Editas Medicine, Inc. (NASDAQ:EDIT) Sees Large Decline in Short Interest

Editas Medicine, Inc. (NASDAQ:EDIT) was the target of a large decrease in short interest during the month of February. As of February 28th, there was short interest totalling 13,770,000 shares, a decrease of 21.0% from the February 13th total of 17,440,000 shares. Based on an average daily trading volume, of 4,140,000 shares, the short-interest ratio is currently 3.3 days. Approximately 17.0% of the company’s shares are sold short.

Institutional Investors Weigh In On Editas Medicine

Hedge funds have recently bought and sold shares of the business. Ieq Capital LLC purchased a new position in shares of Editas Medicine during the 4th quarter valued at approximately $31,000. Thrive Wealth Management LLC bought a new position in Editas Medicine during the 4th quarter valued at $36,000. Dark Forest Capital Management LP grew its holdings in Editas Medicine by 66.9% during the 4th quarter. Dark Forest Capital Management LP now owns 32,787 shares of the company’s stock worth $42,000 after acquiring an additional 13,138 shares in the last quarter. Freestone Grove Partners LP acquired a new position in Editas Medicine during the 4th quarter worth $46,000. Finally, Y Intercept Hong Kong Ltd bought a new stake in shares of Editas Medicine in the 3rd quarter worth about $47,000. Institutional investors and hedge funds own 71.90% of the company’s stock.

Editas Medicine Price Performance

EDIT traded down $0.10 during trading hours on Tuesday, reaching $1.32. 1,553,242 shares of the stock traded hands, compared to its average volume of 2,535,986. Editas Medicine has a fifty-two week low of $1.12 and a fifty-two week high of $8.44. The company has a market cap of $109.11 million, a price-to-earnings ratio of -0.51 and a beta of 1.88. The firm’s fifty day simple moving average is $1.50 and its two-hundred day simple moving average is $2.29.

Editas Medicine (NASDAQ:EDIT) last announced its earnings results on Wednesday, March 5th. The company reported ($0.55) earnings per share for the quarter, missing the consensus estimate of ($0.39) by ($0.16). Editas Medicine had a negative net margin of 340.96% and a negative return on equity of 80.13%. The business had revenue of $30.60 million for the quarter, compared to analyst estimates of $37.17 million. During the same quarter in the prior year, the business earned ($0.23) earnings per share. On average, research analysts predict that Editas Medicine will post -2.71 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on EDIT. Royal Bank of Canada reduced their target price on Editas Medicine from $5.00 to $4.00 and set a “sector perform” rating on the stock in a report on Friday, December 13th. Chardan Capital reaffirmed a “neutral” rating on shares of Editas Medicine in a research note on Friday, December 13th. Evercore ISI decreased their target price on Editas Medicine from $7.00 to $5.00 and set an “outperform” rating for the company in a report on Monday, December 16th. Wells Fargo & Company lowered shares of Editas Medicine from an “overweight” rating to an “equal weight” rating and cut their price target for the company from $7.00 to $4.00 in a report on Wednesday, December 11th. Finally, Robert W. Baird reduced their price target on shares of Editas Medicine from $10.00 to $8.00 and set an “outperform” rating on the stock in a research report on Friday, December 13th. Three investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $6.83.

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.