Short Interest in Editas Medicine, Inc. (NASDAQ:EDIT) Drops By 11.7%

Editas Medicine, Inc. (NASDAQ:EDIT - Get Free Report) saw a significant decrease in short interest during the month of September. As of September 30th, there was short interest totalling 16,740,000 shares, a decrease of 11.7% from the September 15th total of 18,960,000 shares. Based on an average daily trading volume, of 1,800,000 shares, the days-to-cover ratio is presently 9.3 days.

Insider Buying and Selling at Editas Medicine

In other Editas Medicine news, EVP Linda Burkly sold 11,886 shares of Editas Medicine stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $5.42, for a total transaction of $64,422.12. Following the completion of the sale, the executive vice president now directly owns 73,136 shares in the company, valued at $396,397.12. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Editas Medicine news, EVP Baisong Mei sold 6,619 shares of the company's stock in a transaction on Friday, July 19th. The stock was sold at an average price of $5.21, for a total transaction of $34,484.99. Following the transaction, the executive vice president now directly owns 134,413 shares in the company, valued at $700,291.73. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, 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 completion of the sale, the executive vice president now directly owns 73,136 shares of the company's stock, valued at $396,397.12. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 20,578 shares of company stock valued at $105,997 over the last 90 days. 1.90% of the stock is owned by insiders.

Institutional Investors Weigh In On Editas Medicine

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. increased its position in Editas Medicine by 1.1% in the 1st quarter. Vanguard Group Inc. now owns 8,555,597 shares of the company's stock valued at $63,483,000 after acquiring an additional 93,740 shares during the period. Millennium Management LLC lifted its holdings 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 purchasing an additional 223,012 shares during the period. Integral Health Asset Management LLC grew its position in Editas Medicine by 50.0% in the 2nd 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 last quarter. Raymond James & Associates increased its stake in Editas Medicine by 49.7% in the 2nd quarter. Raymond James & Associates now owns 526,815 shares of the company's stock valued at $2,460,000 after buying an additional 174,993 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. raised its position in Editas Medicine by 59.0% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 314,774 shares of the company's stock worth $2,246,000 after buying an additional 116,803 shares during the last quarter. 71.90% of the stock is owned by hedge funds and other institutional investors.

Editas Medicine Price Performance

Shares of EDIT traded up $0.12 during mid-day trading on Tuesday, reaching $3.36. The company's stock had a trading volume of 1,194,537 shares, compared to its average volume of 1,909,362. Editas Medicine has a 12-month low of $2.91 and a 12-month high of $11.69. The company's 50 day moving average is $3.68 and its 200 day moving average is $4.88. The stock has a market cap of $276.32 million, a PE ratio of -1.60 and a beta of 1.99.

Editas Medicine (NASDAQ:EDIT - Get Free Report) last released its quarterly earnings results on Wednesday, August 7th. The company reported ($0.82) EPS for the quarter, missing the consensus estimate of ($0.70) by ($0.12). The firm had revenue of $0.51 million for the quarter, compared to analyst estimates of $4.78 million. Editas Medicine had a negative return on equity of 62.61% and a negative net margin of 288.59%. The company's quarterly revenue was down 82.2% on a year-over-year basis. During the same period last year, the firm earned ($0.56) EPS. As a group, sell-side analysts anticipate that Editas Medicine will post -2.98 EPS for the current fiscal year.

Wall Street Analyst Weigh In

EDIT has been the subject of several research reports. Barclays dropped their target price on Editas Medicine from $9.00 to $7.00 and set an "equal weight" rating for the company in a research report on Thursday, August 8th. Oppenheimer reaffirmed a "market perform" rating and set a $12.00 target price on shares of Editas Medicine in a research note on Tuesday, June 18th. 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. Royal Bank of Canada reaffirmed a "sector perform" rating and set a $8.00 price objective on shares of Editas Medicine in a research report on Thursday, September 19th. Finally, Bank of America upgraded Editas Medicine from a "neutral" rating to a "buy" rating and lifted their target price for the company from $13.00 to $15.00 in a report on Thursday, August 8th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, Editas Medicine has an average rating of "Hold" and a consensus price target 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.