Editas Medicine, Inc. (NASDAQ:EDIT) Sees Large Decrease in Short Interest

Editas Medicine, Inc. (NASDAQ:EDIT) was the target of a significant decline in short interest during the month of September. As of September 30th, there was short interest totalling 16,740,000 shares, a decline of 11.7% from the September 15th total of 18,960,000 shares. Based on an average daily volume of 1,800,000 shares, the days-to-cover ratio is presently 9.3 days.

Insider Buying and Selling

In other Editas Medicine news, EVP Linda Burkly sold 11,886 shares of Editas Medicine stock in a transaction that occurred on Thursday, July 25th. The shares were sold at an average price of $5.42, for a total transaction of $64,422.12. Following the transaction, the executive vice president now owns 73,136 shares of the company’s stock, valued at $396,397.12. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, 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 completion of the sale, the executive vice president now directly owns 73,136 shares of the company’s stock, valued at $396,397.12. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Baisong Mei sold 6,619 shares of the business’s stock in a transaction dated Friday, July 19th. The stock was sold at an average price of $5.21, for a total transaction of $34,484.99. Following the completion of the transaction, the executive vice president now directly owns 134,413 shares in the company, valued at $700,291.73. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 20,578 shares of company stock worth $105,997. 1.90% of the stock is owned by insiders.

Institutional Inflows and Outflows

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

Editas Medicine Stock Up 1.6 %

NASDAQ:EDIT opened at $3.24 on Tuesday. The stock has a market cap of $266.45 million, a P/E ratio of -1.54 and a beta of 1.99. The business’s 50-day moving average price is $3.68 and its two-hundred day moving average price is $4.88. Editas Medicine has a twelve month low of $2.91 and a twelve month 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 for the quarter, missing analysts’ consensus estimates of ($0.70) by ($0.12). The company had revenue of $0.51 million during the quarter, compared to analysts’ expectations of $4.78 million. Editas Medicine had a negative net margin of 288.59% and a negative return on equity of 62.61%. The company’s revenue for the quarter was down 82.2% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.56) earnings per share. On average, equities research analysts expect that Editas Medicine will post -2.98 EPS for the current fiscal year.

Analysts Set New Price Targets

Several research firms recently commented on EDIT. Bank of America upgraded Editas Medicine from a “neutral” rating to a “buy” rating and upped their price objective for the company from $13.00 to $15.00 in a research note on Thursday, August 8th. Truist Financial cut their price target on Editas Medicine from $20.00 to $12.00 and set a “buy” rating for the company in a research note on Thursday, August 8th. Barclays lowered their price objective on Editas Medicine from $9.00 to $7.00 and set an “equal weight” rating on the stock in a research note on Thursday, August 8th. Royal Bank of Canada reiterated a “sector perform” rating and set a $8.00 target price on shares of Editas Medicine in a research report on Thursday, September 19th. Finally, Oppenheimer reissued a “market perform” rating and issued a $12.00 price target on shares of Editas Medicine in a research report on Tuesday, June 18th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price 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.