June 21, 2023 4:37pm
EDIT closes down Wednesday -$0.38, -3.31% to $11.09 with a negative Thursday drop of -$1.81 to $9.28, Friday closed at $8.82, Monday was a holiday,Tuesday closed down -$0.48 to $8.36, Wednesday closed down -$0.34 to $8.02
Offering is expected to close 6/20/23
A big buck for a faltering equity … yet, clinical data
Although, EDIT announced positive preliminary safety and efficacy data from t2he first four patients with sickle cell disease (SCD) treated with EDIT-301 in the RUBY study and the first transfusion-dependent beta thalassemia (TDT) patient treated in the EdiTHAL study.
Some stats …
A 52-week high of $19.97 and a low of $6.33
A 52-week change: -8.93%
Cash position: $318.44 M
Revenue: $22.79 M
Shares outstanding: 69 M
Short percentage (%) of shares outstanding: 29.71%
Percentage (%) held by insiders: 0.37%
Percentage (%) held by institutions: 81.44%
Float: 66.78 M
Percentage (%) of float (3/31/23): 45.14%
50-day moving average: 8.75
200-day moving average: 10.20
Short ratio: 10.4
J.P. Morgan Securities LLC, Cowen and Company, LLC and Evercore Group L.L.C. are acting as joint book-running managers for the offering.
EDIT intends to grant the underwriters a 30-day option to purchase up to an additional $18.75 million of shares of its common stock. All of the shares in the offering are to be sold by Editas Medicine.
The Bottom Line: I been in the “business” for many years and … I question WHY a pricing takes so long to announces as ANY upside slips downward.
- A reason for offering – P1/2 CLINICAL DATA; for the treatment of TDT. EDIT dosed the first patient in the phase I/II EdiTHAL study of EDIT-301, for treating TDT, in Q1/2023. The patient reportedly had successful neutrophil and platelet engraftment. EDIT further reported that the patient’s response to treatment with EDIT-301 resembled that of the first four RUBY patients at one and a half months post-infusion.