Editas Medicine (NASDAQ:EDIT) Posts Quarterly Earnings Results, Meets Estimates

Editas Medicine (NASDAQ:EDIT) announced its earnings results on Monday. The company reported ($0.75) earnings per share (EPS) for the quarter, meeting the consensus estimate 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 company had revenue of $0.06 million during the quarter, compared to analyst estimates of $3.93 million. During the same period in the previous year, the business posted ($0.55) earnings per share. The firm’s quarterly revenue was down 98.9% compared to the same quarter last year.

Editas Medicine Price Performance

Shares of EDIT stock traded up $0.06 during mid-day trading on Tuesday, hitting $2.94. The company had a trading volume of 460,088 shares, compared to its average volume of 1,916,354. The stock’s 50 day moving average price is $3.44 and its 200-day moving average price is $4.52. Editas Medicine has a 52-week low of $2.70 and a 52-week high of $11.69. The company has a market capitalization of $242.49 million, a P/E ratio of -1.25 and a beta of 2.01.

Wall Street Analyst Weigh In

EDIT has been the topic of several analyst reports. Wells Fargo & Company dropped their price target on shares of Editas Medicine from $9.00 to $7.00 and set an “overweight” rating on the stock in a research note on Tuesday. Truist Financial cut their price target on Editas Medicine from $12.00 to $8.00 and set a “buy” rating for the company in a report on Tuesday. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $8.00 price objective on shares of Editas Medicine in a research report on Thursday, September 19th. Chardan Capital reduced their target price on shares of Editas Medicine from $20.00 to $12.00 and set a “buy” rating for the company in a report on Tuesday, October 22nd. Finally, Bank of America raised shares of Editas Medicine from a “neutral” rating to a “buy” rating and lifted their price target for the company from $13.00 to $15.00 in a report on Thursday, August 8th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $9.18.

About Editas Medicine

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.