Insider Selling: Editas Medicine (NASDAQ:EDIT) EVP Sells $13,157.76 in Stock

Editas Medicine, Inc. (NASDAQ:EDIT) EVP Linda Burkly sold 4,928 shares of the company’s stock in a transaction on Tuesday, July 28th. The shares were sold at an average price of $2.67, for a total transaction of $13,157.76. Following the completion of the transaction, the executive vice president owned 62,369 shares in the company, valued at approximately $166,525.23. This represents a 7.32% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 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.

Linda Burkly also recently made the following trade(s):

• On Wednesday, June 3rd, Linda Burkly sold 731 shares of Editas Medicine stock. The shares were sold at an average price of $2.70, for a total transaction of $1,973.70.

Editas Medicine Stock Performance

NASDAQ EDIT opened at $2.58 on Friday. The stock has a market cap of $252.61 million, a PE ratio of -2.10 and a beta of 2.10. The firm has a 50-day moving average of $2.95 and a 200-day moving average of $2.62. Editas Medicine, Inc. has a 52-week low of $1.66 and a 52-week high of $4.54.

Editas Medicine (NASDAQ:EDIT) last announced its quarterly earnings results on Tuesday, May 5th. The company reported ($0.26) EPS for the quarter, beating analysts’ consensus estimates of ($0.30) by $0.04. The business had revenue of $2.83 million for the quarter, compared to analyst estimates of $6.37 million. Editas Medicine had a negative net margin of 281.59% and a negative return on equity of 677.39%. As a group, analysts predict that Editas Medicine, Inc. will post -1.03 EPS for the current fiscal year.

Analysts Set New Price Targets

EDIT has been the topic of several research reports. Chardan Capital upped their target price on Editas Medicine from $3.50 to $4.00 and gave the company a “buy” rating in a research report on Tuesday, May 5th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Editas Medicine in a research note on Friday, July 17th. TD Cowen reissued a “buy” rating on shares of Editas Medicine in a report on Wednesday, May 27th. Finally, Wall Street Zen downgraded Editas Medicine from a “hold” rating to a “sell” rating in a research note on Sunday, May 10th. Five research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $5.40.

Institutional Trading of Editas Medicine

A number of institutional investors have recently bought and sold shares of the business. Renaissance Technologies LLC increased its holdings in shares of Editas Medicine by 30.7% during the first quarter. Renaissance Technologies LLC now owns 3,972,160 shares of the company’s stock worth $9,811,000 after purchasing an additional 932,382 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position 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 valued at $3,016,000 after buying an additional 1,430,000 shares in the last quarter. Geode Capital Management LLC boosted its stake in shares of Editas Medicine by 12.0% in the fourth quarter. Geode Capital Management LLC now owns 2,284,740 shares of the company’s stock valued at $4,685,000 after buying an additional 244,574 shares during the period. State Street Corp boosted its stake in shares of Editas Medicine by 2.6% in the fourth quarter. State Street Corp now owns 1,974,931 shares of the company’s stock valued at $4,049,000 after buying an additional 49,887 shares during the period. Finally, Two Sigma Investments LP boosted its stake in shares of Editas Medicine by 63.3% in the third quarter. Two Sigma Investments LP now owns 1,584,155 shares of the company’s stock valued at $5,497,000 after buying an additional 614,229 shares during the period. Institutional investors own 71.90% of the company’s stock.

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 β-thalassemia using an ex vivo editing approach.