Editas Medicine, Inc. (NASDAQ:EDIT – Get Free Report) shares gapped up prior to trading on Wednesday after Truist Financial raised their price target on the stock from $15.00 to $20.00. The stock had previously closed at $9.84, but opened at $10.38. Truist Financial currently has a buy rating on the stock. Editas Medicine shares last traded at $10.03, with a volume of 548,745 shares.
EDIT has been the subject of several other reports. Cantor Fitzgerald lowered shares of Editas Medicine from an “overweight” rating to a “neutral” rating in a report on Tuesday, October 17th. StockNews.com began coverage on Editas Medicine in a research report on Thursday, October 5th. They set a “sell” rating on the stock. JPMorgan Chase & Co. raised shares of Editas Medicine from an “underweight” rating to a “neutral” rating and set a $8.00 price target for the company in a report on Wednesday, October 18th. Citigroup raised shares of Editas Medicine from a “neutral” rating to a “buy” rating and set a $11.00 price target on the stock in a research note on Tuesday, October 24th. Finally, Stifel Nicolaus upgraded Editas Medicine from a “hold” rating to a “buy” rating and boosted their price objective for the stock from $9.00 to $17.00 in a research note on Thursday, September 28th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, Editas Medicine has a consensus rating of “Hold” and an average target price of $14.38.
Institutional Inflows and Outflows
A number of large investors have recently added to or reduced their stakes in EDIT. State Street Corp raised its holdings in shares of Editas Medicine by 43.8% in the 2nd quarter. State Street Corp now owns 7,879,890 shares of the company’s stock valued at $93,219,000 after buying an additional 2,399,852 shares during the period. BlackRock Inc. increased its stake in Editas Medicine by 2.4% during the second quarter. BlackRock Inc. now owns 7,595,696 shares of the company’s stock worth $62,513,000 after purchasing an additional 177,334 shares during the period. Vanguard Group Inc. lifted its position in shares of 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 in the last quarter. Deep Track Capital LP purchased a new position in shares of Editas Medicine in the second quarter valued at approximately $28,424,000. Finally, Marshall Wace LLP acquired a new position in shares of Editas Medicine in the second quarter valued at approximately $23,359,000. 76.61% of the stock is currently owned by institutional investors and hedge funds.
Editas Medicine Stock Performance
The stock has a market capitalization of $816.74 million, a PE ratio of -3.64 and a beta of 1.96. The firm’s 50 day moving average is $8.45 and its two-hundred day moving average is $8.61.
Editas Medicine (NASDAQ:EDIT – Get Free Report) last posted its quarterly earnings data on Friday, November 3rd. The company reported ($0.55) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.64) by $0.09. The business had revenue of $5.34 million for the quarter, compared to analyst estimates of $3.70 million. Editas Medicine had a negative return on equity of 54.24% and a negative net margin of 792.70%. The company’s revenue was up 1171.4% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.81) earnings per share. On average, analysts anticipate that Editas Medicine, Inc. will post -2.42 EPS for the current 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 10; autosomal dominant retinitis pigmentosa; and EDIT-301, a clinical development gene-edited medicine to treat sickle cell disease and transfusion-dependent beta-thalassemia.