Short Interest in Editas Medicine, Inc. (NASDAQ:EDIT) Increases By 5.4%

Editas Medicine, Inc. (NASDAQ:EDIT - Get Free Report) was the target of a significant increase in short interest in December. As of December 15th, there was short interest totalling 16,930,000 shares, an increase of 5.4% from the November 30th total of 16,060,000 shares. Based on an average trading volume of 2,450,000 shares, the days-to-cover ratio is presently 6.9 days.

Editas Medicine Stock Performance

Shares of NASDAQ EDIT traded up $0.07 during mid-day trading on Wednesday, reaching $1.27. The company had a trading volume of 3,205,434 shares, compared to its average volume of 2,063,989. The stock has a fifty day moving average of $2.24 and a two-hundred day moving average of $3.53. Editas Medicine has a 12-month low of $1.16 and a 12-month high of $11.58. The company has a market capitalization of $104.84 million, a price-to-earnings ratio of -0.50 and a beta of 1.87.

Editas Medicine (NASDAQ:EDIT - Get Free Report) last issued its quarterly earnings data on Monday, November 4th. The company reported ($0.75) earnings per share for the quarter, meeting the consensus estimate of ($0.75). The firm had revenue of $0.06 million for 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%. The company's revenue for the quarter was down 98.9% on a year-over-year basis. During the same quarter last year, the firm earned ($0.55) earnings per share. Sell-side analysts forecast that Editas Medicine will post -2.59 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Editas Medicine

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

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the company. Truist Financial lowered Editas Medicine from a "buy" rating to a "hold" rating in a report on Friday, December 13th. Royal Bank of Canada lowered their price objective on Editas Medicine from $5.00 to $4.00 and set a "sector perform" rating for the company in a research note on Friday, December 13th. Wells Fargo & Company lowered Editas Medicine from an "overweight" rating to an "equal weight" rating and dropped their target price for the stock from $7.00 to $4.00 in a research report on Wednesday, December 11th. Chardan Capital reissued a "neutral" rating on shares of Editas Medicine in a report on Friday, December 13th. Finally, Stifel Nicolaus cut shares of Editas Medicine from a "buy" rating to a "hold" rating and dropped their price objective for the stock from $11.00 to $3.00 in a report 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 company. Based on data from MarketBeat, Editas Medicine has a consensus rating of "Hold" and an average price target 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.