Short Interest in Editas Medicine, Inc. (NASDAQ:EDIT) Rises By 5.3%

Editas Medicine, Inc. (NASDAQ:EDIT) was the target of a significant growth in short interest in the month of September. As of September 15th, there was short interest totalling 18,960,000 shares, a growth of 5.3% from the August 31st total of 18,010,000 shares. Based on an average daily volume of 1,800,000 shares, the short-interest ratio is currently 10.5 days.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the company. Royal Bank of Canada restated a “sector perform” rating and issued a $8.00 price target on shares of Editas Medicine in a report on Thursday, September 19th. Truist Financial dropped their price objective on shares of Editas Medicine from $20.00 to $12.00 and set a “buy” rating for the company in a research report on Thursday, August 8th. Bank of America raised shares of Editas Medicine from a “neutral” rating to a “buy” rating and raised their price target for the stock from $13.00 to $15.00 in a research report on Thursday, August 8th. Oppenheimer reissued a “market perform” rating and issued a $12.00 price objective on shares of Editas Medicine in a report on Tuesday, June 18th. Finally, Barclays decreased their price target on shares of Editas Medicine from $9.00 to $7.00 and set an “equal weight” rating for the company in a report on Thursday, August 8th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and three have given a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $10.22.

Insider Activity

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

Institutional Investors Weigh In On Editas Medicine

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Seven Eight Capital LP bought a new stake in shares of Editas Medicine in the fourth quarter valued at approximately $1,482,000. Los Angeles Capital Management LLC bought a new position in shares of Editas Medicine during the 1st quarter valued at $1,097,000. Integral Health Asset Management LLC lifted its stake in shares of Editas Medicine by 50.0% in the 2nd quarter. Integral Health Asset Management LLC now owns 675,000 shares of the company’s stock valued at $3,152,000 after acquiring an additional 225,000 shares during the last quarter. Vanguard Group Inc. increased its position in shares of Editas Medicine by 1.1% during the first quarter. Vanguard Group Inc. now owns 8,555,597 shares of the company’s stock valued at $63,483,000 after buying an additional 93,740 shares during the period. Finally, Price T Rowe Associates Inc. MD grew its position in shares of Editas Medicine by 16.9% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 49,704 shares of the company’s stock worth $369,000 after buying an additional 7,174 shares during the period. 71.90% of the stock is owned by institutional investors.

Editas Medicine Trading Down 4.4 %

Shares of EDIT traded down $0.15 during midday trading on Tuesday, reaching $3.26. The stock had a trading volume of 1,151,391 shares, compared to its average volume of 1,901,021. The firm has a 50 day simple moving average of $4.11 and a 200-day simple moving average of $5.19. The firm has a market cap of $268.10 million, a PE ratio of -1.55 and a beta of 1.99. Editas Medicine has a one year low of $3.22 and a one year high of $11.69.

Editas Medicine (NASDAQ:EDIT) last announced its quarterly earnings data 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). Editas Medicine had a negative net margin of 288.59% and a negative return on equity of 62.61%. The firm had revenue of $0.51 million during the quarter, compared to the consensus estimate of $4.78 million. During the same period last year, the business earned ($0.56) earnings per share. The business’s revenue was down 82.2% compared to the same quarter last year. As a group, research analysts forecast that Editas Medicine will post -2.97 EPS for the current fiscal year.

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.