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

Editas Medicine, Inc. (NASDAQ:EDIT) 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:EDIT) 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.

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

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.