Geode Capital Management LLC Lowers Stake in Editas Medicine, Inc. (NASDAQ:EDIT)

Geode Capital Management LLC cut its stake in Editas Medicine, Inc. (NASDAQ:EDIT) by 4.0% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,887,696 shares of the company’s stock after selling 78,126 shares during the quarter. Geode Capital Management LLC owned about 2.29% of Editas Medicine worth $6,439,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. Signaturefd LLC raised its stake in shares of Editas Medicine by 494.8% during the 3rd quarter. Signaturefd LLC now owns 9,326 shares of the company’s stock worth $32,000 after acquiring an additional 7,758 shares in the last quarter. Ballentine Partners LLC purchased a new position in Editas Medicine in the third quarter worth $36,000. Arcadia Investment Management Corp MI acquired a new position in shares of Editas Medicine during the third quarter worth $39,000. Koss Olinger Consulting LLC purchased a new stake in shares of Editas Medicine during the 2nd quarter valued at $47,000. Finally, Y Intercept Hong Kong Ltd acquired a new stake in shares of Editas Medicine in the 3rd quarter worth $47,000. 71.90% of the stock is owned by institutional investors.

Editas Medicine Stock Performance

Shares of NASDAQ EDIT opened at $1.34 on Friday. The stock’s 50-day simple moving average is $2.17 and its 200-day simple moving average is $3.49. The firm has a market capitalization of $110.61 million, a PE ratio of -0.52 and a beta of 1.87. Editas Medicine, Inc. has a fifty-two week low of $1.16 and a fifty-two week high of $11.58.

Editas Medicine (NASDAQ:EDIT) last issued its quarterly earnings data on Monday, November 4th. The company reported ($0.75) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.75). The company had revenue of $0.06 million during the quarter, compared to analysts’ expectations of $3.93 million. Editas Medicine had a negative return on equity of 80.13% and a negative net margin of 340.96%. The firm’s revenue for the quarter was down 98.9% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.55) earnings per share. On average, sell-side analysts forecast that Editas Medicine, Inc. will post -2.59 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on EDIT shares. Robert W. Baird cut their price objective on shares of Editas Medicine from $10.00 to $8.00 and set an “outperform” rating on the stock in a report on Friday, December 13th. Bank of America cut shares of Editas Medicine from a “buy” rating to an “underperform” rating and decreased their price target for the stock from $13.00 to $1.00 in a report on Monday, November 25th. Barclays dropped their price objective on shares of Editas Medicine from $5.00 to $3.00 and set an “equal weight” rating on the stock in a report on Friday, December 13th. Stifel Nicolaus lowered Editas Medicine from a “buy” rating to a “hold” rating and reduced their target price for the stock from $11.00 to $3.00 in a research note on Friday, December 13th. Finally, Royal Bank of Canada dropped their price target on Editas Medicine from $5.00 to $4.00 and set a “sector perform” rating on the stock in a research note on Friday, December 13th. Three analysts have rated the stock with a sell rating, nine have given a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, Editas Medicine currently has a consensus rating of “Hold” and an average target price of $7.00.

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.