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

Editas Medicine, Inc. (NASDAQ:EDIT) saw a large growth in short interest in May. As of May 31st, there was short interest totalling 22,020,000 shares, a growth of 6.1% from the May 15th total of 20,760,000 shares. Based on an average daily trading volume, of 1,890,000 shares, the days-to-cover ratio is currently 11.7 days.

Editas Medicine Stock Performance

Shares of EDIT opened at $5.07 on Tuesday. The company’s 50 day moving average price is $5.61 and its 200 day moving average price is $7.65. Editas Medicine has a 52 week low of $4.82 and a 52 week high of $11.69. The company has a market capitalization of $416.96 million, a PE ratio of -2.41 and a beta of 2.06.

Editas Medicine (NASDAQ:EDIT) last posted its earnings results on Wednesday, May 8th. The company reported ($0.76) EPS for the quarter, missing the consensus estimate of ($0.63) by ($0.13). The business had revenue of $1.10 million during the quarter, compared to the consensus estimate of $11.14 million. Editas Medicine had a negative return on equity of 47.34% and a negative net margin of 239.36%. The business’s revenue was down 88.9% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.71) earnings per share. On average, equities analysts forecast that Editas Medicine will post -2.7 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of analysts recently commented on the stock. Evercore ISI dropped their target price on shares of Editas Medicine from $15.00 to $7.00 and set an “in-line” rating on the stock in a report on Thursday, May 30th. JPMorgan Chase & Co. boosted their target price on shares of Editas Medicine from $8.00 to $9.00 and gave the stock a “neutral” rating in a report on Tuesday, February 27th. StockNews.com lowered shares of Editas Medicine from a “hold” rating to a “sell” rating in a report on Thursday, May 9th. Morgan Stanley upgraded shares of Editas Medicine from an “underweight” rating to an “equal weight” rating and set a $7.00 price target on the stock in a report on Thursday, May 9th. Finally, Barclays cut their price target on shares of Editas Medicine from $11.00 to $9.00 and set an “equal weight” rating on the stock in a report on Thursday, May 9th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $12.90.

Insiders Place Their Bets

In related news, Director Jessica Hopfield purchased 45,000 shares of the company’s stock in a transaction on Monday, May 13th. The shares were bought at an average cost of $5.64 per share, for a total transaction of $253,800.00. Following the transaction, the director now owns 67,700 shares of the company’s stock, valued at $381,828. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CEO Gilmore Neil O’neill sold 12,191 shares of the business’s stock in a transaction that occurred on Tuesday, June 4th. The shares were sold at an average price of $5.50, for a total value of $67,050.50. Following the sale, the chief executive officer now directly owns 315,279 shares in the company, valued at approximately $1,734,034.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Jessica Hopfield bought 45,000 shares of the company’s stock in a transaction that occurred on Monday, May 13th. The stock was acquired at an average price of $5.64 per share, for a total transaction of $253,800.00. Following the completion of the acquisition, the director now directly owns 67,700 shares in the company, valued at $381,828. The disclosure for this purchase can be found here. 1.90% of the stock is owned by insiders.

Institutional Trading of Editas Medicine

Several large investors have recently added to or reduced their stakes in the business. Amalgamated Bank grew its position in Editas Medicine by 18.0% in the third quarter. Amalgamated Bank now owns 8,023 shares of the company’s stock worth $63,000 after acquiring an additional 1,226 shares in the last quarter. Assenagon Asset Management S.A. lifted its stake in shares of Editas Medicine by 3.8% in the fourth quarter. Assenagon Asset Management S.A. now owns 38,288 shares of the company’s stock worth $388,000 after buying an additional 1,384 shares during the last quarter. Swiss National Bank lifted its stake in shares of Editas Medicine by 1.1% in the third quarter. Swiss National Bank now owns 179,200 shares of the company’s stock worth $1,398,000 after buying an additional 1,900 shares during the last quarter. Russell Investments Group Ltd. lifted its stake in shares of Editas Medicine by 401.9% in the fourth quarter. Russell Investments Group Ltd. now owns 5,190 shares of the company’s stock worth $53,000 after buying an additional 4,156 shares during the last quarter. Finally, Deutsche Bank AG lifted its stake in shares of Editas Medicine by 6.9% in the third quarter. Deutsche Bank AG now owns 71,962 shares of the company’s stock worth $561,000 after buying an additional 4,651 shares during the last quarter. 71.90% of the stock is owned by 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.