Editas Medicine (EDIT) Trading Down 2.3% After Insider Selling
Editas Medicine Inc (NASDAQ:EDIT) shares traded down 2.3% on Tuesday following insider selling activity. The stock traded as low as $27.68 and last traded at $28.40. 483,660 shares were traded during mid-day trading, a decline of 48% from the average session volume of 925,952 shares. The stock had previously closed at $27.76.
Specifically, CFO Andrew A. F. Hack sold 5,000 shares of Editas Medicine stock in a transaction dated Monday, November 20th. The stock was sold at an average price of $25.35, for a total transaction of $126,750.00. Following the completion of the sale, the chief financial officer now directly owns 5,000 shares of the company’s stock, valued at approximately $126,750. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Katrine Bosley sold 8,333 shares of Editas Medicine stock in a transaction dated Friday, December 1st. The stock was sold at an average price of $29.58, for a total value of $246,490.14. Following the sale, the insider now directly owns 1,387,897 shares of the company’s stock, valued at $41,053,993.26. The disclosure for this sale can be found here. Insiders have sold a total of 34,999 shares of company stock valued at $900,774 over the last ninety days. 19.40% of the stock is owned by company insiders.
EDIT has been the subject of a number of recent analyst reports. Zacks Investment Research raised Editas Medicine from a “hold” rating to a “buy” rating and set a $25.00 price target for the company in a report on Friday, November 10th. Cowen reaffirmed a “buy” rating on shares of Editas Medicine in a report on Tuesday, November 7th. Morgan Stanley reaffirmed an “equal weight” rating and set a $28.00 price target (up from $27.00) on shares of Editas Medicine in a report on Friday, October 6th. Cann reaffirmed a “hold” rating on shares of Editas Medicine in a report on Tuesday, November 7th. Finally, J P Morgan Chase & Co set a $27.00 price target on Editas Medicine and gave the stock a “hold” rating in a report on Wednesday, August 9th. One research analyst has rated the stock with a sell rating, six have issued a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Editas Medicine presently has an average rating of “Hold” and a consensus price target of $26.73.
The company has a current ratio of 10.12, a quick ratio of 10.12 and a debt-to-equity ratio of 0.19.
Editas Medicine (NASDAQ:EDIT) last posted its earnings results on Tuesday, November 7th. The company reported ($0.64) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.60) by ($0.04). Editas Medicine had a negative return on equity of 70.19% and a negative net margin of 1,127.03%. The firm had revenue of $6.28 million for the quarter, compared to analyst estimates of $2.66 million. During the same quarter last year, the firm posted ($0.59) EPS. The firm’s revenue for the quarter was up 553.0% on a year-over-year basis. research analysts predict that Editas Medicine Inc will post -2.92 EPS for the current fiscal year.
Several institutional investors and hedge funds have recently bought and sold shares of EDIT. Vanguard Group Inc. increased its position in shares of Editas Medicine by 47.0% during the first quarter. Vanguard Group Inc. now owns 1,935,173 shares of the company’s stock worth $43,193,000 after purchasing an additional 618,789 shares in the last quarter. State Street Corp increased its position in shares of Editas Medicine by 305.4% during the second quarter. State Street Corp now owns 537,640 shares of the company’s stock worth $9,022,000 after purchasing an additional 405,022 shares in the last quarter. American Century Companies Inc. acquired a new stake in shares of Editas Medicine during the third quarter worth about $7,497,000. Ark Investment Management LLC increased its position in shares of Editas Medicine by 121.9% during the second quarter. Ark Investment Management LLC now owns 510,187 shares of the company’s stock worth $8,561,000 after purchasing an additional 280,265 shares in the last quarter. Finally, Northern Trust Corp increased its position in shares of Editas Medicine by 245.9% during the second quarter. Northern Trust Corp now owns 373,149 shares of the company’s stock worth $6,261,000 after purchasing an additional 265,273 shares in the last quarter. Institutional investors and hedge funds own 70.11% of the company’s stock.
About Editas Medicine
Editas Medicine, Inc is a genome editing company. It is engaged in treating patients with genetically defined diseases by correcting their disease-causing genes. It operates through developing and commercializing genome editing technology segment. It is developing a genome editing platform based on clustered, regularly interspaced short palindromic repeats (CRISPR) technology.
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