Editas Medicine, Inc. (EDIT) Shares Up 8.9%

Shares of Editas Medicine, Inc. (NASDAQ:EDIT) shot up 8.9% during mid-day trading on Thursday . The stock traded as high as $28.45 and last traded at $28.25. 1,502,315 shares were traded during trading, an increase of 64% from the average session volume of 916,477 shares. The stock had previously closed at $25.95.

Several research firms have issued reports on EDIT. Zacks Investment Research lowered shares of Editas Medicine from a “buy” rating to a “hold” rating in a research report on Monday, November 13th. Cann reaffirmed a “hold” rating on shares of Editas Medicine in a research report on Tuesday, November 7th. Cowen and Company reaffirmed a “buy” rating on shares of Editas Medicine in a research report on Tuesday, November 7th. ValuEngine lowered shares of Editas Medicine from a “hold” rating to a “sell” rating in a research report on Wednesday, October 25th. Finally, 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 research report on Friday, October 6th. One investment analyst has rated the stock with a sell rating, six have given a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Editas Medicine currently has a consensus rating of “Hold” and a consensus price target of $26.73.

The company has a quick ratio of 10.12, a current ratio of 10.12 and a debt-to-equity ratio of 0.19.

Editas Medicine (NASDAQ:EDIT) last issued its quarterly earnings data on Tuesday, November 7th. The company reported ($0.64) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.60) by ($0.04). The company had revenue of $6.28 million during the quarter, compared to the consensus estimate of $2.66 million. Editas Medicine had a negative net margin of 1,127.03% and a negative return on equity of 70.19%. Editas Medicine’s revenue for the quarter was up 553.0% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.59) earnings per share. analysts expect that Editas Medicine, Inc. will post -2.92 earnings per share for the current year.

In other news, CEO Katrine Bosley sold 10,000 shares of the stock in a transaction dated Friday, September 1st. The shares were sold at an average price of $20.42, for a total value of $204,200.00. Following the transaction, the chief executive officer now directly owns 1,414,629 shares of the company’s stock, valued at $28,886,724.18. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Andrew A. F. Hack sold 5,000 shares of the stock in a transaction dated Friday, November 17th. The shares were sold at an average price of $24.81, for a total transaction of $124,050.00. Following the completion of the transaction, the chief financial officer now directly owns 5,000 shares in the company, valued at $124,050. The disclosure for this sale can be found here. Insiders sold 53,332 shares of company stock worth $1,197,304 over the last three months. Insiders own 19.40% of the company’s stock.

Large investors have recently added to or reduced their stakes in the stock. IHT Wealth Management LLC bought a new position in Editas Medicine during the second quarter worth about $107,000. Great West Life Assurance Co. Can increased its position in Editas Medicine by 519.9% during the third quarter. Great West Life Assurance Co. Can now owns 4,959 shares of the company’s stock worth $114,000 after acquiring an additional 4,159 shares during the period. DekaBank Deutsche Girozentrale bought a new position in Editas Medicine during the second quarter worth about $127,000. Bank of America Corp DE increased its position in Editas Medicine by 72.2% during the first quarter. Bank of America Corp DE now owns 5,936 shares of the company’s stock worth $133,000 after acquiring an additional 2,489 shares during the period. Finally, Legal & General Group Plc increased its position in Editas Medicine by 308.4% during the second quarter. Legal & General Group Plc now owns 8,654 shares of the company’s stock worth $145,000 after acquiring an additional 6,535 shares during the period. 69.35% of the stock is currently owned by institutional investors and hedge funds.

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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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