E Fund Management Co. Ltd. Sells 25,031 Shares of Editas Medicine, Inc. (NASDAQ:EDIT)

E Fund Management Co. Ltd. reduced its holdings in Editas Medicine, Inc. (NASDAQ:EDIT) by 65.7% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 13,051 shares of the company’s stock after selling 25,031 shares during the period. E Fund Management Co. Ltd.’s holdings in Editas Medicine were worth $61,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently made changes to their positions in EDIT. Dimensional Fund Advisors LP increased its stake in Editas Medicine by 40.6% during the fourth quarter. Dimensional Fund Advisors LP now owns 2,392,396 shares of the company’s stock worth $24,236,000 after acquiring an additional 690,366 shares during the last quarter. Raymond James & Associates raised its holdings in Editas Medicine by 49.7% during 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. Hennion & Walsh Asset Management Inc. bought a new stake in Editas Medicine in the second quarter worth $786,000. Los Angeles Capital Management LLC purchased a new position in Editas Medicine during the first quarter worth $1,097,000. Finally, Seven Eight Capital LP bought a new position in Editas Medicine during the fourth quarter valued at $1,482,000. 71.90% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the stock. Truist Financial lowered their target price on shares of Editas Medicine from $20.00 to $12.00 and set a “buy” rating for the company in a report on Thursday, August 8th. Evercore ISI cut their target price on Editas Medicine from $15.00 to $7.00 and set an “in-line” rating on the stock in a research note on Thursday, May 30th. Royal Bank of Canada reissued a “sector perform” rating and set a $8.00 price target on shares of Editas Medicine in a research note on Thursday. Bank of America raised 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 report on Thursday, August 8th. Finally, Barclays decreased their target price on Editas Medicine from $9.00 to $7.00 and set an “equal weight” rating for the company in a research report on Thursday, August 8th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $10.90.

Editas Medicine Price Performance

NASDAQ:EDIT opened at $3.91 on Friday. Editas Medicine, Inc. has a 1-year low of $3.40 and a 1-year high of $11.69. The company has a 50-day moving average of $4.38 and a 200 day moving average of $5.50. The firm has a market cap of $321.55 million, a PE ratio of -1.86 and a beta of 1.99.

Editas Medicine (NASDAQ:EDIT) last released its quarterly earnings data on Wednesday, August 7th. The company reported ($0.82) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.70) by ($0.12). The business had revenue of $0.51 million for the quarter, compared to the consensus estimate of $4.78 million. Editas Medicine had a negative net margin of 288.59% and a negative return on equity of 62.61%. Editas Medicine’s revenue for the quarter was down 82.2% on a year-over-year basis. During the same quarter in the prior year, the business posted ($0.56) earnings per share. Sell-side analysts anticipate that Editas Medicine, Inc. will post -2.97 EPS for the current fiscal year.

Insider Activity

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

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.