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

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

Analyst Ratings Changes

EDIT has been the subject of several recent analyst reports. Bank of America upgraded shares of Editas Medicine from a “neutral” rating to a “buy” rating and increased their price objective for the company from $13.00 to $15.00 in a report on Thursday, August 8th. Raymond James cut shares of Editas Medicine from an “outperform” rating to a “market perform” rating in a report on Monday, November 4th. Stifel Nicolaus decreased their price objective on shares of Editas Medicine from $17.00 to $11.00 and set a “buy” rating for the company in a report on Tuesday, November 5th. Wells Fargo & Company decreased their price objective 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. Finally, Evercore ISI upgraded shares of Editas Medicine from an “in-line” rating to an “outperform” rating in a report on Wednesday, November 6th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $9.08.

Editas Medicine Stock Performance

Shares of NASDAQ:EDIT opened at $2.48 on Wednesday. The company has a market cap of $204.72 million, a PE ratio of -0.97 and a beta of 2.01. Editas Medicine has a 52 week low of $2.47 and a 52 week high of $11.69. The firm has a 50 day simple moving average of $3.31 and a 200 day simple moving average of $4.35.

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

Institutional Investors Weigh In On Editas Medicine

Several hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. lifted its position in shares of Editas Medicine by 1.1% in the 1st quarter. Vanguard Group Inc. now owns 8,555,597 shares of the company’s stock valued at $63,483,000 after acquiring an additional 93,740 shares in the last quarter. Millennium Management LLC lifted its position in Editas Medicine by 10.0% in the 2nd quarter. Millennium Management LLC now owns 2,459,629 shares of the company’s stock worth $11,486,000 after buying an additional 223,012 shares in the last quarter. Integral Health Asset Management LLC lifted its position in Editas Medicine by 50.0% in the 2nd quarter. Integral Health Asset Management LLC now owns 675,000 shares of the company’s stock worth $3,152,000 after buying an additional 225,000 shares in the last quarter. Stifel Financial Corp lifted its position in Editas Medicine by 37.9% in the 3rd quarter. Stifel Financial Corp now owns 624,876 shares of the company’s stock worth $2,131,000 after buying an additional 171,656 shares in the last quarter. Finally, Jacobs Levy Equity Management Inc. lifted its position in Editas Medicine by 133.2% in the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 529,834 shares of the company’s stock worth $1,807,000 after buying an additional 302,652 shares in the last quarter. Hedge funds and other institutional investors 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.