Editas Medicine (NASDAQ:EDIT) CEO Gilmore Neil O’neill Sells 5,124 Shares

Editas Medicine, Inc. (NASDAQ:EDIT) CEO Gilmore O’neill sold 5,124 shares of the firm’s stock in a transaction dated Thursday, September 3rd. The shares were sold at an average price of $3.04, for a total value of $15,576.96. Following the sale, the chief executive officer directly owned 243,189 shares in the company, valued at approximately $739,294.56. The trade was a 2.06% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Editas Medicine Price Performance

EDIT opened at $3.23 on Friday. The firm has a market capitalization of $496.06 million, a PE ratio of -4.31 and a beta of 2.09. The business’s 50-day moving average is $3.03 and its two-hundred day moving average is $2.79. Editas Medicine, Inc. has a 1 year low of $1.66 and a 1 year high of $4.54.

Editas Medicine (NASDAQ:EDIT) last released its quarterly earnings results on Wednesday, August 5th. The company reported ($0.15) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.27) by $0.12. The business had revenue of $11.89 million for the quarter, compared to analysts’ expectations of $2.85 million. Editas Medicine had a negative net margin of 157.32% and a negative return on equity of 196.63%. As a group, sell-side analysts expect that Editas Medicine, Inc. will post -0.8 EPS for the current year.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the company. TD Cowen restated a “buy” rating on shares of Editas Medicine in a research note on Wednesday, May 27th. LADENBURG THALM/SH SH initiated coverage on shares of Editas Medicine in a report on Tuesday, August 18th. They set a “buy” rating and a $6.00 price objective on the stock. Wall Street Zen upgraded shares of Editas Medicine from a “sell” rating to a “hold” rating in a research note on Saturday, August 8th. Finally, Weiss Ratings raised shares of Editas Medicine from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Tuesday, August 11th. Four investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, Editas Medicine has an average rating of “Moderate Buy” and an average target price of $6.00.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of EDIT. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in shares of Editas Medicine by 122.2% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 2,600,000 shares of the company’s stock worth $3,016,000 after purchasing an additional 1,430,000 shares during the last quarter. Acadian Asset Management LLC boosted its position in Editas Medicine by 288.5% in the first quarter. Acadian Asset Management LLC now owns 752,162 shares of the company’s stock valued at $869,000 after buying an additional 558,567 shares during the last quarter. Geode Capital Management LLC increased its holdings in Editas Medicine by 1.1% in the 2nd quarter. Geode Capital Management LLC now owns 1,964,298 shares of the company’s stock worth $4,323,000 after buying an additional 20,521 shares during the period. JPMorgan Chase & Co. increased its holdings in Editas Medicine by 15.2% in the 2nd quarter. JPMorgan Chase & Co. now owns 1,065,722 shares of the company’s stock worth $2,345,000 after buying an additional 140,916 shares during the period. Finally, Bridgeway Capital Management LLC raised its position in Editas Medicine by 500.0% during the 2nd quarter. Bridgeway Capital Management LLC now owns 120,000 shares of the company’s stock worth $264,000 after buying an additional 100,000 shares during the last quarter. 71.90% of the stock is owned by institutional investors and hedge funds.

About Editas Medicine

Editas Medicine is a clinical-stage biotechnology company focused on translating the power of gene editing into a new class of transformative genomic medicines. Founded in 2013 and headquartered in Cambridge, Massachusetts, the company leverages proprietary CRISPR/Cas9 and CRISPR/Cas12a (Cpf1) platforms to develop therapies aimed at correcting disease-causing genetic mutations. Editas Medicine’s research and development efforts span multiple therapeutic areas, including inherited retinal diseases, hemoglobinopathies, and oncology.

The company’s pipeline includes EDIT-101, a lead candidate designed to treat Leber congenital amaurosis type 10 (LCA10), which has entered early-stage clinical trials, and EDIT-301, targeting sickle cell disease and ?-thalassemia using an ex vivo editing approach.