Editas Medicine (NASDAQ:EDIT) Announces Earnings Results

Editas Medicine (NASDAQ:EDIT) released its earnings results on Monday. The company reported ($0.06) EPS for the quarter, beating analysts’ consensus estimates of ($0.27) by $0.21, FiscalAI reports. Editas Medicine had a negative return on equity of 376.20% and a negative net margin of 395.02%.The business had revenue of $24.74 million for the quarter, compared to analysts’ expectations of $8.77 million.

Editas Medicine Price Performance

Shares of EDIT opened at $2.64 on Wednesday. Editas Medicine has a one year low of $0.91 and a one year high of $4.54. The company has a 50-day simple moving average of $2.02 and a two-hundred day simple moving average of $2.57. The firm has a market capitalization of $257.72 million, a PE ratio of -1.40 and a beta of 2.16.

Institutional Investors Weigh In On Editas Medicine

Hedge funds have recently made changes to their positions in the company. Captrust Financial Advisors bought a new position in shares of Editas Medicine in the 2nd quarter worth about $26,000. StoneX Group Inc. purchased a new stake in Editas Medicine in the fourth quarter worth about $33,000. Victory Capital Management Inc. bought a new position in shares of Editas Medicine during the third quarter valued at approximately $36,000. Sei Investments Co. bought a new position in shares of Editas Medicine during the third quarter valued at approximately $46,000. Finally, CIBC Bancorp USA Inc. purchased a new position in shares of Editas Medicine during the third quarter valued at approximately $57,000. 71.90% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

EDIT has been the subject of several recent research reports. Chardan Capital reiterated a “buy” rating and issued a $3.50 price objective on shares of Editas Medicine in a research report on Monday. Weiss Ratings restated a “sell (e+)” rating on shares of Editas Medicine in a research report on Wednesday, January 21st. TD Cowen reissued a “buy” rating on shares of Editas Medicine in a research note on Monday. Robert W. Baird set a $6.00 price target on Editas Medicine in a research report on Monday. Finally, JonesTrading upgraded Editas Medicine from a “hold” rating to a “buy” rating and set a $8.00 price objective on the stock in a research report on Tuesday. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $5.30.

About Editas Medicine

Editas Medicine is a clinical-stage biotechnology company focused on translating the power of gene editing into a new class of transformative genomic medicines. Founded in 2013 and headquartered in Cambridge, Massachusetts, the company leverages proprietary CRISPR/Cas9 and CRISPR/Cas12a (Cpf1) platforms to develop therapies aimed at correcting disease-causing genetic mutations. Editas Medicine’s research and development efforts span multiple therapeutic areas, including inherited retinal diseases, hemoglobinopathies, and oncology.

The company’s pipeline includes EDIT-101, a lead candidate designed to treat Leber congenital amaurosis type 10 (LCA10), which has entered early-stage clinical trials, and EDIT-301, targeting sickle cell disease and β-thalassemia using an ex vivo editing approach.