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

Editas Medicine, Inc. (NASDAQ:EDIT) was the target of a large drop in short interest during the month of September. As of September 30th, there was short interest totalling 16,740,000 shares, a drop of 11.7% from the September 15th total of 18,960,000 shares. Based on an average trading volume of 1,800,000 shares, the days-to-cover ratio is presently 9.3 days.

Insider Buying and Selling at Editas Medicine

In other Editas Medicine news, EVP Baisong Mei sold 6,619 shares of the company’s stock in a transaction on Friday, July 19th. The shares were 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 in the company, valued at approximately $700,291.73. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, EVP Baisong Mei sold 6,619 shares of the stock in a transaction that occurred on Friday, July 19th. The shares were sold at an average price of $5.21, for a total value of $34,484.99. Following the transaction, the executive vice president now owns 134,413 shares in the company, valued at $700,291.73. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Linda Burkly sold 11,886 shares of the firm’s stock in a transaction that occurred on 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 owns 73,136 shares in the company, valued at approximately $396,397.12. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 20,578 shares of company stock valued at $105,997 in the last quarter. Company insiders own 1.90% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Koss Olinger Consulting LLC acquired a new stake in shares of Editas Medicine in the second quarter valued at $47,000. Hoylecohen LLC purchased a new stake in shares of Editas Medicine during the second quarter worth approximately $55,000. Spectrum Planning & Advisory Services Inc. acquired a new stake in Editas Medicine in the second quarter valued at approximately $57,000. Aries Wealth Management acquired a new position in Editas Medicine during the 2nd quarter worth approximately $65,000. Finally, Headlands Technologies LLC increased its holdings in shares of Editas Medicine by 481.7% in the 1st quarter. Headlands Technologies LLC now owns 9,493 shares of the company’s stock valued at $70,000 after acquiring an additional 7,861 shares during the last quarter. 71.90% of the stock is currently owned by hedge funds and other institutional investors.

Editas Medicine Stock Performance

Shares of EDIT stock traded down $0.05 on Thursday, hitting $3.40. 104,308 shares of the stock traded hands, compared to its average volume of 1,897,743. The firm’s 50-day moving average price is $3.64 and its two-hundred day moving average price is $4.84. Editas Medicine has a twelve month low of $2.91 and a twelve month high of $11.69. The stock has a market capitalization of $279.61 million, a PE ratio of -1.64 and a beta of 1.99.

Editas Medicine (NASDAQ:EDIT) last released its quarterly earnings data on Wednesday, August 7th. The company reported ($0.82) 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 business had revenue of $0.51 million during the quarter, compared to analyst estimates of $4.78 million. During the same quarter in the prior year, the company posted ($0.56) earnings per share. The company’s revenue was down 82.2% on a year-over-year basis. On average, equities research analysts anticipate that Editas Medicine will post -2.98 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities analysts have commented on EDIT shares. Bank of America upgraded shares of Editas Medicine from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $13.00 to $15.00 in a research report on Thursday, August 8th. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $8.00 price objective on shares of Editas Medicine in a research report on Thursday, September 19th. Barclays lowered their price objective on shares of Editas Medicine from $9.00 to $7.00 and set an “equal weight” rating for the company in a research report on Thursday, August 8th. Finally, Truist Financial decreased their price target on shares of Editas Medicine from $20.00 to $12.00 and set a “buy” rating for the company in a research note on Thursday, August 8th. One equities 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’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $10.22.

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.