1,330,500 Shares in Editas Medicine, Inc. $EDIT Bought by Seven Fleet Capital Management LP

Seven Fleet Capital Management LP purchased a new stake in Editas Medicine, Inc. (NASDAQ:EDIT) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 1,330,500 shares of the company’s stock, valued at approximately $4,311,000. Editas Medicine comprises 0.7% of Seven Fleet Capital Management LP’s portfolio, making the stock its 28th biggest position.

A number of other hedge funds have also modified their holdings of the company. Captrust Financial Advisors acquired a new position in Editas Medicine during the second quarter valued at approximately $26,000. Legal & General Group Plc bought a new position in shares of Editas Medicine during the second quarter worth $31,000. StoneX Group Inc. bought a new position in shares of Editas Medicine during the fourth quarter worth $33,000. Victory Capital Management Inc. acquired a new position in shares of Editas Medicine in the 3rd quarter valued at $36,000. Finally, Abel Hall LLC acquired a new position in shares of Editas Medicine in the 1st quarter valued at $36,000. 71.90% of the stock is currently owned by institutional investors and hedge funds.

Editas Medicine Stock Performance

Shares of Editas Medicine stock opened at $3.23 on Friday. The firm has a market cap of $496.06 million, a PE ratio of -4.31 and a beta of 2.09. The business’s 50 day simple moving average is $3.03 and its 200 day simple moving average is $2.79. Editas Medicine, Inc. has a 52-week low of $1.66 and a 52-week high of $4.54.

Editas Medicine (NASDAQ:EDIT) last issued its quarterly earnings results on Wednesday, August 5th. The company reported ($0.15) earnings per share for the quarter, topping the consensus estimate of ($0.27) by $0.12. Editas Medicine had a negative net margin of 157.32% and a negative return on equity of 196.63%. The company had revenue of $11.89 million during the quarter, compared to analysts’ expectations of $2.85 million. As a group, equities research analysts predict that Editas Medicine, Inc. will post -0.8 EPS for the current year.

Analyst Upgrades and Downgrades

Several research firms have weighed in on EDIT. LADENBURG THALM/SH SH initiated coverage on Editas Medicine in a report on Tuesday, August 18th. They set a “buy” rating and a $6.00 target price on the stock. Wall Street Zen upgraded Editas Medicine from a “sell” rating to a “hold” rating in a research report on Saturday, August 8th. TD Cowen reaffirmed a “buy” rating on shares of Editas Medicine in a research note on Wednesday, May 27th. Finally, Weiss Ratings upgraded shares of Editas Medicine from a “sell (e+)” rating to a “sell (d-)” rating in a report on Tuesday, August 11th. Four research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, Editas Medicine has a consensus rating of “Moderate Buy” and an average price target of $6.00.

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.