Editas Medicine, Inc. (NASDAQ:EDIT) Sees Significant Growth in Short Interest

Editas Medicine, Inc. (NASDAQ:EDIT) was the target of a large growth in short interest in the month of January. As of January 15th, there was short interest totalling 18,210,000 shares, a growth of 7.6% from the December 31st total of 16,930,000 shares. Based on an average trading volume of 2,620,000 shares, the short-interest ratio is presently 7.0 days.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the stock. Robert W. Baird reduced their target price on shares of Editas Medicine from $10.00 to $8.00 and set an “outperform” rating for the company in a research note on Friday, December 13th. Barclays cut their price target on Editas Medicine from $5.00 to $3.00 and set an “equal weight” rating for the company in a report on Friday, December 13th. Chardan Capital reissued a “neutral” rating on shares of Editas Medicine in a report on Friday, December 13th. Truist Financial lowered Editas Medicine from a “buy” rating to a “hold” rating in a report on Friday, December 13th. Finally, Bank of America lowered shares of Editas Medicine from a “buy” rating to an “underperform” rating and cut their price objective for the company from $13.00 to $1.00 in a research report on Monday, November 25th. Three research analysts have rated the stock with a sell rating, nine have given a hold rating and three have given a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $7.00.

Editas Medicine Trading Down 3.1 %

EDIT opened at $1.27 on Tuesday. Editas Medicine has a 12-month low of $1.12 and a 12-month high of $11.58. The stock has a 50-day moving average price of $1.54 and a 200-day moving average price of $2.94.

Editas Medicine (NASDAQ:EDIT) last issued its quarterly earnings results on Monday, November 4th. The company reported ($0.75) EPS for the quarter, meeting analysts’ consensus estimates of ($0.75). The business had revenue of $0.06 million for the quarter, compared to analysts’ expectations of $3.93 million. Editas Medicine had a negative net margin of 340.96% and a negative return on equity of 80.13%. The business’s quarterly revenue was down 98.9% on a year-over-year basis. During the same period last year, the business earned ($0.55) earnings per share. On average, research analysts anticipate that Editas Medicine will post -2.71 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Editas Medicine

A number of large investors have recently added to or reduced their stakes in the business. The Manufacturers Life Insurance Company grew its stake in shares of Editas Medicine by 10.1% during the second quarter. The Manufacturers Life Insurance Company now owns 33,599 shares of the company’s stock valued at $157,000 after buying an additional 3,089 shares during the last quarter. Allspring Global Investments Holdings LLC lifted its position in Editas Medicine by 20.0% in the third quarter. Allspring Global Investments Holdings LLC now owns 24,485 shares of the company’s stock valued at $83,000 after purchasing an additional 4,089 shares during the last quarter. China Universal Asset Management Co. Ltd. boosted its stake in shares of Editas Medicine by 64.2% during the third quarter. China Universal Asset Management Co. Ltd. now owns 15,863 shares of the company’s stock valued at $54,000 after purchasing an additional 6,202 shares during the period. Signaturefd LLC grew its holdings in shares of Editas Medicine by 494.8% in the third quarter. Signaturefd LLC now owns 9,326 shares of the company’s stock worth $32,000 after purchasing an additional 7,758 shares during the last quarter. Finally, Ballentine Partners LLC purchased a new position in shares of Editas Medicine in the third quarter worth $36,000. 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.