CAMBRIDGE, MA—Gilmore O'Neill, CEO of Editas Medicine , Inc. (NASDAQ:EDIT), recently sold 1,618 shares of the company's common stock. The transaction, which took place on December 3, 2024, was executed at a weighted average price of $2.0774 per share, resulting in a total sale value of approximately $3,361. The sale comes as the stock trades near its 52-week low, having declined over 80% year-to-date, according to InvestingPro data.
This sale was part of an automatic sales instruction plan adopted in April 2022, designed to cover tax obligations from the vesting of restricted stock units. Following this transaction, O'Neill holds 312,106 shares of Editas Medicine directly, representing a significant portion of the company's $157.67 million market capitalization. InvestingPro analysis indicates the stock is currently undervalued, with 16 additional exclusive insights available to subscribers.
The transaction was completed through multiple trades, with prices ranging from $2.0550 to $2.0783. O'Neill has committed to providing detailed information about the transaction upon request. For comprehensive analysis and detailed valuation metrics, investors can access the full Pro Research Report available exclusively on InvestingPro.
In other recent news, Editas Medicine has seen a series of strategic shifts and analyst adjustments. BofA Securities upgraded the company's rating from Underperform to Buy, while Evercore ISI raised its rating from In Line to Outperform. Chardan Capital Markets maintained a positive outlook with a Buy rating and a price target of $12.00. However, Oppenheimer and RBC (TSX:RY) Capital Markets held their neutral ratings.
These changes follow Editas Medicine's decision to out-license its reni-cel program and focus on its in vivo hematopoietic stem cell program. The company's third-quarter operating expenses were reported at $65.7 million, and it secured an upfront payment of $57 million from a financing agreement with DRI Healthcare Trust.
The company's cash reserves of $322 million are expected to support operations into the second quarter of 2026. In the upcoming period, Editas Medicine plans to present new data from the RUBY trial for sickle cell disease and results from the EdiTHAL trial in transfusion-dependent beta thalassemia. These are the recent developments that have shaped the company's current standing and future direction.
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