Editas Medicine Inc (EDIT) Shares Gap Down on Insider Selling

The latest Insider trade was made on 14 Feb 2017 where Glucksmann (Alexandra Ph.D.) Chief Operating Officer did a transaction type "Sell" in which 1000 shares were traded at a price of $23.48. The shares were sold at an average price of $26.41, for a total value of $26,410.00. Also, CFO Andrew A.F. Hack sold 15,000 shares of Editas Medicine stock in a transaction on Wednesday, January 11th. The stock was sold at an average price of $20.58, for a total transaction of $123,480.00.

The gross proceeds to Editas Medicine from this offering are expected to be about $90 million, before deducting underwriting discounts and commissions and other estimated offering expenses. 1,434,599 shares of the company's stock were exchanged.

The Stock now has the market capitalization of $818.86 Million, P/E (price to earnings ttm) of 0 and Weekly volatility of 9.12% and monthly volatility of 9.58% respectively.

The stock has a 50 day moving average price of $21.72 and a 200 day moving average price of $17.23.

The 4 analysts offering 12-month price forecasts for Editas Medicine Inc have a median target of 33.50, with a high estimate of 40.00 and a low estimate of 27.00.

Editas Medicine (NASDAQ:EDIT) last announced its quarterly earnings results on Friday, March 3rd. The company reported ($1.10) EPS for the quarter, missing the Thomson Reuters' consensus estimate of ($0.62) by $0.48.

Editas Medicine intends to use the net proceeds of the offering to fund preclinical studies and clinical trials for its LCA10 program and its other programs to treat genetic and infectious diseases of the eye, preclinical studies of its programs to treat non-malignant hematologic diseases, preclinical studies in its partnership with Juno Therapeutics, preclinical studies of other research programs, continued expansion of its platform technology, and for working capital and other general corporate purposes. Equities analysts predict that Editas Medicine will post ($2.85) earnings per share for the current year. PARK CIRCLE Co acquired a new position in shares of Editas Medicine during the third quarter worth about $135,000.

A number of equities analysts have issued reports on EDIT shares.

According to the Recommendation Trends of the stock polled by Zacks Investment Research for this month, the company has a consensus recommendation of 1.8 out of the scale from 1 to 5 where 1 stands for Strong Buy and 5 means Strong Sell.

Editas Medicine Inc. (NASDAQ:EDIT) now has a High Price Target of $40. Finally, Jefferies Group LLC reissued a buy rating and issued a $35.00 price objective on shares of Editas Medicine in a report on Wednesday, February 15th. The company reported its last quarter on Dec 16. The stock touched its 52-Week High on April 6, 2016 and 52-Week Low on Nov 3, 2016. One analyst has rated the stock with a sell rating, one has assigned a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the stock. The company now has a consensus rating of Buy and an average target price of $27.79. Hamilton Lane Advisors LLC purchased a new position in Editas Medicine during the third quarter worth $260,000. Norges Bank purchased a new stake in Editas Medicine during the fourth quarter worth $1,479,000. Victory Capital Management Inc. purchased a new position in Editas Medicine during the third quarter worth $299,000. Finally, A.R.T. Advisors LLC purchased a new position in Editas Medicine during the fourth quarter worth $417,000.

The agreement states that Allergan will have full access and licensing options for up to five of Editas's genome-editing ocular programs.