Editas Medicine, Inc. (NASDAQ:EDIT – Get Free Report) saw a large drop in short interest in August. As of August 15th, there was short interest totalling 14,410,000 shares, a drop of 6.7% from the July 31st total of 15,440,000 shares. Based on an average daily volume of 1,920,000 shares, the short-interest ratio is currently 7.5 days.
Analyst Upgrades and Downgrades
Several research analysts have commented on EDIT shares. Oppenheimer reiterated a “market perform” rating and issued a $12.00 target price on shares of Editas Medicine in a report on Thursday, August 3rd. StockNews.com started coverage on shares of Editas Medicine in a report on Thursday, August 17th. They issued a “sell” rating for the company. Raymond James upgraded shares of Editas Medicine from a “market perform” rating to an “outperform” rating and set a $17.00 target price for the company in a report on Monday, June 12th. Chardan Capital decreased their target price on shares of Editas Medicine from $22.00 to $19.00 and set a “buy” rating for the company in a report on Wednesday, August 2nd. Finally, Cantor Fitzgerald reiterated an “overweight” rating and issued a $14.00 target price on shares of Editas Medicine in a report on Tuesday. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $15.57.
Insider Activity
In other news, SVP Baisong Mei sold 4,317 shares of the firm’s stock in a transaction dated Wednesday, July 19th. The shares were sold at an average price of $8.80, for a total transaction of $37,989.60. Following the completion of the transaction, the senior vice president now owns 72,055 shares in the company, valued at approximately $634,084. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, SVP Baisong Mei sold 4,317 shares of the firm’s stock in a transaction dated Wednesday, July 19th. The shares were sold at an average price of $8.80, for a total transaction of $37,989.60. Following the completion of the transaction, the senior vice president now owns 72,055 shares in the company, valued at approximately $634,084. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Gilmore Neil O’neill sold 6,486 shares of the firm’s stock in a transaction dated Monday, June 5th. The shares were sold at an average price of $9.50, for a total transaction of $61,617.00. Following the transaction, the chief executive officer now owns 130,169 shares of the company’s stock, valued at approximately $1,236,605.50. The disclosure for this sale can be found here. In the last quarter, insiders sold 11,751 shares of company stock worth $107,817. Corporate insiders own 2.20% of the company’s stock.
Institutional Trading of Editas Medicine
A number of institutional investors have recently added to or reduced their stakes in EDIT. California State Teachers Retirement System raised its position in shares of Editas Medicine by 10.2% in the second quarter. California State Teachers Retirement System now owns 94,835 shares of the company’s stock valued at $780,000 after purchasing an additional 8,743 shares during the period. Osaic Holdings Inc. raised its position in shares of Editas Medicine by 66.6% in the second quarter. Osaic Holdings Inc. now owns 69,758 shares of the company’s stock valued at $574,000 after purchasing an additional 27,877 shares during the period. GTS Securities LLC bought a new position in shares of Editas Medicine in the second quarter valued at approximately $100,000. Alliancebernstein L.P. raised its position in shares of Editas Medicine by 5.0% in the second quarter. Alliancebernstein L.P. now owns 86,600 shares of the company’s stock valued at $713,000 after purchasing an additional 4,100 shares during the period. Finally, Wells Fargo & Company MN raised its position in shares of Editas Medicine by 0.5% in the second quarter. Wells Fargo & Company MN now owns 216,318 shares of the company’s stock valued at $1,780,000 after purchasing an additional 1,182 shares during the period. 76.61% of the stock is currently owned by institutional investors and hedge funds.
Editas Medicine Trading Up 0.7 %
NASDAQ EDIT traded up $0.06 during trading on Friday, reaching $8.97. The company’s stock had a trading volume of 626,435 shares, compared to its average volume of 1,845,604. The stock has a market capitalization of $732.22 million, a PE ratio of -3.01 and a beta of 1.81. The business has a 50-day moving average price of $8.66 and a 200-day moving average price of $8.69. Editas Medicine has a 1-year low of $6.33 and a 1-year high of $16.39.
Editas Medicine (NASDAQ:EDIT – Get Free Report) last posted its earnings results on Wednesday, August 2nd. The company reported ($0.56) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.76) by $0.20. The firm had revenue of $2.89 million during the quarter, compared to analysts’ expectations of $4.17 million. Editas Medicine had a negative net margin of 1,065.39% and a negative return on equity of 55.14%. The company’s revenue was down 54.6% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.78) earnings per share. As a group, analysts expect that Editas Medicine will post -2.55 earnings per share for the current 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 10; autosomal dominant retinitis pigmentosa; and EDIT-301, a clinical development gene-edited medicine to treat sickle cell disease and transfusion-dependent beta-thalassemia.