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

Editas Medicine, Inc. (NASDAQ:EDIT) was the recipient of a significant drop in short interest in the month of October. As of October 31st, there was short interest totalling 17,240,000 shares, a drop of 5.9% from the October 15th total of 18,330,000 shares. Based on an average trading volume of 1,960,000 shares, the short-interest ratio is currently 8.8 days.

Editas Medicine Stock Performance

Shares of EDIT opened at $2.66 on Monday. Editas Medicine has a fifty-two week low of $2.59 and a fifty-two week high of $11.69. The firm has a market cap of $219.58 million, a price-to-earnings ratio of -1.04 and a beta of 2.01. The firm has a 50 day moving average price of $3.33 and a 200-day moving average price of $4.38.

Editas Medicine (NASDAQ:EDIT) last posted its quarterly earnings results on Monday, November 4th. The company reported ($0.75) earnings per share for the quarter, hitting the consensus estimate of ($0.75). Editas Medicine had a negative net margin of 340.96% and a negative return on equity of 80.13%. The business had revenue of $0.06 million during the quarter, compared to the consensus estimate of $3.93 million. During the same period in the previous year, the firm posted ($0.55) earnings per share. The firm’s revenue for the quarter was down 98.9% on a year-over-year basis. As a group, equities research analysts predict that Editas Medicine will post -2.73 earnings per share for the current year.

Hedge Funds Weigh In On Editas Medicine

Several institutional investors and hedge funds have recently bought and sold shares of EDIT. Jacobs Levy Equity Management Inc. boosted its stake in shares of Editas Medicine by 133.2% during the third quarter. Jacobs Levy Equity Management Inc. now owns 529,834 shares of the company’s stock valued at $1,807,000 after purchasing an additional 302,652 shares during the period. Integral Health Asset Management LLC boosted its position in Editas Medicine by 50.0% during the 2nd quarter. Integral Health Asset Management LLC now owns 675,000 shares of the company’s stock valued at $3,152,000 after buying an additional 225,000 shares during the period. Millennium Management LLC grew its holdings in Editas Medicine by 10.0% in the 2nd quarter. Millennium Management LLC now owns 2,459,629 shares of the company’s stock worth $11,486,000 after acquiring an additional 223,012 shares during the last quarter. Raymond James & Associates increased its position in shares of Editas Medicine by 49.7% in the second quarter. Raymond James & Associates now owns 526,815 shares of the company’s stock valued at $2,460,000 after acquiring an additional 174,993 shares during the period. Finally, Stifel Financial Corp raised its stake in shares of Editas Medicine by 37.9% during the third quarter. Stifel Financial Corp now owns 624,876 shares of the company’s stock valued at $2,131,000 after acquiring an additional 171,656 shares during the last quarter. 71.90% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

EDIT has been the topic of a number of analyst reports. Raymond James lowered Editas Medicine from an “outperform” rating to a “market perform” rating in a research note on Monday, November 4th. Royal Bank of Canada decreased their price target on Editas Medicine from $8.00 to $5.00 and set a “sector perform” rating on the stock in a research report on Tuesday, November 5th. Chardan Capital restated a “buy” rating and issued a $12.00 price objective on shares of Editas Medicine in a research report on Tuesday, November 5th. Evercore ISI raised shares of Editas Medicine from an “in-line” rating to an “outperform” rating in a report on Wednesday, November 6th. Finally, Barclays cut their price target on shares of Editas Medicine from $7.00 to $5.00 and set an “equal weight” rating for the company in a report on Tuesday, November 5th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $9.08.

About Editas Medicine

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.