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

Editas Medicine, Inc. (NASDAQ:EDIT) was the recipient of a large decrease in short interest in the month of September. As of September 30th, there was short interest totalling 16,740,000 shares, a decrease 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 short-interest ratio is currently 9.3 days.

Editas Medicine Stock Performance

Editas Medicine stock opened at $3.45 on Thursday. The stock has a market capitalization of $283.72 million, a P/E ratio of -1.64 and a beta of 1.99. The company’s fifty day moving average price is $3.64 and its 200 day moving average price is $4.84. Editas Medicine has a 1 year low of $2.91 and a 1 year high of $11.69.

Editas Medicine (NASDAQ:EDIT) last announced its earnings results on Wednesday, August 7th. The company reported ($0.82) earnings per share (EPS) for the quarter, missing the consensus estimate 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 company had revenue of $0.51 million during the quarter, compared to analyst estimates of $4.78 million. During the same quarter last year, the business earned ($0.56) EPS. The firm’s revenue for the quarter was down 82.2% compared to the same quarter last year. Sell-side analysts predict that Editas Medicine will post -2.98 EPS for the current year.

Insider Activity at Editas Medicine

In other Editas Medicine news, EVP Linda Burkly sold 11,886 shares of Editas Medicine 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 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 trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other 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 sale, the executive vice president now directly owns 134,413 shares of the company’s stock, valued at $700,291.73. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Linda Burkly sold 11,886 shares of the firm’s stock in a transaction 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 transaction, the executive vice president now directly owns 73,136 shares of the company’s stock, valued at approximately $396,397.12. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 20,578 shares of company stock valued at $105,997 in the last ninety days. Company insiders own 1.90% of the company’s stock.

Institutional Investors Weigh In On Editas Medicine

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

Analyst Ratings Changes

EDIT has been the topic of several analyst reports. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $8.00 price target on shares of Editas Medicine in a research report on Thursday, September 19th. Truist Financial dropped their target price on Editas Medicine from $20.00 to $12.00 and set a “buy” rating on the stock in a report on Thursday, August 8th. Barclays decreased their price target on Editas Medicine from $9.00 to $7.00 and set an “equal weight” rating for the company in a report on Thursday, August 8th. Finally, Bank of America raised shares of Editas Medicine from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $13.00 to $15.00 in a research note on Thursday, August 8th. One 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 MarketBeat.com, the stock has a consensus 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.