Short Interest in Editas Medicine, Inc. (NASDAQ:EDIT) Expands By 7.6%

Editas Medicine, Inc. (NASDAQ:EDIT) was the target of a significant increase in short interest during the month of January. As of January 15th, there was short interest totalling 18,210,000 shares, an increase 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 currently 7.0 days.

Analyst Ratings Changes

Several equities analysts recently commented on EDIT shares. Wells Fargo & Company cut shares of Editas Medicine from an “overweight” rating to an “equal weight” rating and cut their target price for the company from $7.00 to $4.00 in a research note on Wednesday, December 11th. Barclays reduced their target price on shares of Editas Medicine from $5.00 to $3.00 and set an “equal weight” rating for the company in a research note on Friday, December 13th. Chardan Capital restated a “neutral” rating on shares of Editas Medicine in a research note on Friday, December 13th. Truist Financial downgraded Editas Medicine from a “buy” rating to a “hold” rating in a research report on Friday, December 13th. Finally, JPMorgan Chase & Co. downgraded shares of Editas Medicine from a “neutral” rating to an “underweight” rating in a report on Monday, December 16th. Three equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $7.00.

Editas Medicine Price Performance

NASDAQ:EDIT opened at $1.31 on Tuesday. The stock has a market capitalization of $107.73 million, a PE ratio of -0.51 and a beta of 1.94. The business’s 50-day simple moving average is $1.54 and its 200-day simple moving average is $2.94. Editas Medicine has a fifty-two week low of $1.12 and a fifty-two week high of $11.58.

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

Institutional Investors Weigh In On Editas Medicine

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Signaturefd LLC grew its stake in shares of 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 acquiring an additional 7,758 shares in the last quarter. Ballentine Partners LLC acquired a new stake in shares of Editas Medicine in the third quarter valued at approximately $36,000. Arcadia Investment Management Corp MI bought a new position in shares of Editas Medicine in the third quarter valued at about $39,000. Y Intercept Hong Kong Ltd acquired a new stake in Editas Medicine during the 3rd quarter worth approximately $47,000. Finally, Erste Asset Management GmbH acquired a new position in Editas Medicine in the 3rd quarter valued at $52,000. Institutional investors and hedge funds own 71.90% of the company’s stock.

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.