Editas Medicine, Inc. (NASDAQ:EDIT) Receives $5.00 Average PT from Analysts

Shares of Editas Medicine, Inc. (NASDAQ:EDIT) have received an average rating of “Moderate Buy” from the six research firms that are covering the stock, MarketBeat reports. One investment analyst has rated the stock with a sell recommendation, one has given a hold recommendation, two have given a buy recommendation and two have issued a strong buy recommendation on the company. The average 1-year target price among brokers that have covered the stock in the last year is $5.00.

EDIT has been the subject of several research analyst reports. Chardan Capital raised shares of Editas Medicine from a “hold” rating to a “strong-buy” rating in a research report on Thursday, November 13th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Editas Medicine in a report on Wednesday, January 21st.

Hedge Funds Weigh In On Editas Medicine

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in EDIT. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in Editas Medicine by 122.2% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 2,600,000 shares of the company’s stock valued at $3,016,000 after purchasing an additional 1,430,000 shares during the last quarter. Acadian Asset Management LLC lifted its holdings in shares of Editas Medicine by 288.5% during the first quarter. Acadian Asset Management LLC now owns 752,162 shares of the company’s stock worth $869,000 after purchasing an additional 558,567 shares during the period. Vanguard Personalized Indexing Management LLC boosted its position in Editas Medicine by 55.5% in the second quarter. Vanguard Personalized Indexing Management LLC now owns 41,366 shares of the company’s stock valued at $91,000 after buying an additional 14,765 shares during the last quarter. International Assets Investment Management LLC purchased a new stake in Editas Medicine in the second quarter valued at approximately $70,000. Finally, R Squared Ltd acquired a new position in Editas Medicine in the 2nd quarter worth approximately $45,000. Hedge funds and other institutional investors own 71.90% of the company’s stock.

Editas Medicine Stock Performance

Editas Medicine stock opened at $2.11 on Friday. The stock has a market cap of $205.98 million, a PE ratio of -0.89 and a beta of 2.15. The stock has a 50-day moving average of $2.03 and a two-hundred day moving average of $2.61. Editas Medicine has a one year low of $0.91 and a one year high of $4.54.

About Editas Medicine

Editas Medicine is a clinical-stage biotechnology company focused on translating the power of gene editing into a new class of transformative genomic medicines. Founded in 2013 and headquartered in Cambridge, Massachusetts, the company leverages proprietary CRISPR/Cas9 and CRISPR/Cas12a (Cpf1) platforms to develop therapies aimed at correcting disease-causing genetic mutations. Editas Medicine’s research and development efforts span multiple therapeutic areas, including inherited retinal diseases, hemoglobinopathies, and oncology.

The company’s pipeline includes EDIT-101, a lead candidate designed to treat Leber congenital amaurosis type 10 (LCA10), which has entered early-stage clinical trials, and EDIT-301, targeting sickle cell disease and ?-thalassemia using an ex vivo editing approach.