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

Editas Medicine, Inc. (NASDAQ:EDIT) was the target of a large decrease in short interest during the month of October. As of October 31st, there was short interest totalling 17,240,000 shares, a decrease of 5.9% from the October 15th total of 18,330,000 shares. Based on an average daily trading volume, of 1,960,000 shares, the short-interest ratio is currently 8.8 days.

Analyst Upgrades and Downgrades

EDIT has been the topic of a number of research analyst reports. Truist Financial reduced their target price on Editas Medicine from $12.00 to $8.00 and set a “buy” rating on the stock in a report on Tuesday, November 5th. Royal Bank of Canada decreased their target price on Editas Medicine from $8.00 to $5.00 and set a “sector perform” rating for the company in a report on Tuesday, November 5th. Wells Fargo & Company cut their price target on shares of Editas Medicine from $9.00 to $7.00 and set an “overweight” rating on the stock in a report on Tuesday, November 5th. Stifel Nicolaus lowered their price target on Editas Medicine from $17.00 to $11.00 and set a “buy” rating for the company in a report on Tuesday, November 5th. Finally, Chardan Capital restated a “buy” rating and set a $12.00 price objective on shares of Editas Medicine in a research note on Tuesday, November 5th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and seven have given a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $9.08.

Institutional Trading of Editas Medicine

Several hedge funds have recently made changes to their positions in EDIT. Signaturefd LLC grew its stake in Editas Medicine by 494.8% during the 3rd quarter. Signaturefd LLC now owns 9,326 shares of the company’s stock worth $32,000 after buying an additional 7,758 shares during the last quarter. Ballentine Partners LLC acquired a new position in shares of Editas Medicine during the third quarter valued at $36,000. Arcadia Investment Management Corp MI bought a new stake in Editas Medicine in the 3rd quarter valued at about $39,000. Koss Olinger Consulting LLC acquired a new position in Editas Medicine during the 2nd quarter valued at about $47,000. Finally, Y Intercept Hong Kong Ltd bought a new position in Editas Medicine in the 3rd quarter worth about $47,000. Institutional investors own 71.90% of the company’s stock.

Editas Medicine Trading Down 5.3 %

NASDAQ EDIT opened at $2.52 on Tuesday. Editas Medicine has a 12 month low of $2.51 and a 12 month high of $11.69. The company’s fifty day moving average price is $3.33 and its two-hundred day moving average price is $4.38.

Editas Medicine (NASDAQ:EDIT) last released its quarterly earnings data on Monday, November 4th. The company reported ($0.75) earnings per share for the quarter, hitting the consensus estimate of ($0.75). Editas Medicine had a negative net margin of 340.96% and a negative return on equity of 80.13%. The firm had revenue of $0.06 million for the quarter, compared to analyst estimates of $3.93 million. During the same quarter in the prior year, the business earned ($0.55) earnings per share. Editas Medicine’s quarterly revenue was down 98.9% on a year-over-year basis. Analysts predict that Editas Medicine will post -2.73 EPS for the current 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.