Editas Medicine, Inc. (NASDAQ:EDIT) Sees Significant Drop in Short Interest

Editas Medicine, Inc. (NASDAQ:EDIT) saw a significant decrease in short interest in the month of November. As of November 15th, there was short interest totalling 15,910,000 shares, a decrease of 7.7% from the October 31st total of 17,240,000 shares. Based on an average daily volume of 2,140,000 shares, the short-interest ratio is presently 7.4 days.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the stock. Evercore ISI raised shares of Editas Medicine from an “in-line” rating to an “outperform” rating in a research report on Wednesday, November 6th. Stifel Nicolaus dropped their price target on Editas Medicine from $17.00 to $11.00 and set a “buy” rating on the stock in a research report on Tuesday, November 5th. Wells Fargo & Company reduced their price objective on Editas Medicine from $9.00 to $7.00 and set an “overweight” rating for the company in a research report on Tuesday, November 5th. Barclays dropped their target price on Editas Medicine from $7.00 to $5.00 and set an “equal weight” rating on the stock in a research report on Tuesday, November 5th. Finally, Royal Bank of Canada reduced their price target on shares of Editas Medicine from $8.00 to $5.00 and set a “sector perform” rating for the company in a report on Tuesday, November 5th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and six have given a buy rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $7.92.

Editas Medicine Stock Performance

Shares of NASDAQ EDIT opened at $1.98 on Wednesday. The business has a 50 day simple moving average of $2.98 and a 200 day simple moving average of $4.10. Editas Medicine has a 52 week low of $1.97 and a 52 week high of $11.69. The stock has a market cap of $163.45 million, a price-to-earnings ratio of -0.77 and a beta of 1.86.

Editas Medicine (NASDAQ:EDIT) last issued its quarterly earnings data on Monday, November 4th. The company reported ($0.75) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.75). The firm had revenue of $0.06 million during the quarter, compared to analysts’ expectations of $3.93 million. Editas Medicine had a negative net margin of 340.96% and a negative return on equity of 80.13%. Editas Medicine’s revenue for the quarter was down 98.9% on a year-over-year basis. During the same period in the prior year, the company posted ($0.55) earnings per share. On average, analysts predict that Editas Medicine will post -2.63 EPS for the current year.

Institutional Investors Weigh In On Editas Medicine

Large investors have recently added to or reduced their stakes in the stock. Signaturefd LLC lifted its stake in shares of Editas Medicine by 494.8% in the third quarter. Signaturefd LLC now owns 9,326 shares of the company’s stock worth $32,000 after buying an additional 7,758 shares during the last quarter. Ballentine Partners LLC acquired a new position in Editas Medicine during the 3rd quarter worth $36,000. Arcadia Investment Management Corp MI bought a new stake in Editas Medicine during the third quarter valued at about $39,000. Koss Olinger Consulting LLC acquired a new stake in shares of Editas Medicine in the second quarter valued at about $47,000. Finally, Y Intercept Hong Kong Ltd bought a new position in shares of Editas Medicine in the third quarter worth about $47,000. Institutional investors own 71.90% of the company’s stock.

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.