Editas Medicine, Inc. (NASDAQ:EDIT) Given Consensus Recommendation of “Hold” by Brokerages

Shares of Editas Medicine, Inc. (NASDAQ:EDIT) have earned a consensus recommendation of “Hold” from the fourteen ratings firms that are presently covering the company, Marketbeat reports. Two equities research analysts have rated the stock with a sell recommendation, nine have given a hold recommendation and three have assigned a buy recommendation to the company. The average 1 year price objective among brokers that have updated their coverage on the stock in the last year is $7.00.

Several brokerages have issued reports on EDIT. Truist Financial downgraded shares of Editas Medicine from a “buy” rating to a “hold” rating in a research note on Friday, December 13th. Robert W. Baird decreased their price objective on shares of Editas Medicine from $10.00 to $8.00 and set an “outperform” rating for the company in a report on Friday, December 13th. Raymond James cut shares of Editas Medicine from an “outperform” rating to a “market perform” rating in a report on Monday, November 4th. JPMorgan Chase & Co. cut shares of Editas Medicine from a “neutral” rating to an “underweight” rating in a report on Monday, December 16th. Finally, Chardan Capital restated a “neutral” rating on shares of Editas Medicine in a report on Friday, December 13th.

Editas Medicine Price Performance

EDIT opened at $1.38 on Friday. Editas Medicine has a 1-year low of $1.12 and a 1-year high of $11.58. The business has a 50 day moving average price of $1.36 and a two-hundred day moving average price of $2.69. The company has a market capitalization of $113.92 million, a price-to-earnings ratio of -0.54 and a beta of 1.94.

Institutional Trading of Editas Medicine

Several hedge funds and other institutional investors have recently modified their holdings of EDIT. Ieq Capital LLC bought a new stake in Editas Medicine in the 4th quarter valued at about $31,000. Signaturefd LLC lifted its holdings in shares of Editas Medicine by 494.8% during the 3rd quarter. Signaturefd LLC now owns 9,326 shares of the company’s stock worth $32,000 after acquiring an additional 7,758 shares during the period. Ballentine Partners LLC bought a new stake in shares of Editas Medicine during the 3rd quarter worth approximately $36,000. Thrive Wealth Management LLC bought a new stake in shares of Editas Medicine during the 4th quarter worth approximately $36,000. Finally, Arcadia Investment Management Corp MI bought a new stake in shares of Editas Medicine during the 3rd quarter worth approximately $39,000. Institutional investors own 71.90% of the company’s stock.

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.