Editas Medicine, Inc. (NASDAQ:EDIT) Short Interest Update

Editas Medicine, Inc. (NASDAQ:EDIT) was the recipient of a significant growth in short interest during the month of August. As of August 31st, there was short interest totalling 18,010,000 shares, a growth of 6.6% from the August 15th total of 16,900,000 shares. Based on an average trading volume of 1,920,000 shares, the short-interest ratio is currently 9.4 days.

Analyst Upgrades and Downgrades

EDIT has been the subject of several analyst reports. Evercore ISI dropped their target price on Editas Medicine from $15.00 to $7.00 and set an “in-line” rating for the company in a report on Thursday, May 30th. Bank of America raised shares of Editas Medicine from a “neutral” rating to a “buy” rating and upped their price objective for the company from $13.00 to $15.00 in a report on Thursday, August 8th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $8.00 target price on shares of Editas Medicine in a report on Thursday. Truist Financial cut their price target on shares of Editas Medicine from $20.00 to $12.00 and set a “buy” rating for the company in a report on Thursday, August 8th. Finally, Barclays reduced their price target on shares of Editas Medicine from $9.00 to $7.00 and set an “equal weight” rating on the stock in a research report on Thursday, August 8th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $10.90.

Editas Medicine Stock Performance

Shares of NASDAQ EDIT traded up $0.10 during trading on Thursday, reaching $3.98. The stock had a trading volume of 193,886 shares, compared to its average volume of 1,871,330. The company has a market cap of $327.31 million, a P/E ratio of -1.85 and a beta of 1.99. Editas Medicine has a fifty-two week low of $3.40 and a fifty-two week high of $11.69. The business’s 50-day moving average price is $4.41 and its 200-day moving average price is $5.51.

Editas Medicine (NASDAQ:EDIT) last issued its quarterly earnings results on Wednesday, August 7th. The company reported ($0.82) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.70) by ($0.12). The business had revenue of $0.51 million for the quarter, compared to analysts’ expectations of $4.78 million. Editas Medicine had a negative return on equity of 62.61% and a negative net margin of 288.59%. The firm’s revenue for the quarter was down 82.2% on a year-over-year basis. During the same quarter last year, the company earned ($0.56) earnings per share. Analysts forecast that Editas Medicine will post -2.97 EPS for the current fiscal year.

Insider Transactions at Editas Medicine

In related news, EVP Baisong Mei sold 6,619 shares of the stock in a transaction on Friday, July 19th. The stock was sold at an average price of $5.21, for a total value of $34,484.99. Following the completion of the transaction, the executive vice president now directly owns 134,413 shares of the company’s stock, valued at approximately $700,291.73. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, EVP Baisong Mei sold 6,619 shares of the company’s stock in a transaction dated Friday, July 19th. The shares were sold at an average price of $5.21, for a total transaction of $34,484.99. Following the completion of the sale, the executive vice president now owns 134,413 shares of the company’s stock, valued at approximately $700,291.73. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, EVP Linda Burkly sold 11,886 shares of the stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $5.42, for a total transaction of $64,422.12. Following the completion of the sale, the executive vice president now owns 73,136 shares of the company’s stock, valued at approximately $396,397.12. The disclosure for this sale can be found here. Insiders have sold 20,578 shares of company stock valued at $105,997 over the last ninety days. Insiders own 1.90% of the company’s stock.

Institutional Investors Weigh In On Editas Medicine

Large investors have recently added to or reduced their stakes in the business. Dimensional Fund Advisors LP grew its stake in shares of Editas Medicine by 40.6% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,392,396 shares of the company’s stock worth $24,236,000 after acquiring an additional 690,366 shares in the last quarter. Integral Health Asset Management LLC increased its holdings in Editas Medicine by 50.0% during the 2nd quarter. Integral Health Asset Management LLC now owns 675,000 shares of the company’s stock worth $3,152,000 after purchasing an additional 225,000 shares during the period. Millennium Management LLC raised its position in Editas Medicine by 10.0% in the 2nd quarter. Millennium Management LLC now owns 2,459,629 shares of the company’s stock valued at $11,486,000 after purchasing an additional 223,012 shares in the last quarter. Raymond James & Associates boosted its stake in shares of Editas Medicine by 49.7% in the 2nd quarter. Raymond James & Associates now owns 526,815 shares of the company’s stock valued at $2,460,000 after buying an additional 174,993 shares during the period. Finally, Hennion & Walsh Asset Management Inc. acquired a new position in shares of Editas Medicine during the second quarter worth about $786,000. 71.90% of the stock is owned by hedge funds and other institutional investors.

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.