LLC boosted its holdings in shares of Editas Medicine by 500.0% in the 2nd quarter. Bridgeway Capital Management LLC now owns 120,000 shares of the company’s stock valued at $264,000 after purchasing an additional 100,000 shares during the last quarter. Kennedy Capital Management LLC boosted its holdings in shares of Editas Medicine by 7.8% in the 2nd quarter. Kennedy Capital Management LLC now owns 567,619 shares of the company’s stock valued at $1,249,000 after purchasing an additional 40,879 shares during the last quarter. Finally, JPMorgan Chase & Co. boosted its holdings in shares of Editas Medicine by 15.2% in the 2nd quarter. JPMorgan Chase & Co. now owns 1,065,722 shares of the company’s stock valued at $2,345,000 after purchasing an additional 140,916 shares during the last quarter. 71.90% of the stock is currently owned by institutional investors and hedge funds.

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.