Cann began coverage on shares of Editas Medicine, Inc. (NASDAQ:EDIT) in a report issued on Monday, July 17th. The brokerage issued a market perform rating on the stock.
“We are initiating coverage of Editas Medicine, a development-stage biotechnology platform company, with a Perform rating. Editas is developing gene editing therapies for the treatment of various human diseases. Its gene editing system, CRISPR, utilizes short sequences of RNA to guide a DNA cutting enzyme (DNA nuclease) to cut specific sequences of DNA. We anticipate Editas Medicine will continue to form collaborations for its CRISPR technology and advance its current collaborations into later stages of development.”,” Cann’s analyst commented.
A number of other brokerages also recently issued reports on EDIT. Vetr upgraded Editas Medicine from a buy rating to a strong-buy rating and set a $27.14 price objective on the stock in a research report on Monday, March 20th. Zacks Investment Research upgraded Editas Medicine from a sell rating to a hold rating in a research report on Tuesday, March 28th. Chardan Capital began coverage on Editas Medicine in a research report on Monday, March 27th. They issued a buy rating on the stock. Finally, SunTrust Banks, Inc. began coverage on Editas Medicine in a research report on Thursday, July 13th. They issued a hold rating and a $17.00 price objective on the stock. Five research analysts have rated the stock with a hold rating, three have given a buy rating and one has given a strong buy rating to the company. The company has a consensus rating of Buy and an average price target of $26.03.
Shares of Editas Medicine (EDIT) traded up 7.80% during midday trading on Monday, reaching $17.14. The company’s stock had a trading volume of 1,092,032 shares. Editas Medicine has a 12 month low of $12.43 and a 12 month high of $29.20. The firm’s market cap is $708.70 million. The company has a 50-day moving average price of $16.71 and a 200-day moving average price of $19.05.
Editas Medicine (NASDAQ:EDIT) last posted its quarterly earnings results on Monday, May 15th. The company reported ($0.85) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.62) by $0.23. Editas Medicine had a negative return on equity of 63.29% and a negative net margin of 1,864.00%. The company had revenue of $0.68 million during the quarter, compared to the consensus estimate of $1 million. During the same period in the previous year, the business earned ($0.80) earnings per share. Editas Medicine’s revenue was down 16.0% on a year-over-year basis. Equities analysts expect that Editas Medicine will post ($3.05) earnings per share for the current year.
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In related news, insider Gerald Frank Cox acquired 4,000 shares of the firm’s stock in a transaction dated Friday, June 2nd. The shares were purchased at an average price of $14.15 per share, for a total transaction of $56,600.00. Following the completion of the acquisition, the insider now owns 4,000 shares in the company, valued at $56,600. The purchase was disclosed in a filing with the SEC, which is available at this link. Also, Director Kevin Bitterman sold 1,000,000 shares of Editas Medicine stock in a transaction dated Monday, May 22nd. The stock was sold at an average price of $17.00, for a total value of $17,000,000.00. The disclosure for this sale can be found here.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. State Street Corp boosted its stake in Editas Medicine by 2.4% in the fourth quarter. State Street Corp now owns 105,167 shares of the company’s stock valued at $1,708,000 after buying an additional 2,476 shares during the last quarter. Bank of America Corp DE boosted its stake in Editas Medicine by 72.2% in the first quarter. Bank of America Corp DE now owns 5,936 shares of the company’s stock valued at $133,000 after buying an additional 2,489 shares during the last quarter. TD Asset Management Inc. boosted its stake in Editas Medicine by 9.0% in the first quarter. TD Asset Management Inc. now owns 33,770 shares of the company’s stock valued at $754,000 after buying an additional 2,800 shares during the last quarter. Schwab Charles Investment Management Inc. boosted its stake in Editas Medicine by 8.4% in the first quarter. Schwab Charles Investment Management Inc. now owns 42,150 shares of the company’s stock valued at $941,000 after buying an additional 3,249 shares during the last quarter. Finally, Goldman Sachs Group Inc. boosted its stake in Editas Medicine by 16.7% in the first quarter. Goldman Sachs Group Inc. now owns 34,559 shares of the company’s stock valued at $771,000 after buying an additional 4,945 shares during the last quarter. Hedge funds and other institutional investors own 67.76% of the company’s stock.
About Editas Medicine
Editas Medicine, Inc is a genome editing company. It 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) technology.
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