Short Interest in Editas Medicine, Inc. (NASDAQ:EDIT) Increases By 5.3%

Editas Medicine, Inc. (NASDAQ:EDIT) was the target of a significant increase in short interest during the month of September. As of September 15th, there was short interest totalling 18,960,000 shares, an increase of 5.3% from the August 31st total of 18,010,000 shares. Based on an average daily trading volume, of 1,800,000 shares, the short-interest ratio is currently 10.5 days.

Editas Medicine Price Performance

EDIT traded down $0.15 during trading on Tuesday, hitting $3.26. The stock had a trading volume of 1,151,391 shares, compared to its average volume of 1,901,021. The firm has a market cap of $268.10 million, a price-to-earnings ratio of -1.55 and a beta of 1.99. The company has a 50 day moving average price of $4.11 and a 200-day moving average price of $5.19. Editas Medicine has a one year low of $3.22 and a one year high of $11.69.

Editas Medicine (NASDAQ:EDIT) last announced its quarterly earnings results on Wednesday, August 7th. The company reported ($0.82) earnings per share (EPS) for the quarter, missing the consensus estimate 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 business had revenue of $0.51 million during the quarter, compared to analyst estimates of $4.78 million. During the same quarter last year, the company posted ($0.56) earnings per share. The company’s revenue was down 82.2% compared to the same quarter last year. As a group, sell-side analysts predict that Editas Medicine will post -2.97 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, EVP Linda Burkly sold 11,886 shares of Editas Medicine 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 sale, the executive vice president now owns 73,136 shares of the company’s stock, valued at approximately $396,397.12. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 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. 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 transaction, the executive vice president now owns 134,413 shares in the company, valued at approximately $700,291.73. The disclosure for this sale can be found here. Over the last quarter, insiders sold 20,578 shares of company stock valued at $105,997. Insiders own 1.90% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the company. Headlands Technologies LLC boosted its stake in Editas Medicine by 481.7% during the first quarter. Headlands Technologies LLC now owns 9,493 shares of the company’s stock valued at $70,000 after buying an additional 7,861 shares during the period. EntryPoint Capital LLC bought a new stake in shares of Editas Medicine in the 1st quarter worth about $72,000. Koss Olinger Consulting LLC bought a new stake in Editas Medicine during the second quarter worth approximately $47,000. HB Wealth Management LLC purchased a new stake in Editas Medicine during the 1st quarter valued at $76,000. Finally, Hoylecohen LLC bought a new stake in shares of Editas Medicine in the 2nd quarter worth about $55,000. Hedge funds and other institutional investors own 71.90% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have issued reports on the stock. Truist Financial decreased their price objective on shares of Editas Medicine from $20.00 to $12.00 and set a “buy” rating for the company in a research note on Thursday, August 8th. Royal Bank of Canada restated a “sector perform” rating and issued a $8.00 price target on shares of Editas Medicine in a research note on Thursday, September 19th. Barclays cut their price target on shares of Editas Medicine from $9.00 to $7.00 and set an “equal weight” rating for the company in a report on Thursday, August 8th. Bank of America upgraded Editas Medicine from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $13.00 to $15.00 in a report on Thursday, August 8th. 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 research analyst has rated the stock with a sell rating, seven have assigned a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, Editas Medicine presently has a consensus rating of “Hold” and a consensus target price of $10.22.

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.