Victory Capital Management Inc. Sells 67,899 Shares of Editas Medicine, Inc. (NASDAQ:EDIT)

Victory Capital Management Inc. trimmed its stake in Editas Medicine, Inc. (NASDAQ:EDIT) by 86.5% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 10,572 shares of the company’s stock after selling 67,899 shares during the period. Victory Capital Management Inc.’s holdings in Editas Medicine were worth $49,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in EDIT. Rhumbline Advisers grew its stake in Editas Medicine by 2.9% in the second quarter. Rhumbline Advisers now owns 137,986 shares of the company’s stock valued at $644,000 after purchasing an additional 3,862 shares during the last quarter. International Assets Investment Management LLC boosted its stake in Editas Medicine by 10.5% in the second quarter. International Assets Investment Management LLC now owns 31,457 shares of the company’s stock valued at $147,000 after acquiring an additional 3,000 shares in the last quarter. Allspring Global Investments Holdings LLC purchased a new position in Editas Medicine in the second quarter worth $95,000. Bank of New York Mellon Corp grew its holdings in Editas Medicine by 4.0% in the second quarter. Bank of New York Mellon Corp now owns 296,154 shares of the company’s stock worth $1,383,000 after purchasing an additional 11,332 shares during the last quarter. Finally, Aries Wealth Management acquired a new position in shares of Editas Medicine during the second quarter worth $65,000. 71.90% of the stock is currently owned by hedge funds and other institutional investors.

Editas Medicine Price Performance

Shares of EDIT opened at $3.53 on Wednesday. The firm has a 50-day simple moving average of $4.26 and a two-hundred day simple moving average of $5.33. Editas Medicine, Inc. has a 1-year low of $3.40 and a 1-year high of $11.69. The stock has a market cap of $290.30 million, a PE ratio of -1.68 and a beta of 1.99.

Editas Medicine (NASDAQ:EDIT) last announced its earnings results 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). Editas Medicine had a negative net margin of 288.59% and a negative return on equity of 62.61%. The firm had revenue of $0.51 million during the quarter, compared to analysts’ expectations of $4.78 million. During the same period in the previous year, the firm earned ($0.56) EPS. The firm’s revenue for the quarter was down 82.2% compared to the same quarter last year. As a group, sell-side analysts expect that Editas Medicine, Inc. will post -2.97 earnings per share for the current fiscal year.

Insider Activity at Editas Medicine

In related news, EVP Linda Burkly sold 11,886 shares of the firm’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 completion of the transaction, the executive vice president now directly owns 73,136 shares in the company, valued at approximately $396,397.12. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, EVP Baisong Mei sold 6,619 shares of the company’s stock in a transaction on Friday, July 19th. The stock was sold at an average price of $5.21, for a total transaction of $34,484.99. Following the sale, the executive vice president now owns 134,413 shares of the company’s stock, valued at $700,291.73. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Linda Burkly sold 11,886 shares of the stock in a transaction on Thursday, July 25th. The shares were sold at an average price of $5.42, for a total value of $64,422.12. Following the completion of the sale, the executive vice president now owns 73,136 shares in the company, valued at $396,397.12. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 20,578 shares of company stock worth $105,997. 1.90% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of research firms have recently weighed in on EDIT. Barclays lowered their price objective 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. Truist Financial cut their price objective 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 decreased their price objective 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. Oppenheimer restated a “market perform” rating and issued a $12.00 price target on shares of Editas Medicine in a research report on Tuesday, June 18th. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and set a $8.00 target price on shares of Editas Medicine in a research note on Thursday, September 19th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, Editas Medicine has a consensus rating of “Hold” and an average target price of $10.90.

Editas Medicine 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.