Editas Medicine Inc (EDIT) can make a big difference with a little luck

Editas Medicine Inc (NASDAQ: EDIT) stock jumped 10.84% on Monday to $10.84 against a previous-day closing price of $9.78. With 3.55 million shares changed hands, the volume of the stock remained heavier than its average volume of 1.56 million shares. During the session, the Biotechnology company that operates in wider Healthcare sector, reached to the highest price of $11.14 whereas the lowest price it dropped to was $9.82. The 52-week range on EDIT shows that it touched its highest point at $11.93 and its lowest point at $6.08 during that stretch. It currently has a 1-year price target of $13.93. Beta for the stock currently stands at 1.90.

Price Performance and Earnings:

Stock performance is one of the indicators that investors use to determine whether they will profit from a stock. The price performance of EDIT was up-trending over the past week, with a rise of 41.70%, but this was up by 72.34% over a month. Three-month performance surged to 23.32% while six-month performance rose 12.45%. The stock lost -1.54% in the past year, while it has gained 22.21% so far this year. A look at the trailing 12-month EPS for EDIT yields -2.71 with Next year EPS estimates of -2.43. For the next quarter, that number is -0.63. This implies an EPS growth rate of 24.65% for this year and -0.62% for next year. EPS is expected to grow by 1.70% annually over the next five years; however, over the past five years, the company experienced an annual growth rate of -1.50%.

Float and Shares Shorts:

At present, 81.67 million EDIT shares are outstanding with a float of 81.05 million shares on hand for trading. On Oct 30, 2023, short shares totaled 16.77 million, which was 20.53% higher than short shares on Sep 28, 2023. In addition to Dr. Gilmore O’Neill as the firm’s President, CEO & Director, Dr. Bruce E. Eaton Ph.D. serves as its Executive VP, CTO & Chief Business Officer.

Institutional Ownership:

Through their ownership of 67.45% of EDIT’s outstanding shares, institutional investors have majority control over the company. Other institutions hold 43.02% of EDIT, in contrast to 34.48% held by mutual funds. Shares owned by individuals account for 23.48%. As the largest shareholder in EDIT with 10.30% of the stake, The Vanguard Group, Inc. holds 8,411,792 shares worth 8,411,792. A second-largest stockholder of EDIT, Deep Track Capital LP, holds 7,101,935 shares, controlling over 8.70% of the firm’s shares. BlackRock Fund Advisors is the third largest shareholder in EDIT, holding 6,553,100 shares or 8.03% stake. With a 5.26% stake in EDIT, the SPDR S&P Biotech ETF is the largest stakeholder. A total of 4,294,640 shares are owned by the mutual fund manager. The Vanguard Total Stock Market ETF, which owns about 3.18% of EDIT stock, is the second-largest Mutual Fund holder. It holds 2,598,006 shares valued at 17.35 million. Vanguard Small Cap Index Fund holds 2.57% of the stake in EDIT, owning 2,097,876 shares worth 14.01 million.

Analysts Ratings:

Reading analyst opinions is an effective way to decide where to invest, and there are several opinions available for EDIT since 0 analysts follow the stock currently. In the same way, a target price assigned to a stock can also reveal much about its potential. With EDIT analysts setting a high price target of $27.00 and a low target of $7.00, the average target price over the next 12 months is $13.93. Based on these targets, EDIT could surge 149.08% to reach the target high and fall by -35.42% to reach the target low. Reaching the average price target will result in a growth of 28.51% from current levels.

Summary of Insider Activity:

Insiders traded EDIT stock several times over the past three months with 0 Buys and 1 Sells. In these transactions, 0 shares were bought while 103 shares were sold. The number of buy transactions has increased to 6 while that of sell transactions has risen to 18 over the past year. The total number of shares bought during that period was 239,267 while 26,668 shares were sold.