Short Interest in Editas Medicine, Inc. (NASDAQ:EDIT) Declines By 7.7%

Editas Medicine, Inc. (NASDAQ:EDITGet Free Report) was the target of a significant drop in short interest in November. As of November 15th, there was short interest totalling 15,910,000 shares, a drop of 7.7% from the October 31st total of 17,240,000 shares. Based on an average daily trading volume, of 2,140,000 shares, the days-to-cover ratio is currently 7.4 days.

Editas Medicine Stock Performance

Shares of NASDAQ EDIT traded down $0.05 during mid-day trading on Monday, reaching $2.19. The company had a trading volume of 2,366,572 shares, compared to its average volume of 1,963,044. The stock has a market capitalization of $180.78 million, a PE ratio of -0.88 and a beta of 2.01. Editas Medicine has a twelve month low of $2.13 and a twelve month high of $11.69. The stock’s 50 day moving average is $3.04 and its 200-day moving average is $4.15.

Editas Medicine (NASDAQ:EDITGet Free Report) last posted its quarterly earnings results on Monday, November 4th. The company reported ($0.75) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.75). Editas Medicine had a negative return on equity of 80.13% and a negative net margin of 340.96%. The company had revenue of $0.06 million during the quarter, compared to the consensus estimate of $3.93 million. During the same period last year, the business earned ($0.55) EPS. The business’s quarterly revenue was down 98.9% on a year-over-year basis. On average, sell-side analysts anticipate that Editas Medicine will post -2.63 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the stock. Wells Fargo & Company cut their price target on shares of Editas Medicine from $9.00 to $7.00 and set an “overweight” rating for the company in a report on Tuesday, November 5th. Barclays decreased their price target on shares of Editas Medicine from $7.00 to $5.00 and set an “equal weight” rating on the stock in a research report on Tuesday, November 5th. Truist Financial cut their price objective on Editas Medicine from $12.00 to $8.00 and set a “buy” rating for the company in a research report on Tuesday, November 5th. Stifel Nicolaus decreased their target price on Editas Medicine from $17.00 to $11.00 and set a “buy” rating on the stock in a report on Tuesday, November 5th. Finally, Bank of America downgraded Editas Medicine from a “buy” rating to an “underperform” rating and reduced their target price for the company from $13.00 to $1.00 in a report on Monday, November 25th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and six have assigned a buy rating to the company. According to MarketBeat, Editas Medicine has an average rating of “Hold” and an average target price of $7.92.

Check Out Our Latest Stock Analysis on EDIT

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. Signaturefd LLC raised its holdings in Editas Medicine by 494.8% in the 3rd quarter. Signaturefd LLC now owns 9,326 shares of the company’s stock worth $32,000 after acquiring an additional 7,758 shares during the period. Ballentine Partners LLC acquired a new position in shares of Editas Medicine in the 3rd quarter valued at $36,000. Arcadia Investment Management Corp MI bought a new position in Editas Medicine during the third quarter worth about $39,000. Koss Olinger Consulting LLC acquired a new stake in Editas Medicine during the second quarter valued at approximately $47,000. Finally, Y Intercept Hong Kong Ltd bought a new position in shares of Editas Medicine during the 3rd quarter worth approximately $47,000. Institutional investors and hedge funds own 71.90% of the company’s stock.

Editas Medicine Company Profile

(Get Free Report)

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.

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