Renaissance Technologies LLC Has $460,000 Stake in Editas Medicine, Inc. (NASDAQ:EDIT)

Renaissance Technologies LLC lessened its holdings in Editas Medicine, Inc. (NASDAQ:EDIT - Free Report) by 89.0% during the 2nd quarter, according to its most recent 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 quarter. Renaissance Technologies LLC owned 0.12% of Editas Medicine worth $460,000 as of its most recent SEC filing.

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

Editas Medicine Trading Up 7.8 %

Shares of EDIT traded up $0.23 during trading hours on Friday, hitting $3.19. 2,265,422 shares of the stock traded hands, compared to its average volume of 1,914,850. The business has a fifty day moving average of $3.75 and a 200-day moving average of $4.97. The firm has a market capitalization of $263.11 million, a PE ratio of -1.35 and a beta of 1.99. Editas Medicine, Inc. has a 1-year low of $2.91 and a 1-year high of $11.69.

Editas Medicine (NASDAQ:EDIT - Get Free Report) last issued 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). Editas Medicine had a negative return on equity of 62.61% and a negative net margin of 288.59%. The business had revenue of $0.51 million for the quarter, compared to analyst estimates of $4.78 million. During the same quarter in the prior year, the firm earned ($0.56) EPS. The firm's quarterly revenue was down 82.2% compared to the same quarter last year. As a group, equities research analysts expect that Editas Medicine, Inc. will post -2.98 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

EDIT has been the topic of several recent analyst reports. Bank of America upgraded shares of Editas Medicine from a "neutral" rating to a "buy" rating and boosted their target price for the company from $13.00 to $15.00 in a research note on Thursday, August 8th. Oppenheimer reaffirmed a "market perform" rating and set a $12.00 price objective on shares of Editas Medicine in a research note on Tuesday, June 18th. Truist Financial cut their target price on shares of Editas Medicine from $20.00 to $12.00 and set a "buy" rating for the company in a research note on Thursday, August 8th. Barclays decreased their price target on Editas Medicine from $9.00 to $7.00 and set an "equal weight" rating on the stock in a research report on Thursday, August 8th. Finally, Royal Bank of Canada reiterated a "sector perform" rating and issued a $8.00 price objective on shares of Editas Medicine in a research report on Thursday, September 19th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and three have assigned a buy rating to the company's stock. According to MarketBeat, Editas Medicine has a consensus rating of "Hold" and an average target price of $10.22.

Insider Buying and Selling at Editas Medicine

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