Renaissance Technologies LLC Reduces Stock Holdings in Editas Medicine, Inc. (NASDAQ:EDIT)

Renaissance Technologies LLC cut its position in shares of Editas Medicine, Inc. (NASDAQ:EDIT) by 89.0% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 98,429 shares of the company’s stock after selling 799,989 shares during the period. Renaissance Technologies LLC owned approximately 0.12% of Editas Medicine worth $460,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in the company. Koss Olinger Consulting LLC purchased a new position in shares of Editas Medicine in the second quarter valued at approximately $47,000. Hoylecohen LLC purchased a new stake in shares of Editas Medicine in the second quarter valued at about $55,000. Spectrum Planning & Advisory Services Inc. purchased a new stake in Editas Medicine in the 2nd quarter valued at approximately $57,000. Aries Wealth Management acquired a new position in Editas Medicine during the second quarter worth $65,000. Finally, Headlands Technologies LLC grew its stake in shares of Editas Medicine by 481.7% during the 1st quarter. Headlands Technologies LLC now owns 9,493 shares of the company’s stock worth $70,000 after purchasing an additional 7,861 shares during the period. Hedge funds and other institutional investors own 71.90% of the company’s stock.

Analyst Ratings Changes

Several research firms have weighed in on EDIT. Royal Bank of Canada restated a “sector perform” rating and set a $8.00 target price on shares of Editas Medicine in a report on Thursday, September 19th. Barclays cut their price objective on shares of Editas Medicine from $9.00 to $7.00 and set an “equal weight” rating on the stock in a report on Thursday, August 8th. Truist Financial decreased their price target on shares of Editas Medicine from $20.00 to $12.00 and set a “buy” rating for the company in a research report on Thursday, August 8th. Bank of America upgraded Editas Medicine from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $13.00 to $15.00 in a research note on Thursday, August 8th. Finally, Oppenheimer reiterated a “market perform” rating and set a $12.00 target price on shares of Editas Medicine in a research note on Tuesday, June 18th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $10.22.

Insiders Place Their Bets

In other news, EVP Linda Burkly sold 11,886 shares of the firm’s stock in a transaction 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 in the company, valued at approximately $396,397.12. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other 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 value of $64,422.12. Following the sale, the executive vice president now directly owns 73,136 shares of the company’s stock, valued at approximately $396,397.12. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Baisong Mei sold 6,619 shares of Editas Medicine stock in a transaction that occurred on Friday, July 19th. The stock was 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 directly owns 134,413 shares in the company, valued at approximately $700,291.73. This represents a 0.00 % decrease in their ownership of the stock. 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. Corporate insiders own 1.90% of the company’s stock.

Editas Medicine Trading Down 5.1 %

Shares of Editas Medicine stock opened at $2.96 on Friday. The company’s 50-day moving average price is $3.75 and its two-hundred day moving average price is $4.97. Editas Medicine, Inc. has a 52 week low of $2.91 and a 52 week high of $11.69. The stock has a market cap of $243.42 million, a PE ratio of -1.41 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 for the quarter, missing the consensus estimate of ($0.70) by ($0.12). The company had revenue of $0.51 million for the quarter, compared to the consensus estimate of $4.78 million. Editas Medicine had a negative return on equity of 62.61% and a negative net margin of 288.59%. The business’s revenue 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 analysts predict that Editas Medicine, Inc. will post -2.97 EPS for the current fiscal year.

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.