BlackRock Inc. Takes Position in Editas Medicine, Inc. $EDIT

Key Points

• BlackRock acquired 10.59 million shares of Editas Medicine during the second quarter, worth approximately $34.3 million and representing about 10.82% of the company. Institutional investors collectively own 71.90% of the stock.
• Editas Medicine reported better-than-expected quarterly results, with a loss of $0.15 per share versus the $0.27 consensus estimate and revenue of $11.89 million versus $2.85 million expected. The company remains unprofitable, with a negative net margin of 157.32%.
• Analysts maintain a “Moderate Buy” consensus with an average price target of $5.50, compared with the stock’s reported price of $3.07. Editas is advancing gene-editing candidates for inherited retinal diseases, sickle cell disease, and beta-thalassemia.

BlackRock Inc. acquired a new stake in Editas Medicine, Inc. (NASDAQ:EDIT - Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 10,589,990 shares of the company's stock, valued at approximately $34,312,000. BlackRock Inc. owned approximately 10.82% of Editas Medicine at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Captrust Financial Advisors purchased a new position in Editas Medicine during the 2nd quarter valued at about $26,000. StoneX Group Inc. purchased a new stake in shares of Editas Medicine in the 4th quarter worth approximately $33,000. Abel Hall LLC bought a new position in shares of Editas Medicine during the first quarter valued at approximately $36,000. Victory Capital Management Inc. purchased a new position in Editas Medicine during the third quarter valued at approximately $36,000. Finally, Pallas Capital Advisors LLC purchased a new position in Editas Medicine during the second quarter valued at approximately $38,000. 71.90% of the stock is currently owned by institutional investors.

Editas Medicine Stock Up 0.3%

NASDAQ:EDIT opened at $3.07 on Wednesday. Editas Medicine, Inc. has a 52 week low of $1.66 and a 52 week high of $4.54. The firm has a 50 day moving average of $3.01 and a 200 day moving average of $2.77. The stock has a market capitalization of $471.49 million, a price-to-earnings ratio of -4.09 and a beta of 2.14.

Editas Medicine (NASDAQ:EDIT - Get Free Report) last released its quarterly earnings results on Wednesday, August 5th. The company reported ($0.15) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.27) by $0.12. The business had revenue of $11.89 million for the quarter, compared to analyst estimates of $2.85 million. Editas Medicine had a negative net margin of 157.32% and a negative return on equity of 196.63%. As a group, analysts expect that Editas Medicine, Inc. will post -0.8 EPS for the current year.

Analyst Upgrades and Downgrades

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

Editas Medicine Company Profile

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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