Editas Medicine, Inc. (NASDAQ:EDIT) Short Interest Down 21.7% in May

Editas Medicine, Inc. (NASDAQ:EDIT) saw a large drop in short interest in May. As of May 15th, there was short interest totalling 9,090,000 shares, a drop of 21.7% from the April 30th total of 11,610,000 shares. Based on an average trading volume of 2,340,000 shares, the short-interest ratio is presently 3.9 days. Currently, 11.2% of the company’s stock are sold short.

Analyst Ratings Changes

EDIT has been the topic of several research reports. Robert W. Baird decreased their target price on Editas Medicine from $8.00 to $4.00 and set an “outperform” rating on the stock in a research report on Tuesday, May 13th. HC Wainwright started coverage on Editas Medicine in a research note on Monday, April 28th. They issued a “buy” rating and a $3.00 price target on the stock. Cantor Fitzgerald upgraded shares of Editas Medicine from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, April 29th. Finally, Wall Street Zen upgraded shares of Editas Medicine from a “sell” rating to a “hold” rating in a research report on Wednesday, May 14th. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating, two have given a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $5.36.

Hedge Funds Weigh In On Editas Medicine

Institutional investors and hedge funds have recently modified their holdings of the company. Acadian Asset Management LLC lifted its holdings in shares of Editas Medicine by 288.5% in the 1st quarter. Acadian Asset Management LLC now owns 752,162 shares of the company’s stock valued at $869,000 after buying an additional 558,567 shares during the period. SCS Capital Management LLC purchased a new position in Editas Medicine in the 1st quarter worth approximately $41,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in Editas Medicine by 122.2% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 2,600,000 shares of the company’s stock valued at $3,016,000 after acquiring an additional 1,430,000 shares during the last quarter. State of Wyoming bought a new stake in Editas Medicine during the first quarter valued at $51,000. Finally, Ieq Capital LLC lifted its position in Editas Medicine by 551.0% in the 1st quarter. Ieq Capital LLC now owns 160,370 shares of the company’s stock valued at $186,000 after purchasing an additional 135,736 shares during the last quarter. Institutional investors and hedge funds own 71.90% of the company’s stock.

Editas Medicine Stock Up 4.0%

Shares of Editas Medicine stock traded up $0.07 on Monday, reaching $1.79. The stock had a trading volume of 247,720 shares, compared to its average volume of 2,562,177. The company has a 50 day moving average price of $1.40 and a 200 day moving average price of $1.54. Editas Medicine has a 1 year low of $0.91 and a 1 year high of $6.22. The stock has a market capitalization of $149.76 million, a P/E ratio of -0.69 and a beta of 2.15.

Editas Medicine (NASDAQ:EDIT) last posted its earnings results on Monday, May 12th. The company reported ($0.43) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.51) by $0.08. The business had revenue of $4.66 million for the quarter, compared to analyst estimates of $0.79 million. Editas Medicine had a negative net margin of 340.96% and a negative return on equity of 80.13%. During the same period in the prior year, the company posted ($76.00) EPS. On average, analysts forecast that Editas Medicine will post -2.71 earnings per share for the current fiscal year.

About Editas Medicine

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.