ADAR1 Capital Management LLC Buys New Stake in Editas Medicine, Inc. $EDIT

Key Points

• ADAR1 Capital Management acquired 8.889 million Editas Medicine shares worth approximately $28.8 million, giving it a 5.79% stake and making EDIT its 13th-largest portfolio holding. Institutional investors collectively own 71.9% of the company.
• Editas Medicine reported quarterly revenue of $11.89 million and an adjusted loss of $0.15 per share, exceeding analyst estimates of $2.85 million in revenue and a $0.27-per-share loss.
• The stock recently traded at $3.28, up 9.3%, while analysts maintained a consensus “Moderate Buy” rating with an average price target of $5.50; the company continues developing CRISPR-based therapies for retinal diseases, sickle cell disease and beta thalassemia.

ADAR1 Capital Management LLC purchased a new position in shares of Editas Medicine, Inc. (NASDAQ:EDIT - Free Report) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm purchased 8,889,000 shares of the company's stock, valued at approximately $28,800,000. Editas Medicine makes up 1.3% of ADAR1 Capital Management LLC's portfolio, making the stock its 13th biggest holding. ADAR1 Capital Management LLC owned about 5.79% of Editas Medicine at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. BlackRock Inc. acquired a new stake in shares of Editas Medicine in the 2nd quarter valued at about $34,312,000. Renaissance Technologies LLC lifted its stake in Editas Medicine by 30.7% in the first quarter. Renaissance Technologies LLC now owns 3,972,160 shares of the company's stock valued at $9,811,000 after buying an additional 932,382 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in 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 during the last quarter. Geode Capital Management LLC lifted its stake in 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 last quarter. Finally, State Street Corp boosted its holdings 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 acquiring an additional 49,887 shares during the period. 71.90% of the stock is owned by hedge funds and other institutional investors.

Editas Medicine Trading Up 9.3%

Editas Medicine stock opened at $3.28 on Wednesday. The stock has a 50 day moving average of $2.97 and a two-hundred day moving average of $2.72. Editas Medicine, Inc. has a twelve month low of $1.66 and a twelve month high of $4.54. The stock has a market capitalization of $503.74 million, a price-to-earnings ratio of -4.37 and a beta of 2.14.

Editas Medicine (NASDAQ:EDIT - Get Free Report) last released its earnings results on Wednesday, August 5th. The company reported ($0.15) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.27) by $0.12. Editas Medicine had a negative return on equity of 196.63% and a negative net margin of 157.32%.The business had revenue of $11.89 million for the quarter, compared to analyst estimates of $2.85 million. Equities analysts predict that Editas Medicine, Inc. will post -0.85 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on EDIT shares. LADENBURG THALM/SH SH started coverage on shares of Editas Medicine in a research report on Tuesday, August 18th. They set a "buy" rating and a $6.00 target price on the stock. Wall Street Zen upgraded shares of Editas Medicine from a "sell" rating to a "hold" rating in a research note on Saturday, August 8th. Chardan Capital increased their price target on shares of Editas Medicine from $3.50 to $4.00 and gave the stock a "buy" rating in a research note on Tuesday, May 5th. TD Cowen reissued a "buy" rating on shares of Editas Medicine in a research report on Wednesday, May 27th. Finally, Weiss Ratings upgraded shares of Editas Medicine from a "sell (e+)" rating to a "sell (d-)" rating in a research note on Tuesday, August 11th. Five equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $5.50.

Insider Transactions at Editas Medicine

In other Editas Medicine news, CEO Gilmore Neil O'neill sold 15,380 shares of the company's stock in a transaction on Wednesday, June 3rd. The shares were sold at an average price of $2.70, for a total transaction of $41,526.00. Following the completion of the transaction, the chief executive officer owned 248,313 shares in the company, valued at approximately $670,445.10. This represents a 5.83% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders have sold 21,503 shares of company stock valued at $57,910. Insiders own 3.10% 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.

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