Editas Medicine, Inc. (NASDAQ:EDIT) Short Interest Update

Editas Medicine, Inc. (NASDAQ:EDIT - Get Free Report) was the recipient of a significant drop in short interest during the month of October. As of October 31st, there was short interest totalling 17,240,000 shares, a drop of 5.9% from the October 15th total of 18,330,000 shares. Based on an average daily trading volume, of 1,960,000 shares, the days-to-cover ratio is presently 8.8 days.

Wall Street Analyst Weigh In

EDIT has been the topic of a number of analyst reports. Royal Bank of Canada decreased their price objective on shares of Editas Medicine from $8.00 to $5.00 and set a "sector perform" rating on the stock in a research report on Tuesday, November 5th. Stifel Nicolaus dropped their price target on Editas Medicine from $17.00 to $11.00 and set a "buy" rating for the company in a research note on Tuesday, November 5th. Evercore ISI raised shares of Editas Medicine from an "in-line" rating to an "outperform" rating in a research report on Wednesday, November 6th. Chardan Capital reiterated a "buy" rating and set a $12.00 target price on shares of Editas Medicine in a research note on Tuesday, November 5th. Finally, Raymond James cut Editas Medicine from an "outperform" rating to a "market perform" rating in a research note on Monday, November 4th. One research analyst has rated the stock with a sell rating, six have given a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $9.08.

Editas Medicine Stock Performance

Shares of Editas Medicine stock traded down $0.14 during trading on Monday, reaching $2.52. The company had a trading volume of 2,105,285 shares, compared to its average volume of 1,932,974. The firm's fifty day moving average is $3.33 and its 200-day moving average is $4.38. The company has a market cap of $208.02 million, a price-to-earnings ratio of -1.09 and a beta of 2.01. Editas Medicine has a fifty-two week low of $2.51 and a fifty-two week high of $11.69.

Editas Medicine (NASDAQ:EDIT - Get Free Report) last released its earnings results on Monday, November 4th. The company reported ($0.75) earnings per share for the quarter, meeting the consensus estimate of ($0.75). Editas Medicine had a negative return on equity of 80.13% and a negative net margin of 340.96%. The company had revenue of $0.06 million for the quarter, compared to analysts' expectations of $3.93 million. During the same quarter in the previous year, the business posted ($0.55) EPS. The business's revenue for the quarter was down 98.9% on a year-over-year basis. On average, research analysts anticipate that Editas Medicine will post -2.73 EPS for the current fiscal year.

Hedge Funds Weigh In On Editas Medicine

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Millennium Management LLC boosted its position in shares of Editas Medicine by 10.0% during the second quarter. Millennium Management LLC now owns 2,459,629 shares of the company's stock worth $11,486,000 after buying an additional 223,012 shares during the period. Integral Health Asset Management LLC lifted its holdings in Editas Medicine by 50.0% in the second quarter. Integral Health Asset Management LLC now owns 675,000 shares of the company's stock valued at $3,152,000 after buying an additional 225,000 shares during the period. Vanguard Group Inc. grew its holdings in Editas Medicine by 1.1% during the first quarter. Vanguard Group Inc. now owns 8,555,597 shares of the company's stock worth $63,483,000 after buying an additional 93,740 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its position in shares of Editas Medicine by 16.9% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 49,704 shares of the company's stock valued at $369,000 after buying an additional 7,174 shares during the last quarter. Finally, Kennedy Capital Management LLC purchased a new stake in shares of Editas Medicine in the first quarter worth $988,000. Institutional investors own 71.90% of the company's stock.

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.