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

Editas Medicine, Inc. (NASDAQ:EDIT) was the recipient of a large decrease in short interest in the month of February. As of February 28th, there was short interest totalling 13,770,000 shares, a decrease of 21.0% from the February 13th total of 17,440,000 shares. Based on an average daily volume of 4,140,000 shares, the days-to-cover ratio is currently 3.3 days. Currently, 17.0% of the shares of the company are short sold.

Hedge Funds Weigh In On Editas Medicine

Several institutional investors have recently made changes to their positions in the stock. Jacobs Levy Equity Management Inc. boosted its position 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 during the period. Barclays PLC boosted its position in shares of Editas Medicine by 46.9% during the third quarter. Barclays PLC now owns 178,507 shares of the company’s stock worth $607,000 after buying an additional 56,986 shares during the period. BNP Paribas Financial Markets boosted its position in shares of Editas Medicine by 37.3% during the third quarter. BNP Paribas Financial Markets now owns 54,787 shares of the company’s stock worth $187,000 after buying an additional 14,888 shares during the period. FMR LLC boosted its position in shares of Editas Medicine by 110.7% during the third quarter. FMR LLC now owns 203,087 shares of the company’s stock worth $693,000 after buying an additional 106,684 shares during the period. Finally, Dynamic Technology Lab Private Ltd acquired a new position in shares of Editas Medicine during the third quarter worth approximately $240,000. 71.90% of the stock is owned by institutional investors.

Editas Medicine Trading Down 7.9 %

Shares of EDIT traded down $0.12 during midday trading on Monday, reaching $1.35. 1,325,709 shares of the company were exchanged, compared to its average volume of 4,275,231. The company has a market cap of $111.60 million, a price-to-earnings ratio of -0.53 and a beta of 1.88. Editas Medicine has a 1-year low of $1.12 and a 1-year high of $8.44. The stock has a 50-day moving average price of $1.50 and a 200-day moving average price of $2.32.

Editas Medicine (NASDAQ:EDIT) last announced its quarterly earnings data on Wednesday, March 5th. The company reported ($0.55) earnings per share for the quarter, missing the consensus estimate of ($0.39) by ($0.16). The firm had revenue of $30.60 million during the quarter, compared to the consensus estimate of $37.17 million. Editas Medicine had a negative net margin of 340.96% and a negative return on equity of 80.13%. During the same period in the prior year, the firm earned ($0.23) earnings per share. Equities research analysts anticipate that Editas Medicine will post -2.71 earnings per share for the current year.

Analysts Set New Price Targets

A number of brokerages recently issued reports on EDIT. 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 report on Friday, December 13th. Bank of America cut Editas Medicine from a “buy” rating to an “underperform” rating and decreased their price objective for the stock from $13.00 to $1.00 in a research report on Monday, November 25th. Wells Fargo & Company cut Editas Medicine from an “overweight” rating to an “equal weight” rating and reduced their price target for the company from $7.00 to $4.00 in a report on Wednesday, December 11th. Truist Financial cut Editas Medicine from a “buy” rating to a “hold” rating in a report on Friday, December 13th. Finally, Chardan Capital reissued a “neutral” rating on shares of Editas Medicine in a report on Friday, December 13th. Three equities research analysts have rated the stock with a sell rating, nine have given a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, Editas Medicine currently has an average rating of “Hold” and a consensus target price of $6.83.

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.