Editas Medicine (NASDAQ:EDIT) Shares Pass Below Fifty Day Moving Average – Should You Sell?

Editas Medicine, Inc. (NASDAQ:EDIT)’s share price passed below its 50 day moving average during trading on Friday . The stock has a 50 day moving average of $3.23 and traded as low as $2.33. Editas Medicine shares last traded at $2.47, with a volume of 3,156,568 shares trading hands.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on EDIT shares. Wells Fargo & Company raised their price objective on Editas Medicine from $3.00 to $4.00 and gave the stock an “equal weight” rating in a research note on Wednesday, September 3rd. Robert W. Baird lifted their price objective on shares of Editas Medicine from $4.00 to $6.00 and gave the company an “outperform” rating in a research note on Wednesday, August 13th. HC Wainwright reaffirmed a “buy” rating and issued a $5.00 price objective on shares of Editas Medicine in a report on Friday, September 5th. Wall Street Zen raised shares of Editas Medicine from a “sell” rating to a “hold” rating in a report on Friday, September 26th. Finally, Weiss Ratings restated a “sell (e+)” rating on shares of Editas Medicine in a research report on Wednesday, October 8th. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, six have assigned a Hold rating and three have assigned a Sell rating to the company’s stock. According to data from MarketBeat, Editas Medicine currently has an average rating of “Hold” and an average price target of $3.88.

Editas Medicine Price Performance

The business’s fifty day simple moving average is $3.23 and its two-hundred day simple moving average is $2.58. The company has a market cap of $222.10 million, a PE ratio of -0.87 and a beta of 2.23.

Editas Medicine (NASDAQ:EDIT) last posted its earnings results on Tuesday, August 12th. The company reported ($0.63) EPS for the quarter, missing analysts’ consensus estimates of ($0.41) by ($0.22). Editas Medicine had a negative net margin of 608.88% and a negative return on equity of 200.25%. The business had revenue of $3.58 million for the quarter, compared to analyst estimates of $1.81 million. As a group, analysts predict that Editas Medicine, Inc. will post -2.71 EPS for the current year.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the business. Wealth Enhancement Advisory Services LLC lifted its position in shares of Editas Medicine by 13.5% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 51,105 shares of the company’s stock valued at $112,000 after buying an additional 6,088 shares in the last quarter. Allspring Global Investments Holdings LLC lifted its holdings in Editas Medicine by 45.9% during the first quarter. Allspring Global Investments Holdings LLC now owns 35,781 shares of the company’s stock valued at $40,000 after purchasing an additional 11,252 shares in the last quarter. Captrust Financial Advisors acquired a new stake in shares of Editas Medicine in the second quarter valued at about $26,000. Baader Bank Aktiengesellschaft purchased a new stake in shares of Editas Medicine during the third quarter worth about $50,000. Finally, SG Americas Securities LLC purchased a new stake in shares of Editas Medicine during the third quarter worth about $51,000. 71.90% of the stock is owned by institutional investors and hedge funds.

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.