Editas Medicine (NASDAQ:EDIT) Releases Quarterly Earnings Results, Beats Expectations By $0.12 EPS

Editas Medicine (NASDAQ:EDIT) issued its quarterly earnings results on Wednesday. The company reported ($0.15) EPS for the quarter, beating analysts’ consensus estimates of ($0.27) by $0.12, FiscalAI reports. The business had revenue of $11.89 million for the quarter, compared to analysts’ expectations of $2.85 million. Editas Medicine had a negative net margin of 281.59% and a negative return on equity of 677.39%.

Editas Medicine Price Performance

Shares of NASDAQ EDIT traded down $0.01 during trading on Wednesday, hitting $2.75. The stock had a trading volume of 1,935,184 shares, compared to its average volume of 1,650,499. The firm has a fifty day moving average of $2.92 and a two-hundred day moving average of $2.63. The company has a market capitalization of $269.74 million, a PE ratio of -2.24 and a beta of 2.14. Editas Medicine has a 12 month low of $1.66 and a 12 month high of $4.54.

Insider Buying and Selling at Editas Medicine

In related news, CEO Gilmore Neil O’neill sold 15,380 shares of the business’s stock in a transaction dated Wednesday, June 3rd. The shares were sold at an average price of $2.70, for a total transaction of $41,526.00. Following the transaction, the chief executive officer directly owned 248,313 shares in the company, valued at approximately $670,445.10. The trade was a 5.83% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 21,503 shares of company stock worth $57,910 over the last 90 days. 3.10% of the stock is owned by company insiders.

Hedge Funds Weigh In On Editas Medicine

Hedge funds have recently modified their holdings of the company. Captrust Financial Advisors bought a new stake in Editas Medicine during the second quarter worth $26,000. StoneX Group Inc. purchased a new stake in shares of Editas Medicine during the 4th quarter valued at $33,000. Victory Capital Management Inc. bought a new stake in Editas Medicine in the third quarter worth about $36,000. Sei Investments Co. bought a new position in shares of Editas Medicine during the 3rd quarter valued at approximately $46,000. Finally, CIBC Bancorp USA Inc. bought a new stake in shares of Editas Medicine in the 3rd quarter worth approximately $57,000. Institutional investors own 71.90% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on EDIT shares. Wall Street Zen lowered Editas Medicine from a “hold” rating to a “sell” rating in a research report on Sunday, May 10th. TD Cowen reiterated a “buy” rating on shares of Editas Medicine in a research note on Wednesday, May 27th. Weiss Ratings reissued a “sell (e+)” rating on shares of Editas Medicine in a report on Friday, July 17th. Finally, Chardan Capital increased their price objective on Editas Medicine from $3.50 to $4.00 and gave the stock a “buy” rating in a research note on Tuesday, May 5th. Five investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $5.40.

Editas Medicine Company Profile

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.