Editas Medicine (EDIT) Shares Gap Down Following Insider Selling
Editas Medicine Inc (NASDAQ:EDIT) gapped down before the market opened on Wednesday after an insider sold shares in the company. The stock had previously closed at $28.91, but opened at $27.29. Editas Medicine shares last traded at $25.17, with a volume of 3711253 shares trading hands.
Specifically, CFO Andrew A. F. Hack sold 5,000 shares of Editas Medicine stock in a transaction on Monday, November 20th. The stock was sold at an average price of $25.35, for a total transaction of $126,750.00. Following the completion of the transaction, the chief financial officer now owns 5,000 shares of the company’s stock, valued at approximately $126,750. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Katrine Bosley sold 8,333 shares of Editas Medicine stock in a transaction on Monday, October 2nd. The stock was sold at an average price of $24.78, for a total value of $206,491.74. The disclosure for this sale can be found here. Insiders have sold a total of 34,999 shares of company stock worth $900,774 over the last 90 days. Insiders own 19.40% of the company’s stock.
Several research analysts have recently issued reports on the company. Cann reaffirmed a “hold” rating on shares of Editas Medicine in a research note on Thursday, August 10th. Barclays assumed coverage on Editas Medicine in a research note on Wednesday, September 6th. They set an “overweight” rating and a $28.00 price target for the company. Cowen reaffirmed a “buy” rating on shares of Editas Medicine in a research note on Tuesday, November 7th. ValuEngine downgraded Editas Medicine from a “hold” rating to a “sell” rating in a research note on Friday, December 1st. Finally, Zacks Investment Research raised Editas Medicine from a “sell” rating to a “hold” rating in a research note on Monday, October 16th. One analyst has rated the stock with a sell rating, six have given a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company. Editas Medicine currently has an average rating of “Hold” and an average target price of $26.73.
Editas Medicine (NASDAQ:EDIT) last announced its earnings results on Tuesday, November 7th. The company reported ($0.64) earnings per share for the quarter, missing the consensus estimate of ($0.60) by ($0.04). Editas Medicine had a negative net margin of 1,127.03% and a negative return on equity of 70.19%. The firm had revenue of $6.28 million during the quarter, compared to analyst estimates of $2.66 million. During the same period in the previous year, the firm posted ($0.59) EPS. The company’s revenue for the quarter was up 553.0% compared to the same quarter last year. equities analysts forecast that Editas Medicine Inc will post -2.92 earnings per share for the current year.
A number of hedge funds have recently made changes to their positions in EDIT. Vanguard Group Inc. raised its stake in Editas Medicine by 47.0% in the 1st quarter. Vanguard Group Inc. now owns 1,935,173 shares of the company’s stock valued at $43,193,000 after purchasing an additional 618,789 shares during the last quarter. State Street Corp increased its stake in shares of Editas Medicine by 305.4% during the 2nd quarter. State Street Corp now owns 537,640 shares of the company’s stock valued at $9,022,000 after acquiring an additional 405,022 shares during the last quarter. American Century Companies Inc. acquired a new position in shares of Editas Medicine during the 3rd quarter valued at about $7,497,000. Ark Investment Management LLC increased its stake in shares of Editas Medicine by 121.9% during the 2nd quarter. Ark Investment Management LLC now owns 510,187 shares of the company’s stock valued at $8,561,000 after acquiring an additional 280,265 shares during the last quarter. Finally, Northern Trust Corp increased its stake in shares of Editas Medicine by 245.9% during the 2nd quarter. Northern Trust Corp now owns 373,149 shares of the company’s stock valued at $6,261,000 after acquiring an additional 265,273 shares during the last quarter. 70.11% of the stock is owned by hedge funds and other institutional investors.
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Editas Medicine Company Profile
Editas Medicine, Inc is a genome editing company. It is engaged in treating patients with genetically defined diseases by correcting their disease-causing genes. It operates through developing and commercializing genome editing technology segment. It is developing a genome editing platform based on clustered, regularly interspaced short palindromic repeats (CRISPR) technology.
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