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Does Editas Medicine Inc (NASDAQ: EDIT) Need To Rethink Its Strategy?

Editas Medicine Inc (NASDAQ:EDIT) price closed higher on Friday, February 09, jumping 7.45% below its previous close.

A look at the daily price movement shows that the last close reads $14.87. The company’s 5Y monthly beta was ticking 1.96. Taking into account the 52-week price action we note that the stock hit a 52-week high of $11.91 and 52-week low of $6.08. The stock subtracted -21.25% on its value in the past month.

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Editas Medicine Inc, which has a market valuation of $608.44 million, is expected to release its quarterly earnings report Feb 20, 2024 – Feb 26, 2024. Analysts tracking EDIT have forecast the quarterly EPS to shrink by -0.56 per share this quarter, while the same analysts predict the annual EPS to hit -$2.34 for the year 2024 and up to -$2.35 for 2024. In this case, analysts estimate an annual EPS growth of 27.10% for the year and -0.40% for the next year.

The average estimate suggests sales growth for the quarter will likely rise by 12.10% when compared to those recorded in the same quarter in the last financial year. Staying with the analyst view, there is a consensus estimate of $27.55 million for the company’s annual revenue in 2023. Per this projection, the revenue is forecast to grow 39.80% above that which the company brought in 2023.

Revisions to the company’s EPS highlights a short term direction of a stock’s price movement, which in the last 7 days came up with no upward and no downward reviews. On the technical perspective front, indicators give EDIT a short term outlook of 100% Sell on average. Looking at the stock’s medium term indicators we note that it is averaging as a 50% Buy, while an average of long term indicators are currently assigning the stock as 100% Sell.

The overview shows that EDIT’s price is at present 4.36% off the SMA20 and 12604.76% from the SMA50. The Relative Strength Index (RSI) metric on the 14-day timeframe is pointing at 39.57, with weekly volatility standing at 4.12%. The indicator jumps to 5.04% when calculated based on the past 30 days. Editas Medicine Inc (NASDAQ:EDIT)’s beta value is holding at 1.96, while the average true range (ATR) indicator is currently reading 0.42.

Turning out attention to how the Editas Medicine Inc stock has performed in comparison to its peers in the industry, here’s what we find: EDIT’s stock is 7.45% on the day and -27.95% in the past 12 months, while Molecular Templates Inc. (MTEM) traded 0.00%% in the last session and was positioned -52.35% down on its price 12 months ago.

An analysis of the Editas Medicine Inc (NASDAQ:EDIT) stock in terms of its daily trading volume indicates that the 3-month average is 0.78. However, this figure increases on the past 10-day timeline to an average of 1.46 million.

Current records show that the company has 81.67M in outstanding shares. The insiders’ percentage holdings are 0.76% of outstanding shares while the percentage share held by institutions stands at 75.81%. The stats also highlight that short interest as of Jan 31, 2024, stood at 12.21 million shares, which puts the short ratio at the time at 8.32. From this we can glean that short interest is 14.95% of company’s current outstanding shares. Notably, we see that shares short in January fall slightly given the previous month’s figure stood at 12.79 million. But the -26.46% downside, the stock’s price has registered year-to-date as of last trading, will likely reignite investor interest given the prospect of it rallying even higher.