Editas Medicine, Inc. (EDIT) Shares Down 10.8% After Insider Selling
Shares of Editas Medicine, Inc. (NASDAQ:EDIT) were down 10.8% during trading on Tuesday following insider selling activity. The stock traded as low as $20.37 and last traded at $20.65, with a volume of 1,944,448 shares changing hands. The stock had previously closed at $23.16.
Specifically, Director Boris Nikolic acquired 35,000 shares of Editas Medicine stock in a transaction on Friday, June 2nd. The shares were purchased at an average cost of $14.07 per share, with a total value of $492,450.00. Following the completion of the purchase, the director now owns 35,000 shares in the company, valued at $492,450. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Katrine Bosley sold 16,666 shares of the firm’s stock in a transaction that occurred on Friday, August 11th. The shares were sold at an average price of $20.02, for a total transaction of $333,653.32. Following the completion of the transaction, the insider now directly owns 1,431,095 shares in the company, valued at $28,650,521.90. The disclosure for this sale can be found here.
A number of equities analysts have issued reports on EDIT shares. Cann started coverage on shares of Editas Medicine in a research note on Monday, July 17th. They issued a “market perform” rating on the stock. Zacks Investment Research raised shares of Editas Medicine from a “hold” rating to a “buy” rating and set a $19.00 price objective on the stock in a research note on Wednesday, July 12th. Oppenheimer Holdings, Inc. reiterated a “market perform” rating on shares of Editas Medicine in a research note on Tuesday, July 18th. SunTrust Banks, Inc. started coverage on shares of Editas Medicine in a research note on Thursday, July 13th. They issued a “hold” rating and a $17.00 price objective on the stock. Finally, J P Morgan Chase & Co set a $27.00 price objective on shares of Editas Medicine and gave the company a “hold” rating in a research note on Wednesday, August 9th. Five analysts have rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the stock. The stock presently has an average rating of “Buy” and an average target price of $25.03.
The firm has a 50 day moving average of $17.34 and a 200-day moving average of $19.07. The stock’s market cap is $845.12 million.
Editas Medicine (NASDAQ:EDIT) last posted its quarterly earnings data on Wednesday, August 9th. The company reported ($0.65) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.64) by $0.01. Editas Medicine had a negative net margin of 2,091.36% and a negative return on equity of 69.21%. The firm had revenue of $3.10 million during the quarter, compared to the consensus estimate of $2.20 million. During the same period in the prior year, the company posted ($0.54) earnings per share. The company’s revenue for the quarter was down 8.8% compared to the same quarter last year. Equities research analysts anticipate that Editas Medicine, Inc. will post ($2.84) EPS for the current year.
Large investors have recently bought and sold shares of the stock. California State Teachers Retirement System raised its stake in Editas Medicine by 289.0% in the second quarter. California State Teachers Retirement System now owns 59,900 shares of the company’s stock worth $1,005,000 after buying an additional 44,500 shares in the last quarter. IHT Wealth Management LLC purchased a new stake in Editas Medicine during the second quarter worth approximately $107,000. The Manufacturers Life Insurance Company raised its stake in Editas Medicine by 311.5% in the second quarter. The Manufacturers Life Insurance Company now owns 26,837 shares of the company’s stock worth $450,000 after buying an additional 20,316 shares in the last quarter. Arrowstreet Capital Limited Partnership purchased a new stake in Editas Medicine during the second quarter worth approximately $285,000. Finally, York Capital Management Global Advisors LLC raised its stake in Editas Medicine by 2.9% in the second quarter. York Capital Management Global Advisors LLC now owns 154,407 shares of the company’s stock worth $2,591,000 after buying an additional 4,407 shares in the last quarter. 67.94% of the stock is currently owned by institutional investors.
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Editas Medicine Company Profile
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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