Editas Medicine (NASDAQ:EDIT) Posts Earnings Results

Editas Medicine (NASDAQ:EDIT) posted its earnings results on Monday. The company reported ($0.75) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.75), Briefing.com reports. Editas Medicine had a negative net margin of 288.59% and a negative return on equity of 62.61%. The firm had revenue of $0.06 million for the quarter, compared to the consensus estimate of $3.93 million. During the same period in the previous year, the firm posted ($0.55) EPS. The business’s quarterly revenue was down 98.9% on a year-over-year basis.

Editas Medicine Stock Up 2.4 %

Shares of NASDAQ:EDIT traded up $0.07 during trading on Tuesday, reaching $2.95. The stock had a trading volume of 457,889 shares, compared to its average volume of 1,916,022. The stock has a market cap of $243.32 million, a P/E ratio of -1.25 and a beta of 2.01. The business has a fifty day moving average price of $3.44 and a 200-day moving average price of $4.52. Editas Medicine has a fifty-two week low of $2.70 and a fifty-two week high of $11.69.

Wall Street Analyst Weigh In

Several brokerages have recently commented on EDIT. Royal Bank of Canada reiterated a “sector perform” rating and set a $8.00 price objective on shares of Editas Medicine in a report on Thursday, September 19th. Bank of America upgraded Editas Medicine from a “neutral” rating to a “buy” rating and raised their price objective for the company from $13.00 to $15.00 in a report on Thursday, August 8th. Truist Financial lowered their price target on shares of Editas Medicine from $12.00 to $8.00 and set a “buy” rating on the stock in a research report on Tuesday. Wells Fargo & Company lowered their price objective on Editas Medicine from $9.00 to $7.00 and set an “overweight” rating for the company in a research report on Tuesday. Finally, Evercore ISI decreased their price target on Editas Medicine from $7.00 to $3.00 and set an “in-line” rating on the stock in a research note on Wednesday, October 23rd. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, Editas Medicine has an average rating of “Hold” and a consensus target price of $9.18.

Editas Medicine Company Profile

Editas Medicine, Inc, a clinical stage genome editing company, focuses on developing transformative genomic medicines to treat a range of serious diseases. It develops a proprietary gene editing platform based on CRISPR technology. The company develops EDIT-101, which is in Phase 1/2 BRILLIANCE trial for Leber Congenital Amaurosis; and reni-cel, a clinical development gene-edited medicine to treat sickle cell disease and transfusion-dependent beta-thalassemia.