Editas Medicine (NASDAQ:EDIT) Share Price Crosses Below 200 Day Moving Average - Time to Sell?

Editas Medicine, Inc. (NASDAQ:EDIT - Get Free Report) crossed below its 200-day moving average during trading on Wednesday . The stock has a 200-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.

Wall Street Analyst Weigh In

EDIT has been the topic of several recent analyst reports. Stifel Nicolaus downgraded shares of Editas Medicine from a "buy" rating to a "hold" rating and decreased their price objective for the company from $11.00 to $3.00 in a report on Friday, December 13th. Raymond James lowered shares of Editas Medicine from an "outperform" rating to a "market perform" rating in a research note on Monday, November 4th. Robert W. Baird lowered their price objective on Editas Medicine from $10.00 to $8.00 and set an "outperform" rating on the stock in a report on Friday, December 13th. Barclays reduced their target price on Editas Medicine from $5.00 to $3.00 and set an "equal weight" rating for the company in a report on Friday, December 13th. Finally, Wells Fargo & Company downgraded 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 report on Wednesday, December 11th. Three analysts have rated the stock with a sell rating, nine have issued a hold rating and three have given a buy rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Hold" and an average target price of $7.00.

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Editas Medicine Price Performance

The business has a 50 day simple moving average of $1.36 and a 200 day simple moving average of $2.65. The company has a market capitalization of $113.92 million, a price-to-earnings ratio of -0.54 and a beta of 1.94.

Hedge Funds Weigh In On Editas Medicine

Several hedge funds have recently bought and sold shares of the company. Renaissance Technologies LLC purchased a new stake in Editas Medicine during the fourth quarter worth about $1,843,000. Monaco Asset Management SAM acquired a new position in shares of Editas Medicine in the fourth quarter valued at approximately $1,359,000. Jacobs Levy Equity Management Inc. increased its stake in Editas Medicine by 133.2% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 529,834 shares of the company's stock worth $1,807,000 after buying an additional 302,652 shares during the period. Susquehanna Fundamental Investments LLC acquired a new stake in Editas Medicine during the 4th quarter worth approximately $346,000. Finally, Raymond James Financial Inc. purchased a new position in Editas Medicine in the 4th quarter valued at approximately $303,000. 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.