Tang Capital Management LLC Makes New $508,000 Investment in Editas Medicine, Inc. (NASDAQ:EDIT)

Tang Capital Management LLC acquired a new position in shares of Editas Medicine, Inc. (NASDAQ:EDIT - Free Report) in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 400,000 shares of the company's stock, valued at approximately $508,000. Tang Capital Management LLC owned approximately 0.48% of Editas Medicine at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of EDIT. Renaissance Technologies LLC acquired a new position in Editas Medicine in the 4th quarter worth about $1,843,000. Balyasny Asset Management L.P. grew its stake in shares of Editas Medicine by 647.3% in the 4th quarter. Balyasny Asset Management L.P. now owns 1,300,604 shares of the company's stock valued at $1,652,000 after buying an additional 1,126,569 shares in the last quarter. Monaco Asset Management SAM acquired a new position in Editas Medicine in the fourth quarter worth approximately $1,359,000. Susquehanna Fundamental Investments LLC bought a new position in Editas Medicine during the fourth quarter valued at approximately $346,000. Finally, Raymond James Financial Inc. acquired a new stake in Editas Medicine in the fourth quarter valued at approximately $303,000. Institutional investors and hedge funds own 71.90% of the company's stock.

Editas Medicine Trading Up 8.0%

EDIT traded up $0.12 during midday trading on Thursday, reaching $1.62. The company's stock had a trading volume of 1,386,741 shares, compared to its average volume of 2,572,612. The company has a fifty day simple moving average of $1.36 and a 200 day simple moving average of $1.62. The stock has a market cap of $135.62 million, a P/E ratio of -0.63 and a beta of 2.15. Editas Medicine, Inc. has a twelve month low of $0.91 and a twelve month high of $6.22.

Editas Medicine (NASDAQ:EDIT - Get Free Report) last announced its quarterly earnings data on Monday, May 12th. The company reported ($0.43) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.51) by $0.08. Editas Medicine had a negative net margin of 340.96% and a negative return on equity of 80.13%. The business had revenue of $4.66 million for the quarter, compared to the consensus estimate of $0.79 million. During the same quarter last year, the company posted ($76.00) earnings per share. Sell-side analysts expect that Editas Medicine, Inc. will post -2.71 earnings per share for the current year.

Analysts Set New Price Targets

Several brokerages have recently commented on EDIT. Wall Street Zen upgraded shares of Editas Medicine from a "sell" rating to a "hold" rating in a research note on Wednesday, May 14th. Robert W. Baird lowered their target price on shares of Editas Medicine from $8.00 to $4.00 and set an "outperform" rating on the stock in a research report on Tuesday, May 13th. HC Wainwright assumed coverage on Editas Medicine in a research report on Monday, April 28th. They issued a "buy" rating and a $3.00 price target for the company. Finally, Cantor Fitzgerald upgraded Editas Medicine from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, April 29th. Two analysts have rated the stock with a sell rating, nine have given a hold rating, two have issued a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $5.36.

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.