Seven Fleet Capital Management LP Makes New $4.31 Billion Investment in Editas Medicine, Inc. $EDIT

Seven Fleet Capital Management LP acquired a new stake in Editas Medicine, Inc. (NASDAQ:EDIT) in the second quarter, HoldingsChannel reports. The institutional investor acquired 1,330,500 shares of the company’s stock, valued at approximately $4,310,820,000. Editas Medicine makes up about 0.7% of Seven Fleet Capital Management LP’s investment portfolio, making the stock its 27th largest position.

Other hedge funds and other institutional investors have also modified their holdings of the company. BlackRock Inc. acquired a new position in shares of Editas Medicine in the second quarter worth about $34,312,000. ADAR1 Capital Management LLC purchased a new stake in Editas Medicine during the 2nd quarter worth approximately $28,800,000. Renaissance Technologies LLC increased its holdings in Editas Medicine by 30.7% during the 1st quarter. Renaissance Technologies LLC now owns 3,972,160 shares of the company’s stock worth $9,811,000 after purchasing an additional 932,382 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in shares of Editas Medicine by 122.2% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 2,600,000 shares of the company’s stock valued at $3,016,000 after purchasing an additional 1,430,000 shares in the last quarter. Finally, Geode Capital Management LLC boosted its stake in shares of Editas Medicine by 12.0% during the 4th quarter. Geode Capital Management LLC now owns 2,284,740 shares of the company’s stock valued at $4,685,000 after buying an additional 244,574 shares during the last quarter. 71.90% of the stock is owned by hedge funds and other institutional investors.

Editas Medicine Price Performance

Editas Medicine stock opened at $3.18 on Thursday. The company has a market cap of $488.38 million, a PE ratio of -4.24 and a beta of 2.14. The company has a fifty day moving average price of $2.98 and a two-hundred day moving average price of $2.73. Editas Medicine, Inc. has a 12 month low of $1.66 and a 12 month high of $4.54.

Editas Medicine (NASDAQ:EDIT) last issued its earnings results on Wednesday, August 5th. The company reported ($0.15) earnings per share for the quarter, topping 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 analysts’ expectations of $2.85 million. Equities research analysts anticipate that Editas Medicine, Inc. will post -0.85 earnings per share for the current year.

Analysts Set New Price Targets

A number of analysts have recently weighed in on EDIT shares. Wall Street Zen raised shares of Editas Medicine from a “sell” rating to a “hold” rating in a research report on Saturday, August 8th. Chardan Capital increased their price objective on shares of Editas Medicine from $3.50 to $4.00 and gave the company a “buy” rating in a research note on Tuesday, May 5th. Weiss Ratings raised shares of 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. Finally, LADENBURG THALM/SH SH assumed coverage on shares of Editas Medicine in a research report on Tuesday, August 18th. They issued a “buy” rating and a $6.00 target price for the company. Five research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $5.50.

Insiders Place Their Bets

In other Editas Medicine news, CEO Gilmore Neil O’neill sold 15,380 shares of the firm’s stock in a transaction dated Wednesday, June 3rd. The shares were sold at an average price of $2.70, for a total value of $41,526.00. Following the transaction, the chief executive officer owned 248,313 shares of the company’s stock, valued at $670,445.10. This trade represents a 5.83% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 21,503 shares of company stock worth $57,910 in the last quarter. 3.10% of the stock is owned by corporate insiders.

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.