Bank of America Corp DE Reduces Holdings in Editas Medicine, Inc. (NASDAQ:EDIT)

Bank of America Corp DE reduced its position in shares of Editas Medicine, Inc. (NASDAQ:EDIT - Free Report) by 50.9% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 433,172 shares of the company's stock after selling 449,067 shares during the quarter. Bank of America Corp DE owned 0.52% of Editas Medicine worth $550,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in EDIT. BNP Paribas Financial Markets raised its holdings in Editas Medicine by 162.9% in the 4th quarter. BNP Paribas Financial Markets now owns 144,060 shares of the company's stock worth $183,000 after purchasing an additional 89,273 shares during the period. Ameriprise Financial Inc. lifted its position in shares of Editas Medicine by 282.7% during the 4th quarter. Ameriprise Financial Inc. now owns 227,609 shares of the company's stock valued at $289,000 after buying an additional 168,134 shares in the last quarter. Freestone Grove Partners LP purchased a new position in shares of Editas Medicine during the 4th quarter valued at about $46,000. Susquehanna Fundamental Investments LLC purchased a new stake in Editas Medicine in the 4th quarter worth approximately $346,000. Finally, Dark Forest Capital Management LP raised its stake in Editas Medicine by 66.9% during the 4th quarter. Dark Forest Capital Management LP now owns 32,787 shares of the company's stock worth $42,000 after acquiring an additional 13,138 shares during the period. Hedge funds and other institutional investors own 71.90% of the company's stock.

Wall Street Analysts Forecast Growth

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

Editas Medicine Stock Up 6.9%

NASDAQ EDIT traded up $0.14 during trading on Thursday, hitting $2.17. 1,341,969 shares of the stock traded hands, compared to its average volume of 2,570,916. Editas Medicine, Inc. has a 12-month low of $0.91 and a 12-month high of $6.22. The firm has a 50-day simple moving average of $1.52 and a 200-day simple moving average of $1.52. The company has a market capitalization of $181.66 million, a P/E ratio of -0.85 and a beta of 2.10.

Editas Medicine (NASDAQ:EDIT - Get Free Report) last posted its earnings results on Monday, May 12th. The company reported ($0.43) EPS for the quarter, beating analysts' consensus estimates of ($0.51) by $0.08. Editas Medicine had a negative return on equity of 80.13% and a negative net margin of 340.96%. The firm had revenue of $4.66 million during the quarter, compared to the consensus estimate of $0.79 million. During the same period in the prior year, the company earned ($76.00) EPS. As a group, research analysts predict that Editas Medicine, Inc. will post -2.71 EPS for the current fiscal year.

Insider Buying and Selling at Editas Medicine

In other Editas Medicine news, CEO Gilmore Neil O'neill sold 15,192 shares of the business's stock in a transaction that occurred on Tuesday, June 3rd. The stock was sold at an average price of $1.72, for a total transaction of $26,130.24. Following the sale, the chief executive officer now directly owns 280,282 shares of the company's stock, valued at $482,085.04. The trade was a 5.14% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Insiders sold 16,364 shares of company stock worth $28,146 over the last 90 days. 2.10% of the stock is owned by insiders.

Editas Medicine Company 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.