Editas Medicine (NASDAQ:EDIT) CEO Gilmore Neil O’neill Sells 15,380 Shares

Editas Medicine, Inc. (NASDAQ:EDIT) CEO Gilmore Neil O’neill sold 15,380 shares of Editas Medicine stock in a transaction that occurred on Wednesday, June 3rd. The shares were sold at an average price of $2.70, for a total transaction of $41,526.00. Following the completion of the sale, the chief executive officer owned 248,313 shares of the company’s stock, valued at approximately $670,445.10. The trade was a 5.83% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Editas Medicine Trading Down 9.4%

NASDAQ EDIT opened at $2.71 on Friday. Editas Medicine, Inc. has a 1-year low of $1.66 and a 1-year high of $4.54. The company has a 50 day moving average of $2.94 and a 200-day moving average of $2.45. The company has a market cap of $265.34 million, a price-to-earnings ratio of -2.20 and a beta of 2.16.

Editas Medicine (NASDAQ:EDIT) last released its quarterly earnings results on Tuesday, May 5th. The company reported ($0.26) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.30) by $0.04. Editas Medicine had a negative net margin of 281.59% and a negative return on equity of 677.39%. The company had revenue of $2.83 million during the quarter, compared to the consensus estimate of $6.37 million. On average, equities research analysts forecast that Editas Medicine, Inc. will post -1.03 earnings per share for the current year.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on EDIT shares. Robert W. Baird set a $6.00 price target on shares of Editas Medicine in a research report on Monday, March 9th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Editas Medicine in a research report on Monday, April 20th. JonesTrading upgraded shares of Editas Medicine from a “hold” rating to a “buy” rating and set a $8.00 price target for the company in a research report on Tuesday, March 10th. TD Cowen reissued a “buy” rating on shares of Editas Medicine in a research note on Wednesday, May 27th. Finally, Wall Street Zen cut shares of Editas Medicine from a “hold” rating to a “sell” rating in a research note on Sunday, May 10th. Five research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, Editas Medicine currently has a consensus rating of “Moderate Buy” and an average target price of $5.40.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in EDIT. Captrust Financial Advisors bought a new position in Editas Medicine in the second quarter valued at approximately $26,000. StoneX Group Inc. acquired a new position in shares of Editas Medicine during the fourth quarter worth $33,000. Abel Hall LLC acquired a new position in shares of Editas Medicine during the first quarter worth $36,000. Victory Capital Management Inc. acquired a new position in shares of Editas Medicine during the third quarter worth $36,000. Finally, State of Wyoming acquired a new position in shares of Editas Medicine during the first quarter worth $43,000. 71.90% of the stock is owned by institutional investors.

Editas Medicine Company Profile

Editas Medicine is a clinical-stage biotechnology company focused on translating the power of gene editing into a new class of transformative genomic medicines. Founded in 2013 and headquartered in Cambridge, Massachusetts, the company leverages proprietary CRISPR/Cas9 and CRISPR/Cas12a (Cpf1) platforms to develop therapies aimed at correcting disease-causing genetic mutations. Editas Medicine’s research and development efforts span multiple therapeutic areas, including inherited retinal diseases, hemoglobinopathies, and oncology.

The company’s pipeline includes EDIT-101, a lead candidate designed to treat Leber congenital amaurosis type 10 (LCA10), which has entered early-stage clinical trials, and EDIT-301, targeting sickle cell disease and β-thalassemia using an ex vivo editing approach.