Editas Medicine (NASDAQ:EDIT) CEO Sells 5,124 Shares

Editas Medicine, Inc. (NASDAQ:EDIT) CEO Gilmore O’neill sold 5,124 shares of the business’s stock in a transaction dated Thursday, September 3rd. The shares were sold at an average price of $3.04, for a total transaction of $15,576.96. Following the completion of the sale, the chief executive officer directly owned 243,189 shares of the company’s stock, valued at approximately $739,294.56. This trade represents a 2.06% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Editas Medicine Price Performance

Shares of NASDAQ:EDIT traded up $0.15 during trading on Friday, reaching $3.23. 1,387,420 shares of the company were exchanged, compared to its average volume of 2,097,809. The business’s fifty day simple moving average is $3.02 and its 200-day simple moving average is $2.79. Editas Medicine, Inc. has a 12-month low of $1.66 and a 12-month high of $4.54. The firm has a market capitalization of $496.06 million, a PE ratio of -4.31 and a beta of 2.09.

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

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in EDIT. GSA Capital Partners LLP bought a new stake in Editas Medicine during the second quarter valued at about $1,190,000. Renaissance Technologies LLC raised its holdings in Editas Medicine by 30.7% in the first quarter. Renaissance Technologies LLC now owns 3,972,160 shares of the company’s stock worth $9,811,000 after purchasing an additional 932,382 shares in the last quarter. Seven Fleet Capital Management LP purchased a new stake in shares of Editas Medicine during the second quarter valued at about $4,310,820. BlackRock Inc. purchased a new stake in shares of Editas Medicine during the second quarter valued at about $34,312,000. Finally, ADAR1 Capital Management LLC bought a new stake in shares of Editas Medicine in the 2nd quarter valued at about $28,800,000. 71.90% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on EDIT shares. LADENBURG THALM/SH SH assumed coverage on Editas Medicine in a research note on Tuesday, August 18th. They set a “buy” rating and a $6.00 price target on the stock. Wall Street Zen raised shares of Editas Medicine from a “sell” rating to a “hold” rating in a research note on Saturday, August 8th. TD Cowen reissued a “buy” rating on shares of Editas Medicine in a research report 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. Five research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $5.80.

About Editas Medicine

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.