Editas Medicine Inc. (NASDAQ:EDIT) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued on Wednesday.
According to Zacks, “Editas Medicine, Inc. is a genome editing company. It focuses on translating its genome editing technology into a novel class of human therapeutics which enable precise and corrective molecular modification to treat diseases. Editas Medicine, Inc. is based in Cambridge, Massachusetts. “
Separately, Jefferies Group upgraded shares of Editas Medicine from a “hold” rating to a “buy” rating and set a $35.00 target price for the company in a report on Wednesday, August 10th. Three analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Editas Medicine currently has an average rating of “Buy” and a consensus price target of $33.50.
Shares of Editas Medicine (NASDAQ:EDIT) traded up 0.72% during midday trading on Wednesday, hitting $13.91. 123,614 shares of the company’s stock were exchanged. The stock’s market cap is $492.47 million. Editas Medicine has a 1-year low of $12.57 and a 1-year high of $43.99. The stock’s 50 day moving average is $14.92 and its 200-day moving average is $25.92.
Editas Medicine (NASDAQ:EDIT) last released its earnings results on Tuesday, August 9th. The company reported ($0.54) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.54). Analysts predict that Editas Medicine will post ($2.59) earnings per share for the current fiscal year.
In other Editas Medicine news, major shareholder Kevin P. Starr sold 5,890 shares of Editas Medicine stock in a transaction that occurred on Tuesday, September 6th. The shares were sold at an average price of $15.90, for a total transaction of $93,651.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, major shareholder Polaris Venture Management Co. sold 500,000 shares of Editas Medicine stock in a transaction that occurred on Thursday, September 8th. The shares were sold at an average price of $16.80, for a total transaction of $8,400,000.00. The disclosure for this sale can be found here.
A number of hedge funds and other institutional investors have recently made changes to their positions in EDIT. Deerfield Management Co. purchased a new position in Editas Medicine during the first quarter worth approximately $59,043,000. State Street Corp purchased a new position in Editas Medicine during the first quarter worth approximately $1,191,000. JPMorgan Chase & Co. purchased a new position in Editas Medicine during the first quarter worth approximately $2,504,000. Goldman Sachs Group Inc. purchased a new position in Editas Medicine during the first quarter worth approximately $2,405,000. Finally, Schonfeld Strategic Advisors LLC purchased a new position in Editas Medicine during the first quarter worth approximately $336,000. 61.03% of the stock is currently owned by hedge funds and other institutional investors.
Editas Medicine Company Profile
Editas Medicine, Inc, formerly Gengine, Inc, is a genome editing company. The Company is engaged in treating patients with genetically defined diseases by correcting their disease-causing genes. It operates through developing and commercializing genome editing technology segment. It is developing a genome editing platform based on clustered, regularly interspaced short palindromic repeats (CRISPR)/CRISPR associated protein 9 (Cas9) technology.
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