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

Editas Medicine, Inc. (NASDAQ:EDIT) saw a significant growth in short interest during the month of January. As of January 15th, there was short interest totalling 18,210,000 shares, a growth of 7.6% from the December 31st total of 16,930,000 shares. Based on an average trading volume of 2,620,000 shares, the days-to-cover ratio is presently 7.0 days.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on EDIT shares. Stifel Nicolaus downgraded shares of Editas Medicine from a “buy” rating to a “hold” rating and decreased their target price for the company from $11.00 to $3.00 in a research report on Friday, December 13th. Wells Fargo & Company downgraded shares of Editas Medicine from an “overweight” rating to an “equal weight” rating and lowered their target price for the stock from $7.00 to $4.00 in a research note on Wednesday, December 11th. Truist Financial downgraded Editas Medicine from a “buy” rating to a “hold” rating in a report on Friday, December 13th. Chardan Capital reissued a “neutral” rating on shares of Editas Medicine in a research note on Friday, December 13th. Finally, Royal Bank of Canada decreased their target price on Editas Medicine from $5.00 to $4.00 and set a “sector perform” rating for the company in a research note on Friday, December 13th. Three equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $7.00.

Editas Medicine Stock Down 3.1 %

EDIT opened at $1.27 on Tuesday. The firm’s fifty day moving average price is $1.54 and its two-hundred day moving average price is $2.94. Editas Medicine has a 1 year low of $1.12 and a 1 year high of $11.58.

Editas Medicine (NASDAQ:EDIT) last posted its quarterly earnings data on Monday, November 4th. The company reported ($0.75) EPS for the quarter, meeting 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 firm had revenue of $0.06 million during the quarter, compared to analyst estimates of $3.93 million. During the same quarter last year, the business posted ($0.55) EPS. The company’s revenue for the quarter was down 98.9% on a year-over-year basis. Sell-side analysts predict that Editas Medicine will post -2.71 EPS for the current fiscal year.

Institutional Trading of Editas Medicine

Institutional investors and hedge funds have recently modified their holdings of the business. The Manufacturers Life Insurance Company increased its position in shares of Editas Medicine by 10.1% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 33,599 shares of the company’s stock valued at $157,000 after purchasing an additional 3,089 shares during the last quarter. Allspring Global Investments Holdings LLC boosted its stake in Editas Medicine by 20.0% in the third quarter. Allspring Global Investments Holdings LLC now owns 24,485 shares of the company’s stock valued at $83,000 after acquiring an additional 4,089 shares during the last quarter. China Universal Asset Management Co. Ltd. increased its stake in shares of Editas Medicine by 64.2% during the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 15,863 shares of the company’s stock worth $54,000 after purchasing an additional 6,202 shares during the last quarter. Signaturefd LLC raised its holdings in shares of Editas Medicine by 494.8% in the 3rd quarter. Signaturefd LLC now owns 9,326 shares of the company’s stock worth $32,000 after purchasing an additional 7,758 shares during the period. Finally, Ballentine Partners LLC purchased a new position in Editas Medicine in the third quarter valued at approximately $36,000. 71.90% of the stock is owned by hedge funds and other institutional investors.

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.