Editas Medicine (NASDAQ:EDIT) Sets New 1-Year Low at $6.05

Editas Medicine, Inc. (NASDAQ:EDIT) hit a new 52-week low during mid-day trading on Monday . The company traded as low as $6.05 and last traded at $6.19, with a volume of 572263 shares changing hands. The stock had previously closed at $6.21.

Analyst Ratings Changes

A number of analysts recently issued reports on EDIT shares. JPMorgan Chase & Co. upped their target price on Editas Medicine from $8.00 to $9.00 and gave the company a “neutral” rating in a research report on Tuesday, February 27th. Barclays upped their target price on Editas Medicine from $10.00 to $11.00 and gave the company an “equal weight” rating in a research report on Thursday, February 29th. StockNews.com raised Editas Medicine from a “sell” rating to a “hold” rating in a research report on Friday, March 1st. Finally, Citigroup upped their target price on Editas Medicine from $11.00 to $16.00 and gave the company a “buy” rating in a research report on Thursday, February 29th. Five analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $15.00.

Editas Medicine Stock Performance

The business has a 50-day simple moving average of $7.90 and a two-hundred day simple moving average of $8.43.

Editas Medicine (NASDAQ:EDIT) last issued its earnings results on Wednesday, February 28th. The company reported ($0.23) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.52) by $0.29. The business had revenue of $60.00 million during the quarter, compared to the consensus estimate of $4.84 million. Editas Medicine had a negative return on equity of 42.95% and a negative net margin of 196.12%. The company’s revenue for the quarter was up 817.4% on a year-over-year basis. During the same period in the prior year, the business posted ($0.88) EPS. Equities analysts predict that Editas Medicine, Inc. will post -2.61 earnings per share for the current fiscal year.

Insider Transactions at Editas Medicine

In related news, SVP Baisong Mei sold 20,327 shares of the firm’s stock in a transaction that occurred on Monday, March 4th. The stock was sold at an average price of $9.42, for a total value 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 approximately $1,333,335.06. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, SVP Baisong Mei sold 20,327 shares of the firm’s stock in a transaction that occurred on Monday, March 4th. The stock was sold at an average price of $9.42, for a total value 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 approximately $1,333,335.06. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Gilmore Neil O’neill sold 77,824 shares of the firm’s 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 transaction, the chief executive officer now directly owns 327,470 shares of the company’s stock, valued at approximately $3,084,767.40. The disclosure for this sale can be found here. Company insiders own 2.20% of the company’s stock.

Institutional Investors Weigh In On Editas Medicine

Several hedge funds have recently made changes to their positions in the business. Bank of New York Mellon Corp boosted its holdings in shares of Editas Medicine by 0.4% during the first quarter. Bank of New York Mellon Corp now owns 288,878 shares of the company’s stock worth $5,494,000 after purchasing an additional 1,060 shares during the last quarter. MML Investors Services LLC boosted its holdings in shares of Editas Medicine by 6.2% during the first quarter. MML Investors Services LLC now owns 18,465 shares of the company’s stock worth $134,000 after purchasing an additional 1,079 shares during the last quarter. Wells Fargo & Company MN boosted its holdings in shares of Editas Medicine by 0.5% during the second quarter. Wells Fargo & Company MN now owns 216,318 shares of the company’s stock worth $1,780,000 after purchasing an additional 1,182 shares during the last quarter. Amalgamated Bank boosted its holdings in shares of Editas Medicine by 18.0% during the third quarter. Amalgamated Bank now owns 8,023 shares of the company’s stock worth $63,000 after purchasing an additional 1,226 shares during the last quarter. Finally, Assenagon Asset Management S.A. boosted its holdings in shares of Editas Medicine by 3.8% during the fourth quarter. Assenagon Asset Management S.A. now owns 38,288 shares of the company’s stock worth $388,000 after purchasing an additional 1,384 shares during the last quarter. Institutional investors and hedge funds own 71.90% of the company’s stock.

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; and reni-cel, a clinical development gene-edited medicine to treat sickle cell disease and transfusion-dependent beta-thalassemia.