Editas Medicine (NASDAQ:EDIT) Downgraded to “Sell” at StockNews.com

StockNews.com cut shares of Editas Medicine (NASDAQ:EDIT) from a hold rating to a sell rating in a research note published on Thursday.

EDIT has been the subject of a number of other research reports. Citigroup cut 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. Morgan Stanley upgraded shares of Editas Medicine from an underweight rating to an equal weight rating and set a $7.00 target price for the company in a report on Thursday. JPMorgan Chase & Co. upped their price target on shares of Editas Medicine from $8.00 to $9.00 and gave the company a neutral rating in a report on Tuesday, February 27th. Finally, Barclays cut their price objective on Editas Medicine from $11.00 to $9.00 and set an equal weight rating for the company in a research report on Thursday. One investment analyst has rated the stock with a sell rating, five have given a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of Hold and a consensus target price of $13.90.

Editas Medicine Stock Performance

Editas Medicine stock traded up $0.39 during trading hours on Thursday, reaching $5.71. 1,368,451 shares of the stock were exchanged, compared to its average volume of 1,835,606. Editas Medicine has a 52-week low of $4.91 and a 52-week high of $11.91. The stock has a market cap of $469.59 million, a P/E ratio of -2.74 and a beta of 2.09. The firm’s 50 day moving average is $6.84 and its 200 day moving average is $8.24.

Editas Medicine (NASDAQ:EDIT) last announced its quarterly earnings results on Wednesday, May 8th. The company reported ($0.76) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.63) by ($0.13). The company had revenue of $1.10 million during the quarter, compared to analysts’ expectations of $11.14 million. Editas Medicine had a negative net margin of 239.36% and a negative return on equity of 47.34%. The business’s revenue for the quarter was down 88.9% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.71) EPS. Equities research analysts expect that Editas Medicine will post -2.59 EPS for the current fiscal year.

Insiders Place Their Bets

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

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of EDIT. Russell Investments Group Ltd. increased its position in shares of Editas Medicine by 401.9% in the fourth quarter. Russell Investments Group Ltd. now owns 5,190 shares of the company’s stock worth $53,000 after acquiring an additional 4,156 shares in the last quarter. Clear Street Markets LLC purchased a new position in Editas Medicine in the third quarter valued at about $44,000. Amalgamated Bank lifted its stake 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 in the last quarter. China Universal Asset Management Co. Ltd. boosted its position in shares of Editas Medicine by 351.1% in the fourth quarter. China Universal Asset Management Co. Ltd. now owns 9,450 shares of the company’s stock worth $96,000 after buying an additional 7,355 shares during the period. Finally, Headlands Technologies LLC grew its stake in shares of Editas Medicine by 481.7% in the first quarter. Headlands Technologies LLC now owns 9,493 shares of the company’s stock valued at $70,000 after buying an additional 7,861 shares in the last quarter. 71.90% of the stock is owned by institutional investors and hedge funds.

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.