Editas Medicine (NASDAQ:EDIT) CEO Gilmore Neil O'neill Sells 5,124 Shares of Stock

Key Points

• Editas Medicine CEO Gilmore O’Neill sold 5,124 shares at an average price of $3.04, generating $15,576.96. The transaction was conducted under a Rule 10b5-1 plan to cover tax obligations tied to vested equity awards, leaving him with 243,189 shares.
• Editas shares rose 4.9% to $3.23, while the company reported quarterly revenue of $11.89 million and an adjusted loss of $0.15 per share, beating analysts’ estimates.
• Analyst sentiment remains broadly positive, with five Buy ratings and one Sell rating; the stock has a “Moderate Buy” consensus and an average price target of $5.80.

Editas Medicine, Inc. (NASDAQ:EDIT - Get Free Report) CEO Gilmore O'neill sold 5,124 shares of the company's stock in a transaction that occurred on Thursday, September 3rd. The stock was sold at an average price of $3.04, for a total value of $15,576.96. Following the sale, the chief executive officer directly owned 243,189 shares in the company, valued at $739,294.56. This trade represents a 2.06% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Editas Medicine Trading Up 4.9%

Shares of EDIT stock traded up $0.15 on Friday, reaching $3.23. The company's stock had a trading volume of 1,387,420 shares, compared to its average volume of 2,097,809. The stock's fifty day simple moving average is $3.02 and its 200-day simple moving average is $2.79. Editas Medicine, Inc. has a 1 year low of $1.66 and a 1 year high of $4.54. The company has a market capitalization of $496.06 million, a price-to-earnings ratio of -4.31 and a beta of 2.09.

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, beating analysts' consensus estimates of ($0.27) by $0.12. Editas Medicine had a negative net margin of 157.32% and a negative return on equity of 196.63%. The company had revenue of $11.89 million for the quarter, compared to the consensus estimate of $2.85 million. Equities research analysts forecast that Editas Medicine, Inc. will post -0.8 earnings per share for the current year.

Analysts Set New Price Targets

A number of research analysts recently commented on EDIT shares. Wall Street Zen raised shares of Editas Medicine from a "sell" rating to a "hold" rating in a report on Saturday, August 8th. LADENBURG THALM/SH SH assumed 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. Weiss Ratings raised Editas Medicine from a "sell (e+)" rating to a "sell (d-)" rating in a research note on Tuesday, August 11th. Finally, TD Cowen reissued a "buy" rating on shares of Editas Medicine in a research report on Wednesday, May 27th. Five research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $5.80.

Institutional Trading of Editas Medicine

Several institutional investors have recently added to or reduced their stakes in EDIT. BlackRock Inc. bought a new position in shares of Editas Medicine during the second quarter valued at approximately $34,312,000. ADAR1 Capital Management LLC bought a new position in Editas Medicine in the 2nd quarter valued at $28,800,000. Renaissance Technologies LLC grew its position in Editas Medicine by 30.7% in the 1st quarter. Renaissance Technologies LLC now owns 3,972,160 shares of the company's stock valued at $9,811,000 after acquiring an additional 932,382 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased 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 worth $3,016,000 after purchasing an additional 1,430,000 shares during the period. Finally, Geode Capital Management LLC increased 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 worth $4,685,000 after purchasing an additional 244,574 shares during the period. Institutional investors own 71.90% 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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