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

Editas Medicine, Inc. (NASDAQ:EDIT) saw a large increase in short interest in the month of December. As of December 31st, there was short interest totalling 18,210,000 shares, an increase of 7.6% from the December 15th 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.

Institutional Trading of Editas Medicine

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Signaturefd LLC increased its stake in Editas Medicine by 494.8% in the third quarter. Signaturefd LLC now owns 9,326 shares of the company’s stock valued at $32,000 after acquiring an additional 7,758 shares during the last quarter. Ballentine Partners LLC bought a new position in shares of Editas Medicine in the 3rd quarter valued at $36,000. Thrive Wealth Management LLC acquired a new position in shares of Editas Medicine during the 4th quarter worth $36,000. Arcadia Investment Management Corp MI bought a new stake in shares of Editas Medicine during the 3rd quarter worth $39,000. Finally, Y Intercept Hong Kong Ltd bought a new stake in shares of Editas Medicine during the 3rd quarter worth $47,000. Institutional investors own 71.90% of the company’s stock.

Editas Medicine Price Performance

Editas Medicine stock traded down $0.02 during midday trading on Friday, hitting $1.22. The company’s stock had a trading volume of 1,239,615 shares, compared to its average volume of 2,998,766. The company has a 50-day moving average price of $1.81 and a two-hundred day moving average price of $3.22. Editas Medicine has a 1-year low of $1.12 and a 1-year high of $11.58.

Editas Medicine (NASDAQ:EDIT) last issued 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 business had revenue of $0.06 million during the quarter, compared to analysts’ expectations of $3.93 million. Editas Medicine had a negative return on equity of 80.13% and a negative net margin of 340.96%. The firm’s revenue for the quarter was down 98.9% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.55) earnings per share. Analysts forecast that Editas Medicine will post -2.64 EPS for the current year.

Analysts Set New Price Targets

A number of equities analysts recently commented on EDIT shares. Raymond James cut Editas Medicine from an “outperform” rating to a “market perform” rating in a report on Monday, November 4th. JPMorgan Chase & Co. downgraded Editas Medicine from a “neutral” rating to an “underweight” rating in a research note on Monday, December 16th. Barclays dropped their price target on Editas Medicine from $5.00 to $3.00 and set an “equal weight” rating on the stock in a research note on Friday, December 13th. Chardan Capital reaffirmed a “neutral” rating on shares of Editas Medicine in a research report on Friday, December 13th. Finally, Royal Bank of Canada dropped their price objective on shares of Editas Medicine from $5.00 to $4.00 and set a “sector perform” rating on the stock in a research report on Friday, December 13th. 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, Editas Medicine presently has an average rating of “Hold” and an average price target of $7.00.

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.