Editas Medicine, Inc. (NASDAQ:EDIT) Short Interest Update

Editas Medicine, Inc. (NASDAQ:EDIT) saw a significant growth in short interest during the month of May. As of May 29th, there was short interest totaling 15,066,130 shares, a growth of 57.6% from the May 14th total of 9,561,026 shares. Based on an average trading volume of 4,478,910 shares, the days-to-cover ratio is currently 3.4 days. Approximately 15.9% of the company’s stock are sold short.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on EDIT. Wall Street Zen downgraded shares of Editas Medicine from a “hold” rating to a “sell” rating in a research note on Sunday, May 10th. Robert W. Baird set a $6.00 price target on shares of Editas Medicine in a research note on Monday, March 9th. Chardan Capital boosted their price objective on shares of Editas Medicine from $3.50 to $4.00 and gave the stock a “buy” rating in a research report on Tuesday, May 5th. TD Cowen restated a “buy” rating on shares of Editas Medicine in a research report on Wednesday, May 27th. Finally, Weiss Ratings restated a “sell (e+)” rating on shares of Editas Medicine in a research report on Monday, April 20th. Five equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $5.40.

Insider Transactions at Editas Medicine

In related news, 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 value of $41,526.00. Following the completion of the transaction, the chief executive officer owned 248,313 shares in the company, valued at $670,445.10. The trade was a 5.83% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 16,575 shares of company stock valued at $44,753 in the last ninety days. 3.10% of the stock is owned by insiders.

Institutional Trading of Editas Medicine

Institutional investors and hedge funds have recently bought and sold shares of the business. Captrust Financial Advisors purchased a new stake in Editas Medicine in the 2nd quarter valued at $26,000. StoneX Group Inc. purchased a new stake in Editas Medicine in the 4th quarter valued at $33,000. Abel Hall LLC purchased a new stake in Editas Medicine in the 1st quarter valued at $36,000. Victory Capital Management Inc. purchased a new stake in Editas Medicine in the 3rd quarter valued at $36,000. Finally, State of Wyoming purchased a new stake in Editas Medicine in the 1st quarter valued at $43,000. Hedge funds and other institutional investors own 71.90% of the company’s stock.

Editas Medicine Price Performance

Shares of NASDAQ:EDIT traded down $0.09 during trading on Tuesday, hitting $2.38. 1,599,654 shares of the company were exchanged, compared to its average volume of 1,951,952. The stock has a market capitalization of $232.54 million, a P/E ratio of -1.94 and a beta of 2.16. Editas Medicine has a 12-month low of $1.66 and a 12-month high of $4.54. The firm’s 50 day moving average price is $2.95 and its 200-day moving average price is $2.45.

Editas Medicine (NASDAQ:EDIT) last issued its quarterly earnings data on Tuesday, May 5th. The company reported ($0.26) earnings per share for the quarter, topping the consensus estimate of ($0.30) by $0.04. The business had revenue of $2.83 million during the quarter, compared to the consensus estimate of $6.37 million. Editas Medicine had a negative net margin of 281.59% and a negative return on equity of 677.39%. As a group, equities research analysts anticipate that Editas Medicine will post -1.03 EPS for the current year.

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.