Editas Medicine, Inc. (NASDAQ:EDIT) Short Interest Down 21.0% in February

Editas Medicine, Inc. (NASDAQ:EDIT) was the target of a significant decline in short interest in February. As of February 28th, there was short interest totalling 13,770,000 shares, a decline of 21.0% from the February 13th total of 17,440,000 shares. Approximately 17.0% of the shares of the stock are sold short. Based on an average daily trading volume, of 4,140,000 shares, the days-to-cover ratio is presently 3.3 days.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the company. Bank of America lowered Editas Medicine from a “buy” rating to an “underperform” rating and dropped their price target for the company from $13.00 to $1.00 in a research report on Monday, November 25th. Barclays cut their price objective on Editas Medicine from $5.00 to $3.00 and set an “equal weight” rating on the stock in a research report on Friday, December 13th. Chardan Capital reiterated a “neutral” rating on shares of Editas Medicine in a report on Friday, December 13th. Robert W. Baird cut their target price on Editas Medicine from $10.00 to $8.00 and set an “outperform” rating on the stock in a research report on Friday, December 13th. Finally, Stifel Nicolaus downgraded shares of Editas Medicine from a “buy” rating to a “hold” rating and decreased their price objective for the company from $11.00 to $3.00 in a research note on Friday, December 13th. Three investment analysts have rated the stock with a sell rating, nine have given a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $6.83.

Institutional Trading of Editas Medicine

Large investors have recently added to or reduced their stakes in the business. Y Intercept Hong Kong Ltd purchased a new stake in shares of Editas Medicine during the third quarter worth $47,000. Erste Asset Management GmbH bought a new position in shares of Editas Medicine in the third quarter valued at approximately $52,000. Drive Wealth Management LLC acquired a new stake in shares of Editas Medicine in the third quarter valued at about $65,000. Paloma Partners Management Co bought a new stake in shares of Editas Medicine in the third quarter valued at approximately $66,000. Finally, Verition Fund Management LLC acquired a new position in Editas Medicine during the 3rd quarter valued at $78,000. 71.90% of the stock is currently owned by institutional investors.

Editas Medicine Price Performance

EDIT traded up $0.09 during trading hours on Wednesday, hitting $1.41. 852,650 shares of the stock were exchanged, compared to its average volume of 4,185,886. Editas Medicine has a 12 month low of $1.12 and a 12 month high of $8.44. The stock has a 50-day simple moving average of $1.50 and a 200-day simple moving average of $2.29. The stock has a market cap of $116.58 million, a price-to-earnings ratio of -0.55 and a beta of 1.88.

Editas Medicine (NASDAQ:EDIT) last released its quarterly earnings results on Wednesday, March 5th. The company reported ($0.55) EPS for the quarter, missing the consensus estimate of ($0.39) by ($0.16). Editas Medicine had a negative return on equity of 80.13% and a negative net margin of 340.96%. The firm had revenue of $30.60 million for the quarter, compared to the consensus estimate of $37.17 million. During the same quarter in the prior year, the company posted ($0.23) EPS. Sell-side analysts expect that Editas Medicine will post -2.71 EPS for the current year.

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.