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

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

Several other research firms have also commented on EDIT. Barclays dropped their price objective 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. Citigroup dropped their price objective on shares of Editas Medicine from $16.00 to $15.00 and set a “buy” rating on the stock in a research note on Thursday. JPMorgan Chase & Co. upped their target price on shares of Editas Medicine from $8.00 to $9.00 and gave the stock a “neutral” rating in a research note on Tuesday, February 27th. Finally, Morgan Stanley upgraded shares of Editas Medicine from an “underweight” rating to an “equal weight” rating and set a $7.00 target price on the stock in a research note on Thursday. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $13.90.

Editas Medicine Stock Performance

Shares of NASDAQ EDIT traded up $0.52 during midday trading on Thursday, hitting $5.56. 2,717,539 shares of the company traded hands, compared to its average volume of 1,843,758. Editas Medicine has a 12-month low of $4.91 and a 12-month high of $11.91. The stock has a 50-day moving average price of $6.94 and a 200 day moving average price of $8.22. The firm 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 posted its quarterly earnings data on Wednesday, May 8th. The company reported ($0.76) EPS for the quarter, missing the consensus estimate of ($0.63) by ($0.13). Editas Medicine had a negative return on equity of 42.95% and a negative net margin of 196.12%. The business had revenue of $1.10 million for the quarter, compared to the consensus estimate of $11.14 million. During the same period in the previous year, the firm earned ($0.71) EPS. The company’s revenue was down 88.9% on a year-over-year basis. As a group, equities analysts expect that Editas Medicine will post -2.61 earnings per share for the current year.

Insider Activity

In other news, SVP Baisong Mei sold 20,327 shares of the business’s stock in a transaction that occurred 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 completion of the transaction, the senior vice president now directly owns 141,543 shares of the company’s stock, valued at $1,333,335.06. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, SVP Baisong Mei sold 20,327 shares of the business’s stock in a transaction that occurred 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 completion of the transaction, the senior vice president now directly owns 141,543 shares of the company’s stock, valued at $1,333,335.06. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Gilmore Neil O’neill sold 77,824 shares of the business’s stock in a transaction that occurred on Tuesday, March 5th. The shares were 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 of the company’s stock, valued at $3,084,767.40. The disclosure for this sale can be found here. 1.90% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Editas Medicine

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Russell Investments Group Ltd. boosted its position in shares of Editas Medicine by 147.4% during the first quarter. Russell Investments Group Ltd. now owns 12,838 shares of the company’s stock worth $95,000 after acquiring an additional 7,648 shares during the last quarter. Headlands Technologies LLC boosted its position in shares of Editas Medicine by 481.7% during the first quarter. Headlands Technologies LLC now owns 9,493 shares of the company’s stock worth $70,000 after acquiring an additional 7,861 shares during the last quarter. Jennison Associates LLC boosted its position in shares of Editas Medicine by 29.1% during the first quarter. Jennison Associates LLC now owns 106,520 shares of the company’s stock worth $790,000 after acquiring an additional 24,000 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its position in Editas Medicine by 59.0% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 314,774 shares of the company’s stock valued at $2,246,000 after purchasing an additional 116,803 shares during the last quarter. Finally, HB Wealth Management LLC bought a new position in Editas Medicine during the first quarter valued at $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.