Editas Medicine, Inc. (NASDAQ:EDIT) shares dropped 8% during trading on Wednesday after an insider sold shares in the company. The stock traded as low as $23.01 and last traded at $23.50. Approximately 2,263,586 shares traded hands during trading, an increase of 63% from the average daily volume of 1,390,760 shares. The stock had previously closed at $25.54.

Specifically, insider Katrine Bosley sold 8,333 shares of the firm’s stock in a transaction that occurred on Monday, October 2nd. The stock was sold at an average price of $24.78, for a total value of $206,491.74. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders sold a total of 51,665 shares of company stock worth $1,083,165 in the last ninety days. Insiders own 19.40% of the company’s stock.

EDIT has been the topic of a number of research analyst reports. Cann initiated coverage on Editas Medicine in a report on Monday, July 17th. They issued a “market perform” rating on the stock. Barclays PLC initiated coverage on Editas Medicine in a report on Wednesday, September 6th. They issued an “overweight” rating and a $28.00 target price on the stock. Zacks Investment Research raised Editas Medicine from a “hold” rating to a “buy” rating and set a $19.00 target price on the stock in a report on Wednesday, July 12th. Oppenheimer Holdings, Inc. reiterated a “market perform” rating on shares of Editas Medicine in a report on Tuesday, July 18th. Finally, SunTrust Banks, Inc. initiated coverage on Editas Medicine in a report on Thursday, July 13th. They issued a “hold” rating and a $17.00 target price on the stock. Six analysts have rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the company. Editas Medicine presently has an average rating of “Buy” and a consensus target price of $25.52.

The stock’s market capitalization is $1.02 billion. The company has a 50 day moving average price of $22.22 and a 200 day moving average price of $22.22.

Editas Medicine (NASDAQ:EDIT) last announced its quarterly earnings results on Wednesday, August 9th. The company reported ($0.65) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.64) by ($0.01). The business had revenue of $3.10 million for the quarter, compared to analyst estimates of $2.20 million. Editas Medicine had a negative return on equity of 67.75% and a negative net margin of 2,091.36%. Editas Medicine’s quarterly revenue was down 8.8% compared to the same quarter last year. During the same period last year, the firm earned ($0.54) EPS. Analysts expect that Editas Medicine, Inc. will post ($2.88) earnings per share for the current fiscal year.

Several institutional investors have recently bought and sold shares of the company. Dynamic Technology Lab Private Ltd grew its position in shares of Editas Medicine by 103.9% in the second quarter. Dynamic Technology Lab Private Ltd now owns 24,593 shares of the company’s stock valued at $413,000 after purchasing an additional 12,534 shares during the last quarter. California State Teachers Retirement System grew its position in shares of Editas Medicine by 289.0% in the second quarter. California State Teachers Retirement System now owns 59,900 shares of the company’s stock valued at $1,005,000 after purchasing an additional 44,500 shares during the last quarter. IHT Wealth Management LLC acquired a new position in shares of Editas Medicine in the second quarter valued at approximately $107,000. The Manufacturers Life Insurance Company grew its position in shares of Editas Medicine by 311.5% in the second quarter. The Manufacturers Life Insurance Company now owns 26,837 shares of the company’s stock valued at $450,000 after purchasing an additional 20,316 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership acquired a new position in shares of Editas Medicine in the second quarter valued at approximately $285,000. 69.37% of the stock is currently owned by institutional investors.

COPYRIGHT VIOLATION WARNING: “Editas Medicine, Inc. (EDIT) Shares Down 8% After Insider Selling” was originally posted by Watch List News and is the sole property of of Watch List News. If you are accessing this article on another site, it was copied illegally and reposted in violation of U.S. & international copyright laws. The correct version of this article can be accessed at https://www.watchlistnews.com/editas-medicine-inc-edit-shares-down-8-after-insider-selling/1611330.html.

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.

Receive News & Ratings for Editas Medicine Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Editas Medicine Inc. and related companies with Analyst Ratings Network's FREE daily email newsletter.