Editas Medicine (NASDAQ:EDIT) Stock Price Crosses Below 50-Day Moving Average – Time to Sell?

Editas Medicine, Inc. (NASDAQ:EDIT) shares passed below its fifty day moving average during trading on Tuesday . The stock has a fifty day moving average of $1.51 and traded as low as $1.28. Editas Medicine shares last traded at $1.30, with a volume of 1,372,494 shares changing hands.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on EDIT shares. Wells Fargo & Company downgraded shares of Editas Medicine from an “overweight” rating to an “equal weight” rating and decreased their target price for the company from $7.00 to $4.00 in a research note on Wednesday, December 11th. Stifel Nicolaus downgraded Editas Medicine from a “buy” rating to a “hold” rating and lowered their target price for the company from $11.00 to $3.00 in a research note on Friday, December 13th. JPMorgan Chase & Co. cut Editas Medicine from a “neutral” rating to an “underweight” rating in a research note on Monday, December 16th. Royal Bank of Canada lowered their price objective on Editas Medicine from $5.00 to $4.00 and set a “sector perform” rating for the company in a research note on Friday, December 13th. Finally, Truist Financial lowered Editas Medicine from a “buy” rating to a “hold” rating in a research report on Friday, December 13th. Three investment analysts have rated the stock with a sell rating, nine have given a hold rating and three have assigned a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $6.83.

Editas Medicine Price Performance

The stock’s fifty day simple moving average is $1.51 and its 200-day simple moving average is $2.20. The stock has a market cap of $107.87 million, a P/E ratio of -0.51 and a beta of 1.88.

Editas Medicine (NASDAQ:EDIT) last announced its quarterly earnings results on Wednesday, March 5th. The company reported ($0.55) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.39) by ($0.16). The company had revenue of $30.60 million during the quarter, compared to the consensus estimate of $37.17 million. Editas Medicine had a negative return on equity of 80.13% and a negative net margin of 340.96%. During the same period last year, the business posted ($0.23) EPS. Analysts forecast that Editas Medicine, Inc. will post -2.71 EPS for the current year.

Institutional Trading of Editas Medicine

A number of large investors have recently modified their holdings of EDIT. Ieq Capital LLC bought a new position in Editas Medicine in the 4th quarter worth about $31,000. Thrive Wealth Management LLC acquired a new position in shares of Editas Medicine during the fourth quarter worth approximately $36,000. Dark Forest Capital Management LP grew its holdings in Editas Medicine by 66.9% in the 4th quarter. Dark Forest Capital Management LP now owns 32,787 shares of the company’s stock worth $42,000 after buying an additional 13,138 shares in the last quarter. Freestone Grove Partners LP bought a new position in Editas Medicine in the 4th quarter worth approximately $46,000. Finally, Y Intercept Hong Kong Ltd acquired a new stake in Editas Medicine in the 3rd quarter valued at approximately $47,000. 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.