Victory Capital Management Inc. Cuts Position in Editas Medicine, Inc. (NASDAQ:EDIT)

Victory Capital Management Inc. lowered its position in Editas Medicine, Inc. (NASDAQ:EDIT) by 86.5% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 10,572 shares of the company’s stock after selling 67,899 shares during the quarter. Victory Capital Management Inc.’s holdings in Editas Medicine were worth $49,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in EDIT. Dimensional Fund Advisors LP raised its holdings in shares of Editas Medicine by 40.6% in the 4th quarter. Dimensional Fund Advisors LP now owns 2,392,396 shares of the company’s stock valued at $24,236,000 after purchasing an additional 690,366 shares in the last quarter. Campbell & CO Investment Adviser LLC purchased a new position in Editas Medicine in the fourth quarter valued at $520,000. Seven Eight Capital LP purchased a new stake in Editas Medicine during the 4th quarter worth about $1,482,000. Virtu Financial LLC acquired a new position in shares of Editas Medicine during the 4th quarter worth about $748,000. Finally, Los Angeles Capital Management LLC acquired a new position in shares of Editas Medicine during the 1st quarter worth about $1,097,000. Institutional investors and hedge funds own 71.90% of the company’s stock.

Insider Activity at Editas Medicine

In other Editas Medicine news, EVP Linda Burkly sold 11,886 shares of the company’s stock in a transaction on Thursday, July 25th. The shares were sold at an average price of $5.42, for a total transaction of $64,422.12. Following the completion of the transaction, the executive vice president now owns 73,136 shares in the company, valued at approximately $396,397.12. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other Editas Medicine news, EVP Baisong Mei sold 6,619 shares of Editas Medicine stock in a transaction that occurred on Friday, July 19th. The stock was sold at an average price of $5.21, for a total value of $34,484.99. Following the sale, the executive vice president now owns 134,413 shares of the company’s stock, valued at approximately $700,291.73. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Linda Burkly sold 11,886 shares of the stock in a transaction that occurred on Thursday, July 25th. The stock was sold at an average price of $5.42, for a total value of $64,422.12. Following the transaction, the executive vice president now directly owns 73,136 shares of the company’s stock, valued at $396,397.12. The disclosure for this sale can be found here. Insiders have sold a total of 20,578 shares of company stock worth $105,997 in the last three months. Insiders own 1.90% of the company’s stock.

Analyst Ratings Changes

Several research firms recently weighed in on EDIT. Barclays decreased their target price on Editas Medicine from $9.00 to $7.00 and set an “equal weight” rating for the company in a research note on Thursday, August 8th. Bank of America upgraded shares of Editas Medicine from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $13.00 to $15.00 in a research report on Thursday, August 8th. Oppenheimer reaffirmed a “market perform” rating and issued a $12.00 target price on shares of Editas Medicine in a research report on Tuesday, June 18th. Truist Financial decreased their price objective on shares of Editas Medicine from $20.00 to $12.00 and set a “buy” rating for the company in a research note on Thursday, August 8th. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and set a $8.00 price objective on shares of Editas Medicine in a report on Thursday, September 19th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and four have issued a buy rating to the company. According to MarketBeat, Editas Medicine presently has a consensus rating of “Hold” and a consensus target price of $10.90.

Editas Medicine Stock Performance

Shares of EDIT opened at $3.53 on Wednesday. Editas Medicine, Inc. has a fifty-two week low of $3.40 and a fifty-two week high of $11.69. The firm has a 50-day simple moving average of $4.26 and a 200-day simple moving average of $5.33. The company has a market capitalization of $290.30 million, a price-to-earnings ratio of -1.68 and a beta of 1.99.

Editas Medicine (NASDAQ:EDIT) last posted its quarterly earnings data on Wednesday, August 7th. The company reported ($0.82) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.70) by ($0.12). The company had revenue of $0.51 million for the quarter, compared to analyst estimates of $4.78 million. Editas Medicine had a negative return on equity of 62.61% and a negative net margin of 288.59%. The firm’s revenue was down 82.2% compared to the same quarter last year. During the same period in the previous year, the business posted ($0.56) earnings per share. Equities research analysts forecast that Editas Medicine, Inc. will post -2.97 EPS for the current year.

Editas Medicine Profile

Editas Medicine, Inc, a clinical stage genome editing company, focuses on developing transformative genomic medicines to treat a range of serious diseases. It develops a proprietary gene editing platform based on CRISPR technology. The company develops EDIT-101, which is in Phase 1/2 BRILLIANCE trial for Leber Congenital Amaurosis; and reni-cel, a clinical development gene-edited medicine to treat sickle cell disease and transfusion-dependent beta-thalassemia.