Editas Medicine (NASDAQ:EDIT) Issues Earnings Results, Misses Estimates By $0.16 EPS

Editas Medicine (NASDAQ:EDIT) posted its quarterly earnings results on Wednesday. The company reported ($0.55) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.39) by ($0.16), Zacks reports. The firm had revenue of $30.60 million for the quarter, compared to analysts’ expectations of $37.17 million. Editas Medicine had a negative net margin of 340.96% and a negative return on equity of 80.13%. During the same period last year, the firm posted ($0.23) EPS.

Editas Medicine Stock Performance

Shares of EDIT opened at $1.78 on Friday. Editas Medicine has a one year low of $1.12 and a one year high of $9.60. The stock has a 50-day moving average price of $1.47 and a 200 day moving average price of $2.44. The company has a market capitalization of $146.94 million, a P/E ratio of -0.70 and a beta of 1.94.

Analyst Upgrades and Downgrades

EDIT has been the subject of a number of research reports. Wells Fargo & Company cut Editas Medicine from an “overweight” rating to an “equal weight” rating and decreased their target price for the stock from $7.00 to $4.00 in a report on Wednesday, December 11th. Evercore ISI decreased their price objective on shares of Editas Medicine from $7.00 to $5.00 and set an “outperform” rating for the company in a research note on Monday, December 16th. Bank of America downgraded shares of Editas Medicine from a “buy” rating to an “underperform” rating and cut their target price for the company from $13.00 to $1.00 in a research note on Monday, November 25th. Royal Bank of Canada decreased their price target on shares of Editas Medicine from $5.00 to $4.00 and set a “sector perform” rating for the company in a research report on Friday, December 13th. Finally, Truist Financial lowered Editas Medicine from a “buy” rating to a “hold” rating in a research report on Friday, December 13th. Three analysts have rated the stock with a sell rating, nine have issued a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $6.83.

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.