Editas Medicine (NASDAQ:EDIT) Rating Reiterated by Cantor Fitzgerald

Editas Medicine (NASDAQ:EDIT)‘s stock had its “overweight” rating restated by Cantor Fitzgerald in a report released on Wednesday, Benzinga reports. They presently have a $14.00 price objective on the stock. Cantor Fitzgerald’s price objective would suggest a potential upside of 56.08% from the company’s previous close.

EDIT has been the topic of several other research reports. Raymond James raised shares of Editas Medicine from a “market perform” rating to an “outperform” rating and set a $17.00 target price on the stock in a research note on Monday, June 12th. Oppenheimer reaffirmed a “market perform” rating and set a $12.00 price target on shares of Editas Medicine in a research report on Thursday, August 3rd. Chardan Capital decreased their price objective on Editas Medicine from $22.00 to $19.00 and set a “buy” rating for the company in a research report on Wednesday, August 2nd. Finally, StockNews.com started coverage on shares of Editas Medicine in a report on Thursday, August 17th. They set a “sell” rating on the stock. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and six have given a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $15.57.

Editas Medicine Stock Performance

Shares of NASDAQ EDIT traded down $0.03 during mid-day trading on Wednesday, hitting $8.97. 116,827 shares of the stock were exchanged, compared to its average volume of 1,810,060. The company has a market cap of $732.25 million, a P/E ratio of -3.03 and a beta of 1.79. Editas Medicine has a twelve month low of $6.33 and a twelve month high of $16.16. The stock’s fifty day simple moving average is $8.80 and its two-hundred day simple moving average is $8.63.

Editas Medicine (NASDAQ:EDIT) last issued its quarterly earnings data on Wednesday, August 2nd. The company reported ($0.56) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.76) by $0.20. Editas Medicine had a negative return on equity of 55.14% and a negative net margin of 1,065.39%. The firm had revenue of $2.89 million during the quarter, compared to the consensus estimate of $4.17 million. During the same quarter in the previous year, the company posted ($0.78) EPS. The business’s revenue for the quarter was down 54.6% compared to the same quarter last year. As a group, equities research analysts predict that Editas Medicine will post -2.55 earnings per share for the current fiscal year.

Insider Transactions at Editas Medicine

In other Editas Medicine news, SVP Baisong Mei sold 4,317 shares of the firm’s stock in a transaction on Wednesday, July 19th. The stock was sold at an average price of $8.80, for a total transaction of $37,989.60. Following the completion of the sale, the senior vice president now owns 72,055 shares of the company’s stock, valued at approximately $634,084. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In the last three months, insiders sold 5,263 shares of company stock worth $46,111. 2.20% of the stock is owned by company insiders.

Institutional Investors Weigh In On Editas Medicine

Institutional investors have recently made changes to their positions in the company. Covestor Ltd boosted its position in shares of Editas Medicine by 9,693.3% in the first quarter. Covestor Ltd now owns 1,469 shares of the company’s stock valued at $28,000 after acquiring an additional 1,454 shares during the period. Allspring Global Investments Holdings LLC boosted its holdings in Editas Medicine by 140.4% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 4,450 shares of the company’s stock valued at $32,000 after purchasing an additional 2,599 shares during the period. AXS Investments LLC acquired a new position in shares of Editas Medicine during the 1st quarter worth approximately $38,000. Quantbot Technologies LP bought a new position in shares of Editas Medicine during the first quarter worth approximately $44,000. Finally, Headlands Technologies LLC bought a new position in shares of Editas Medicine during the second quarter worth approximately $47,000. Institutional investors own 76.61% 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 10; autosomal dominant retinitis pigmentosa; and EDIT-301, a clinical development gene-edited medicine to treat sickle cell disease and transfusion-dependent beta-thalassemia.