Editas Medicine (NASDAQ:EDIT) Stock Passes Below 200-Day Moving Average – Here’s What Happened

Shares of Editas Medicine, Inc. (NASDAQ:EDIT) passed below its two hundred day moving average during trading on Wednesday . The stock has a two hundred day moving average of $2.74 and traded as low as $1.15. Editas Medicine shares last traded at $1.19, with a volume of 1,400,058 shares traded.

Analyst Ratings Changes

Several research firms have weighed in on EDIT. Stifel Nicolaus cut Editas Medicine from a “buy” rating to a “hold” rating and lowered their price objective for the stock from $11.00 to $3.00 in a research report on Friday, December 13th. Barclays lowered their price objective on Editas Medicine from $5.00 to $3.00 and set an “equal weight” rating on the stock in a research report on Friday, December 13th. Bank of America cut Editas Medicine from a “buy” rating to an “underperform” rating and lowered their price objective for the stock from $13.00 to $1.00 in a research report on Monday, November 25th. Truist Financial cut Editas Medicine from a “buy” rating to a “hold” rating in a research report on Friday, December 13th. Finally, Wells Fargo & Company cut Editas Medicine from an “overweight” rating to an “equal weight” rating and lowered their price objective for the stock from $7.00 to $4.00 in a research report on Wednesday, December 11th. Three research analysts have rated the stock with a sell rating, nine have given a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $7.00.

Editas Medicine Price Performance

The company has a market cap of $98.23 million, a P/E ratio of -0.46 and a beta of 1.94. The stock has a 50-day moving average of $1.41 and a 200 day moving average of $2.74.

Institutional Trading of Editas Medicine

Several large investors have recently bought and sold shares of the business. JPMorgan Chase & Co. boosted its stake in Editas Medicine by 2.1% in the fourth quarter. JPMorgan Chase & Co. now owns 787,599 shares of the company’s stock valued at $1,000,000 after buying an additional 16,419 shares in the last quarter. Prudential Financial Inc. boosted its stake in Editas Medicine by 35.5% in the fourth quarter. Prudential Financial Inc. now owns 196,977 shares of the company’s stock valued at $250,000 after buying an additional 51,600 shares in the last quarter. Sei Investments Co. acquired a new stake in Editas Medicine in the fourth quarter valued at about $106,000. Virtu Financial LLC acquired a new stake in Editas Medicine in the fourth quarter valued at about $90,000. Finally, Intech Investment Management LLC boosted its stake in Editas Medicine by 43.1% in the fourth quarter. Intech Investment Management LLC now owns 40,942 shares of the company’s stock valued at $52,000 after buying an additional 12,336 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.