Draper Asset Management LLC Purchases New Position in Editas Medicine, Inc. (NASDAQ:EDIT)

Draper Asset Management LLC purchased a new stake in shares of Editas Medicine, Inc. (NASDAQ:EDIT) in the 2nd quarter, HoldingsChannel.com reports. The firm purchased 3,692 shares of the company’s stock, valued at approximately $209,000.

A number of other hedge funds also recently made changes to their positions in EDIT. Dimensional Fund Advisors LP raised its position in Editas Medicine by 500.3% during the fourth quarter. Dimensional Fund Advisors LP now owns 110,518 shares of the company’s stock valued at $7,748,000 after acquiring an additional 92,108 shares in the last quarter. Janney Montgomery Scott LLC acquired a new stake in Editas Medicine in the first quarter valued at approximately $261,000. US Bancorp DE grew its holdings in Editas Medicine by 43.8% in the first quarter. US Bancorp DE now owns 13,133 shares of the company’s stock valued at $551,000 after purchasing an additional 4,000 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in Editas Medicine by 42.3% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 13,840 shares of the company’s stock valued at $581,000 after purchasing an additional 4,112 shares during the period. Finally, Commonwealth Equity Services LLC grew its holdings in Editas Medicine by 4.7% in the first quarter. Commonwealth Equity Services LLC now owns 19,790 shares of the company’s stock valued at $831,000 after purchasing an additional 891 shares during the period. Institutional investors own 75.81% of the company’s stock.

In other news, CFO Michelle Robertson sold 2,500 shares of the business’s stock in a transaction that occurred on Monday, June 28th. The shares were sold at an average price of $50.00, for a total value of $125,000.00. 0.44% of the stock is currently owned by insiders.

EDIT traded down $0.83 during mid-day trading on Wednesday, hitting $59.96. The stock had a trading volume of 43,397 shares, compared to its average volume of 2,008,152. The stock’s fifty day simple moving average is $54.81 and its 200-day simple moving average is $44.86. The firm has a market capitalization of $4.09 billion, a price-to-earnings ratio of -23.84 and a beta of 1.95. Editas Medicine, Inc. has a 1-year low of $27.01 and a 1-year high of $99.95.

Editas Medicine (NASDAQ:EDIT) last announced its quarterly earnings data on Wednesday, August 4th. The company reported ($0.81) EPS for the quarter, beating analysts’ consensus estimates of ($0.85) by $0.04. The company had revenue of $0.38 million during the quarter, compared to the consensus estimate of $6.78 million. Editas Medicine had a negative net margin of 205.41% and a negative return on equity of 31.96%. The company’s quarterly revenue was down 96.5% on a year-over-year basis. During the same quarter last year, the firm posted ($0.43) EPS. As a group, analysts forecast that Editas Medicine, Inc. will post -3.59 earnings per share for the current year.

Several analysts have commented on the company. Chardan Capital reissued a “buy” rating on shares of Editas Medicine in a report on Wednesday, July 7th. Truist Securities raised Editas Medicine from a “hold” rating to a “buy” rating and boosted their price objective for the stock from $45.00 to $80.00 in a research note on Monday, August 9th. Oppenheimer upgraded Editas Medicine from a “market perform” rating to an “outperform” rating and lifted their target price for the company from $42.00 to $80.00 in a research report on Thursday, September 9th. Truist upgraded Editas Medicine from a “hold” rating to a “buy” rating and lifted their target price for the company from $45.00 to $80.00 in a research report on Monday, August 9th. They noted that the move was a valuation call. Finally, Truist Financial upgraded Editas Medicine to a “buy” rating and set a $80.00 price objective on the stock in a report on Monday, August 9th. Four equities research analysts have rated the stock with a sell rating, three have given a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat.com, Editas Medicine presently has an average rating of “Hold” and a consensus price target of $56.53.

Editas Medicine Profile

Editas Medicine, Inc engages in the development and commercialization of genome editing technology. Its technology includes clustered, regularly interspaced short palindromic repeats (CRISPR), and CRISPR associated protein 9 (Cas9). The company was founded by Feng Zhang, Jennifer A. Doudna, George McDonald Church, J.

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Institutional Ownership by Quarter for Editas Medicine (NASDAQ:EDIT)

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