Editas Medicine (NASDAQ:EDIT) Stock: Insider Linda Burkly Sells 7,814 Shares

Key Points

• Editas Medicine EVP Linda Burkly sold 7,814 shares for about $18,910, reducing her direct holdings by 9.99% to 70,379 shares. The sale was made under a pre-arranged Rule 10b5-1 plan to cover tax withholding on vested equity awards.
• The company reported quarterly earnings of $0.15 per share loss, better than the $0.19 loss analysts expected, and revenue of $10.37 million versus estimates of $4.46 million.
• Analyst views were mostly positive: six analysts rated EDIT a Buy and one a Sell, giving it a “Moderate Buy” consensus and an average price target of $5.83.

Editas Medicine, Inc. (NASDAQ:EDIT - Get Free Report) EVP Linda Burkly sold 7,814 shares of Editas Medicine stock in a transaction dated Wednesday, November 11th. The stock was sold at an average price of $2.42, for a total transaction of $18,909.88. Following the completion of the transaction, the executive vice president directly owned 70,379 shares of the company's stock, valued at $170,317.18. This trade represents a 9.99% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through 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.

Linda Burkly also recently made the following trade(s):

• On Thursday, September 3rd, Linda Burkly sold 709 shares of Editas Medicine stock. The stock was sold at an average price of $3.04, for a total transaction of $2,155.36.

Editas Medicine Stock Performance

Shares of NASDAQ:EDIT traded up $0.02 during trading on Friday, reaching $2.16. 2,785,410 shares of the stock traded hands, compared to its average volume of 2,243,847. The stock has a market cap of $333.37 million, a P/E ratio of -3.48 and a beta of 2.08. The stock has a 50-day moving average of $2.65 and a two-hundred day moving average of $2.69. Editas Medicine, Inc. has a 52-week low of $1.66 and a 52-week high of $3.94.

Editas Medicine (NASDAQ:EDIT - Get Free Report) last announced its quarterly earnings data on Monday, November 9th. The company reported ($0.15) earnings per share for the quarter, topping analysts' consensus estimates of ($0.19) by $0.04. The company had revenue of $10.37 million during the quarter, compared to analyst estimates of $4.46 million. Editas Medicine had a negative net margin of 144.95% and a negative return on equity of 130.43%. Sell-side analysts expect that Editas Medicine, Inc. will post -0.79 earnings per share for the current year.

Institutional Investors Weigh In On Editas Medicine

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. HighVista Strategies LLC bought a new stake in Editas Medicine in the 3rd quarter worth approximately $2,845,000. State Street Corp lifted its holdings in shares of Editas Medicine by 60.6% during the 3rd quarter. State Street Corp now owns 7,038,580 shares of the company's stock valued at $18,089,000 after buying an additional 2,654,974 shares during the period. Private Advisor Group LLC bought a new position in shares of Editas Medicine during the 3rd quarter valued at $31,000. Voya Investment Management LLC boosted its stake in shares of Editas Medicine by 49.1% in the 3rd quarter. Voya Investment Management LLC now owns 30,613 shares of the company's stock worth $79,000 after buying an additional 10,077 shares during the last quarter. Finally, Russell Investments Group Ltd. boosted its stake in shares of Editas Medicine by 18.6% in the 3rd quarter. Russell Investments Group Ltd. now owns 177,786 shares of the company's stock worth $457,000 after buying an additional 27,922 shares during the last quarter. Hedge funds and other institutional investors own 71.90% of the company's stock.

Wall Street Analyst Weigh In

EDIT has been the subject of several recent analyst reports. Ladenburg Thalmann & Co. Inc. began coverage on Editas Medicine in a research note on Tuesday, August 18th. They issued a "buy" rating and a $6.00 price target for the company. Wall Street Zen raised Editas Medicine from a "sell" rating to a "hold" rating in a research report on Saturday, August 8th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Editas Medicine in a report on Wednesday, November 4th. Guggenheim upgraded Editas Medicine from a "neutral" rating to a "buy" rating and set a $5.00 price objective for the company in a report on Wednesday, September 23rd. Finally, Wells Fargo & Company raised Editas Medicine from an "equal weight" rating to an "overweight" rating and boosted their target price for the stock from $4.00 to $6.00 in a research report on Thursday, October 8th. Six research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Editas Medicine currently has an average rating of "Moderate Buy" and a consensus target price of $5.83.

About Editas Medicine

Editas Medicine, Inc. is a biotechnology company developing genome-editing medicines for people with serious diseases. Its research uses CRISPR-based technologies, including CRISPR-Cas9 and Cas12a, to make targeted changes to DNA. Founded in 2013 and based in Cambridge, Massachusetts, the company conducts research and clinical development of potential treatments for genetic disorders. Its work has included approaches designed to edit genes in a patient's cells, either outside the body or directly within the body.

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