SSgA Funds Management, Inc. recently announced the acquisition of new stake in Editas Medicine Inc. (NASDAQ:EDIT). The institutional investor has increased its shareholding in the Healthcare company by 45.26% to 9.22 million shares with purchase of 2.87 million shares. This fresh investment now brings its stake to 13.37% valued currently at $75.25 million. In addition, The Vanguard Group, Inc. raised its holdings by 0.14 million to 6.75 million shares. And Millennium Management LLC has lifted its position by 13.79% or 0.26 million shares – to 2.14 million shares.
With over 1.58 million Editas Medicine Inc. (EDIT) shares trading Monday and a closing price of $9.64 on the day, the dollar volume was approximately $15.27 million. The shares have shown a negative half year performance of -12.44% and its price on 05/22/23 gained nearly 3.43%. Currently, there are 68.92M common shares owned by the public and among those 68.43M shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 20 analysts who have offered their price forecasts for EDIT have a consensus price objective of $12.71. The analysts have set the share’s price value over the next 12 months at a high of $30.00 and a low of $7.00. The average price target is 24.15% above its recent price level and a downside to the estimated low will see the stock lose -37.71% over that period. But an upside of 67.87% will see the stock hit the forecast high price target while median target price for the stock is $12.00.
Insiders at the company have transacted a total of 22 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 6 of these insider trades were purchases, accounting for 261,227 shares. Insider sales of the common stock occurred on 16 occasions, with total insider shares sold totaling 21,732 shares.
The top 3 mutual fund holders in Editas Medicine Inc. are SPDR S&P Biotech ETF, Vanguard Total Stock Market ETF, and Vanguard Small Cap Index Fund. SPDR S&P Biotech ETF owns 5.9 million shares of the company’s stock, all valued at over $48.11 million. The company bought an additional 0.1 million shares recently to bring their total holdings to about 8.55% of the shares outstanding. Vanguard Small Cap Index Fund bought 20431.0 shares to bring its total holdings to over 1.81 million shares at a value of $14.73 million. Vanguard Small Cap Index Fund now owns shares totaling to 2.62% of the shares outstanding.
Shares of Editas Medicine Inc. (NASDAQ: EDIT) opened at $9.23, down -$0.09 from a prior closing price of $9.32. However, the script later moved the day high at 9.69, up 3.43%. The company’s stock has a 5-day price change of -3.70% and 5.01% over the past three months. EDIT shares are trading 8.68% year to date (YTD), with the 12-month market performance down to -11.88% lower. It has a 12-month low price of $6.33 and touched a high of $19.97 over the same period. EDIT has an average intraday trading volume of 1.84 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 7.35%, 18.37%, and -10.79% respectively.
Institutional ownership of Editas Medicine Inc. (NASDAQ: EDIT) shares accounts for 73.30% of the company’s 68.92M shares outstanding. Mutual fund holders own 40.30%, while other institutional holders and individual stakeholders account for 41.62% and 27.75% respectively.
It has a market capitalization of $672.20M and a beta (3y monthly) value of 1.81. The earnings-per-share (ttm) stands at -$3.18. Price movements for the stock have been influenced by the stock’s volatility, which stands at 5.73% over the week and 7.55% over the month.
Analysts forecast that Editas Medicine Inc. (EDIT) will achieve an EPS of -$0.76 for the current quarter, -$0.76 for the next quarter and -$2.83 for 2024. The lowest estimate earnings-per-share for the quarter is -$0.93 while analysts give the company a high EPS estimate of -$0.56. Comparatively, EPS for the current quarter was -$0.78 a year ago. Earnings per share for the fiscal year are expected to decrease by -12.80%, and 4.70% over the next financial year. EPS should grow at an annualized rate of 1.70% over the next five years, compared to -1.50% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 20 brokerage firm advisors rate Editas Medicine Inc. (EDIT) as a “Moderate Buy” at a consensus score of 2.80. Specifically, 5 Wall Street analysts polled rate the stock as a buy, while 11 of the 20 advise that investors “hold,” and 3 rated it as a “Sell.”
