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

Editas Medicine, Inc. (NASDAQ:EDIT) was the recipient of a large decline in short interest in the month of October. As of October 31st, there was short interest totalling 17,240,000 shares, a decline 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.

Institutional Trading of Editas Medicine

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Jacobs Levy Equity Management Inc. grew its holdings 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 worth $1,807,000 after buying an additional 302,652 shares in the last quarter. Integral Health Asset Management LLC lifted its position in Editas Medicine by 50.0% during the second quarter. Integral Health Asset Management LLC now owns 675,000 shares of the company’s stock worth $3,152,000 after buying an additional 225,000 shares during the period. Millennium Management LLC boosted its stake 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 buying an additional 223,012 shares during the last quarter. Raymond James & Associates grew its holdings in Editas Medicine by 49.7% in the 2nd quarter. Raymond James & Associates now owns 526,815 shares of the company’s stock valued at $2,460,000 after buying an additional 174,993 shares during the period. Finally, Stifel Financial Corp increased its stake in shares of Editas Medicine by 37.9% during the 3rd 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. Hedge funds and other institutional investors own 71.90% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on EDIT. Evercore ISI raised Editas Medicine from an “in-line” rating to an “outperform” rating in a research report on Wednesday, November 6th. Truist Financial decreased their price target on Editas Medicine from $12.00 to $8.00 and set a “buy” rating for the company in a report on Tuesday, November 5th. Wells Fargo & Company lowered their price objective on shares of Editas Medicine from $9.00 to $7.00 and set an “overweight” rating on the stock in a research report on Tuesday, November 5th. Royal Bank of Canada cut their price objective on shares of Editas Medicine from $8.00 to $5.00 and set a “sector perform” rating for the company in a research report on Tuesday, November 5th. Finally, Chardan Capital reaffirmed a “buy” rating and issued a $12.00 target price on shares of Editas Medicine in a report on Tuesday, November 5th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and seven have given a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $9.08.

Editas Medicine Stock Performance

NASDAQ:EDIT opened at $2.52 on Tuesday. The firm has a 50-day moving average price of $3.33 and a two-hundred day moving average price of $4.38. Editas Medicine has a twelve month low of $2.51 and a twelve month high of $11.69.

Editas Medicine (NASDAQ:EDIT) last issued its quarterly earnings data on Monday, November 4th. The company reported ($0.75) earnings per share for the quarter, hitting analysts’ consensus estimates 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 analysts’ expectations of $3.93 million. During the same period last year, the company posted ($0.55) EPS. The company’s revenue was down 98.9% on a year-over-year basis. On average, equities analysts anticipate that Editas Medicine will post -2.73 earnings per share for the current year.

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.