Seven Fleet Capital Management LP Takes Position in Editas Medicine, Inc. $EDIT

Key Points

• Seven Fleet Capital Management acquired 1.33 million Editas Medicine shares worth approximately $4.31 million, representing about 0.87% of the company and 0.7% of the fund’s portfolio.
• Institutional ownership remains substantial at 71.9%, with several other investment firms recently increasing or initiating positions in Editas Medicine.
• Analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy” and a $6.00 price target; the company also exceeded quarterly EPS and revenue expectations.

Seven Fleet Capital Management LP bought a new position in Editas Medicine, Inc. (NASDAQ:EDIT - Free Report) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 1,330,500 shares of the company's stock, valued at approximately $4,311,000. Editas Medicine comprises about 0.7% of Seven Fleet Capital Management LP's portfolio, making the stock its 28th biggest position. Seven Fleet Capital Management LP owned approximately 0.87% of Editas Medicine at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. Price T Rowe Associates Inc. MD increased its stake in Editas Medicine by 7.2% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 92,397 shares of the company's stock worth $190,000 after purchasing an additional 6,177 shares in the last quarter. BNP Paribas Financial Markets boosted its holdings in shares of Editas Medicine by 33.3% in the third quarter. BNP Paribas Financial Markets now owns 27,168 shares of the company's stock worth $94,000 after buying an additional 6,787 shares during the period. Legal & General Group Plc acquired a new position in shares of Editas Medicine in the second quarter worth about $31,000. Victory Capital Management Inc. purchased a new position in shares of Editas Medicine in the third quarter worth approximately $36,000. Finally, Pallas Capital Advisors LLC purchased a new position in shares of Editas Medicine in the second quarter worth approximately $38,000. 71.90% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities research analysts recently commented on EDIT shares. TD Cowen restated a "buy" rating on shares of Editas Medicine in a research report on Wednesday, May 27th. Wall Street Zen raised shares of Editas Medicine from a "sell" rating to a "hold" rating in a research note on Saturday, August 8th. Weiss Ratings upgraded Editas Medicine from a "sell (e+)" rating to a "sell (d-)" rating in a report on Tuesday, August 11th. Finally, LADENBURG THALM/SH SH initiated coverage on shares of Editas Medicine in a research note on Tuesday, August 18th. They set a "buy" rating and a $6.00 target price for the company. Four investment analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, Editas Medicine currently has an average rating of "Moderate Buy" and a consensus price target of $6.00.

Editas Medicine Stock Performance

NASDAQ EDIT opened at $3.23 on Friday. Editas Medicine, Inc. has a twelve month low of $1.66 and a twelve month high of $4.54. The stock has a market cap of $496.06 million, a PE ratio of -4.31 and a beta of 2.09. The firm has a 50-day simple moving average of $3.03 and a 200 day simple moving average of $2.79.

Editas Medicine (NASDAQ:EDIT - Get Free Report) last posted its quarterly earnings results on Wednesday, August 5th. The company reported ($0.15) EPS for the quarter, beating the consensus estimate of ($0.27) by $0.12. The firm had revenue of $11.89 million during the quarter, compared to analysts' expectations of $2.85 million. Editas Medicine had a negative return on equity of 196.63% and a negative net margin of 157.32%. Research analysts forecast that Editas Medicine, Inc. will post -0.8 earnings per share for the current fiscal year.

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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