Verition Fund Management LLC Takes Position in Editas Medicine, Inc. (NASDAQ:EDIT)

Verition Fund Management LLC bought a new position in Editas Medicine, Inc. (NASDAQ:EDIT) in the third quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 22,990 shares of the company’s stock, valued at approximately $78,000.

A number of other hedge funds also recently bought and sold shares of EDIT. Townsquare Capital LLC boosted its position in Editas Medicine by 169.8% during the third quarter. Townsquare Capital LLC now owns 29,923 shares of the company’s stock valued at $102,000 after buying an additional 18,831 shares during the period. BNP Paribas Financial Markets boosted its holdings in Editas Medicine by 37.3% during the 3rd quarter. BNP Paribas Financial Markets now owns 54,787 shares of the company’s stock valued at $187,000 after acquiring an additional 14,888 shares during the period. FMR LLC boosted its holdings in Editas Medicine by 110.7% during the 3rd quarter. FMR LLC now owns 203,087 shares of the company’s stock valued at $693,000 after acquiring an additional 106,684 shares during the period. Dynamic Technology Lab Private Ltd bought a new position in Editas Medicine during the 3rd quarter worth approximately $240,000. Finally, Intech Investment Management LLC purchased a new position in Editas Medicine in the 3rd quarter worth approximately $98,000. Institutional investors own 71.90% of the company’s stock.

Editas Medicine Stock Up 2.7 %

Shares of EDIT stock opened at $1.52 on Wednesday. The business’s fifty day moving average is $2.72 and its 200 day moving average is $3.87. The stock has a market cap of $125.47 million, a price-to-earnings ratio of -0.59 and a beta of 1.86. Editas Medicine, Inc. has a twelve month low of $1.39 and a twelve month high of $11.58.

Editas Medicine (NASDAQ:EDIT) last issued its quarterly earnings results on Monday, November 4th. The company reported ($0.75) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.75). The company had revenue of $0.06 million during the quarter, compared to analyst estimates of $3.93 million. Editas Medicine had a negative net margin of 340.96% and a negative return on equity of 80.13%. Editas Medicine’s quarterly revenue was down 98.9% compared to the same quarter last year. During the same period last year, the business earned ($0.55) EPS. Equities research analysts expect that Editas Medicine, Inc. will post -2.59 earnings per share for the current fiscal year.

Analyst Ratings Changes

EDIT has been the topic of several recent analyst reports. Stifel Nicolaus cut shares of Editas Medicine from a “buy” rating to a “hold” rating and cut their target price for the stock from $11.00 to $3.00 in a report on Friday, December 13th. Truist Financial lowered shares of Editas Medicine from a “buy” rating to a “hold” rating in a report on Friday, December 13th. Wells Fargo & Company downgraded shares of Editas Medicine from an “overweight” rating to an “equal weight” rating and lowered their price objective for the company from $7.00 to $4.00 in a research note on Wednesday, December 11th. Royal Bank of Canada cut their target price 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. Finally, JPMorgan Chase & Co. lowered Editas Medicine from a “neutral” rating to an “underweight” rating in a research report on Monday. Three equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, Editas Medicine has a consensus rating of “Hold” and a consensus 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.