StockNews.com Lowers Editas Medicine (NASDAQ:EDIT) to Sell

Editas Medicine (NASDAQ:EDIT) was downgraded by research analysts at StockNews.com from a “hold” rating to a “sell” rating in a research report issued on Thursday.

A number of other research analysts have also recently issued reports on the stock. Morgan Stanley raised shares of Editas Medicine from an “underweight” rating to an “equal weight” rating and set a $7.00 price objective on the stock in a research note on Thursday. Barclays decreased their target price on shares of Editas Medicine from $11.00 to $9.00 and set an “equal weight” rating on the stock in a research note on Thursday. JPMorgan Chase & Co. upped their price target on shares of Editas Medicine from $8.00 to $9.00 and gave the stock a “neutral” rating in a report on Tuesday, February 27th. Finally, Citigroup lowered their price target on shares of Editas Medicine from $16.00 to $15.00 and set a “buy” rating for the company in a report on Thursday. One research analyst has rated the stock with a sell rating, five have issued a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $13.90.

Editas Medicine Stock Performance

Shares of NASDAQ EDIT traded up $0.52 during midday trading on Thursday, reaching $5.56. The company’s stock had a trading volume of 2,717,539 shares, compared to its average volume of 1,843,758. Editas Medicine has a fifty-two week low of $4.91 and a fifty-two week high of $11.91. The business’s 50 day moving average price is $6.94 and its two-hundred day moving average price is $8.22. The company has a market cap of $457.23 million, a P/E ratio of -2.71 and a beta of 2.09.

Editas Medicine (NASDAQ:EDIT) last released its quarterly earnings results on Wednesday, May 8th. The company reported ($0.76) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.63) by ($0.13). Editas Medicine had a negative net margin of 196.12% and a negative return on equity of 42.95%. The business had revenue of $1.10 million during the quarter, compared to analyst estimates of $11.14 million. During the same quarter in the previous year, the firm posted ($0.71) earnings per share. The firm’s quarterly revenue was down 88.9% on a year-over-year basis. Sell-side analysts forecast that Editas Medicine will post -2.61 earnings per share for the current fiscal year.

Insider Activity at Editas Medicine

In related news, CEO Gilmore Neil O’neill sold 77,824 shares of the stock in a transaction on Tuesday, March 5th. The stock was sold at an average price of $9.42, for a total value of $733,102.08. Following the completion of the sale, the chief executive officer now directly owns 327,470 shares in the company, valued at $3,084,767.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other Editas Medicine news, SVP Baisong Mei sold 20,327 shares of the company’s stock in a transaction on Monday, March 4th. The shares were sold at an average price of $9.42, for a total transaction of $191,480.34. Following the sale, the senior vice president now owns 141,543 shares of the company’s stock, valued at $1,333,335.06. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Gilmore Neil O’neill sold 77,824 shares of the stock in a transaction dated Tuesday, March 5th. The stock was sold at an average price of $9.42, for a total transaction of $733,102.08. Following the transaction, the chief executive officer now directly owns 327,470 shares in the company, valued at approximately $3,084,767.40. The disclosure for this sale can be found here. 1.90% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Editas Medicine

Institutional investors and hedge funds have recently made changes to their positions in the stock. Clear Street Markets LLC bought a new position in shares of Editas Medicine during the 3rd quarter worth about $44,000. Russell Investments Group Ltd. boosted its position in shares of Editas Medicine by 401.9% during the 4th quarter. Russell Investments Group Ltd. now owns 5,190 shares of the company’s stock worth $53,000 after purchasing an additional 4,156 shares in the last quarter. Amalgamated Bank boosted its position in shares of Editas Medicine by 18.0% during the 3rd quarter. Amalgamated Bank now owns 8,023 shares of the company’s stock worth $63,000 after purchasing an additional 1,226 shares in the last quarter. Headlands Technologies LLC lifted its position in Editas Medicine by 481.7% in the 1st quarter. Headlands Technologies LLC now owns 9,493 shares of the company’s stock valued at $70,000 after acquiring an additional 7,861 shares in the last quarter. Finally, HB Wealth Management LLC bought a new position in Editas Medicine in the 1st quarter valued at about $76,000. Institutional investors own 71.90% of the company’s stock.

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.