Editas Medicine, Inc. (NASDAQ:EDIT) Short Interest Update

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

Analyst Upgrades and Downgrades

Several research analysts have issued reports on EDIT shares. Raymond James downgraded shares of Editas Medicine from an “outperform” rating to a “market perform” rating in a research report on Monday, November 4th. Evercore ISI lowered their price objective on shares of Editas Medicine from $7.00 to $5.00 and set an “outperform” rating on the stock in a research report on Monday, December 16th. Truist Financial downgraded shares of Editas Medicine from a “buy” rating to a “hold” rating in a research report on Friday, December 13th. Wells Fargo & Company downgraded shares of Editas Medicine from an “overweight” rating to an “equal weight” rating and lowered their price objective for the stock from $7.00 to $4.00 in a research report on Wednesday, December 11th. Finally, Bank of America downgraded shares of Editas Medicine from a “buy” rating to an “underperform” rating and lowered their target price for the company from $13.00 to $1.00 in a report on Monday, November 25th. Three investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $7.00.

Institutional Investors Weigh In On Editas Medicine

Hedge funds have recently made changes to their positions in the business. Signaturefd LLC boosted its holdings in shares of Editas Medicine by 494.8% during 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. Ballentine Partners LLC acquired a new position in Editas Medicine in the third quarter valued at $36,000. Thrive Wealth Management LLC acquired a new position in Editas Medicine in the fourth quarter valued at $36,000. Arcadia Investment Management Corp MI acquired a new position in Editas Medicine in the third quarter valued at $39,000. Finally, Y Intercept Hong Kong Ltd acquired a new position in Editas Medicine in the third quarter valued at $47,000. Institutional investors and hedge funds own 71.90% of the company’s stock.

Editas Medicine Price Performance

NASDAQ:EDIT traded down $0.02 during trading hours on Monday, reaching $1.22. 1,239,615 shares of the company traded hands, compared to its average volume of 2,998,766. The firm’s 50-day moving average is $1.81 and its 200-day moving average is $3.21. The stock has a market cap of $100.71 million, a P/E ratio of -0.48 and a beta of 1.95. Editas Medicine has a 1-year low of $1.12 and a 1-year high of $11.58.

Editas Medicine (NASDAQ:EDIT) last announced its earnings results on Monday, November 4th. The company reported ($0.75) EPS for the quarter, meeting 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 firm had revenue of $0.06 million for the quarter, compared to analysts’ expectations of $3.93 million. During the same quarter in the prior year, the firm earned ($0.55) EPS. Editas Medicine’s quarterly revenue was down 98.9% on a year-over-year basis. As a group, research analysts predict that Editas Medicine will post -2.64 earnings per share for the current year.

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.