FY2024 EPS Estimates for Editas Medicine Lifted by Analyst

Editas Medicine, Inc. (NASDAQ:EDIT) – Stock analysts at Chardan Capital upped their FY2024 earnings per share estimates for shares of Editas Medicine in a research note issued on Tuesday, November 5th. Chardan Capital analyst Y. Livshits now forecasts that the company will post earnings of ($2.38) per share for the year, up from their previous estimate of ($2.58). Chardan Capital has a “Buy” rating and a $12.00 price objective on the stock. The consensus estimate for Editas Medicine’s current full-year earnings is ($2.96) per share. Chardan Capital also issued estimates for Editas Medicine’s FY2025 earnings at ($1.65) EPS.

Editas Medicine (NASDAQ:EDIT) last issued its earnings results on Monday, November 4th. The company reported ($0.75) EPS for the quarter, hitting the consensus estimate of ($0.75). The business had revenue of $0.06 million during the quarter, compared to analysts’ expectations of $3.93 million. Editas Medicine had a negative return on equity of 72.15% and a negative net margin of 340.96%. Editas Medicine’s revenue was down 98.9% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.55) earnings per share.

Several other research firms have also weighed in on EDIT. Bank of America upgraded Editas Medicine from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $13.00 to $15.00 in a report on Thursday, August 8th. Stifel Nicolaus dropped their price objective on shares of Editas Medicine from $17.00 to $11.00 and set a “buy” rating for the company in a research note on Tuesday. Raymond James lowered shares of Editas Medicine from an “outperform” rating to a “market perform” rating in a research report on Monday. Evercore ISI raised Editas Medicine from an “in-line” rating to an “outperform” rating in a report on Wednesday. Finally, Wells Fargo & Company dropped their target price on Editas Medicine from $9.00 to $7.00 and set an “overweight” rating for the company in a report on Tuesday. One analyst has rated the stock with a sell rating, six have given a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat, Editas Medicine has a consensus rating of “Hold” and a consensus price target of $9.08.

Editas Medicine Trading Down 3.4 %

NASDAQ EDIT opened at $3.17 on Friday. The firm’s fifty day simple moving average is $3.40 and its 200-day simple moving average is $4.49. Editas Medicine has a 1-year low of $2.70 and a 1-year high of $11.69. The company has a market capitalization of $261.46 million, a PE ratio of -1.24 and a beta of 2.01.

Institutional Trading of Editas Medicine

Institutional investors and hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. raised its stake in Editas Medicine by 1.1% during the 1st quarter. Vanguard Group Inc. now owns 8,555,597 shares of the company’s stock worth $63,483,000 after buying an additional 93,740 shares during the period. Millennium Management LLC raised its position in shares of Editas Medicine by 10.0% during the second quarter. Millennium Management LLC now owns 2,459,629 shares of the company’s stock worth $11,486,000 after purchasing an additional 223,012 shares during the period. Integral Health Asset Management LLC lifted its holdings in shares of Editas Medicine by 50.0% during the 2nd quarter. Integral Health Asset Management LLC now owns 675,000 shares of the company’s stock valued at $3,152,000 after purchasing an additional 225,000 shares in the last quarter. Raymond James & Associates grew its position in shares of Editas Medicine by 49.7% in the 2nd quarter. Raymond James & Associates now owns 526,815 shares of the company’s stock valued at $2,460,000 after purchasing an additional 174,993 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. increased its stake in Editas Medicine by 59.0% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 314,774 shares of the company’s stock worth $2,246,000 after purchasing an additional 116,803 shares in the last quarter. 71.90% of the stock is owned by institutional investors.

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.