Editas Medicine, Inc. (EDIT) Announces Earnings Results, Misses Expectations By $0.01 EPS
Editas Medicine, Inc. (NASDAQ:EDIT) posted its earnings results on Wednesday. The company reported ($0.65) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.64) by $0.01, Briefing.com reports. Editas Medicine had a negative net margin of 1,864.00% and a negative return on equity of 63.29%. The firm had revenue of $3.10 million for the quarter, compared to analysts’ expectations of $2.20 million. During the same period in the previous year, the company earned ($0.54) EPS. The company’s revenue was down 8.8% on a year-over-year basis.
Shares of Editas Medicine (EDIT) traded up 4.51% on Thursday, reaching $18.79. 157,591 shares of the company’s stock were exchanged. The firm’s market capitalization is $765.30 million. Editas Medicine has a one year low of $12.43 and a one year high of $29.20. The firm has a 50 day moving average of $16.99 and a 200 day moving average of $18.99.
In other Editas Medicine news, insider Gerald Frank Cox purchased 4,000 shares of Editas Medicine stock in a transaction that occurred on Friday, June 2nd. The stock was purchased at an average price of $14.15 per share, for a total transaction of $56,600.00. Following the transaction, the insider now directly owns 4,000 shares in the company, valued at $56,600. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Boris Nikolic purchased 35,000 shares of Editas Medicine stock in a transaction that occurred on Friday, June 2nd. The stock was acquired at an average price of $14.07 per share, with a total value of $492,450.00. Following the transaction, the director now owns 35,000 shares in the company, valued at $492,450. The disclosure for this purchase can be found here.
Hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its stake in Editas Medicine by 47.0% in the first quarter. Vanguard Group Inc. now owns 1,935,173 shares of the company’s stock valued at $43,193,000 after buying an additional 618,789 shares during the period. FMR LLC increased its stake in Editas Medicine by 7.3% in the first quarter. FMR LLC now owns 5,901,489 shares of the company’s stock valued at $131,721,000 after buying an additional 403,099 shares during the period. Clough Capital Partners L P increased its stake in Editas Medicine by 678.0% in the first quarter. Clough Capital Partners L P now owns 392,087 shares of the company’s stock valued at $8,751,000 after buying an additional 341,687 shares during the period. LMR Partners LLP acquired a new stake in Editas Medicine during the first quarter valued at approximately $3,419,000. Finally, York Capital Management Global Advisors LLC acquired a new stake in Editas Medicine during the first quarter valued at approximately $3,348,000. Hedge funds and other institutional investors own 67.87% of the company’s stock.
EDIT has been the topic of a number of recent analyst reports. Zacks Investment Research upgraded shares of Editas Medicine from a “hold” rating to a “buy” rating and set a $19.00 price target on the stock in a research note on Wednesday, July 12th. Cann initiated coverage on shares of Editas Medicine in a research note on Monday, July 17th. They set a “market perform” rating on the stock. SunTrust Banks, Inc. initiated coverage on shares of Editas Medicine in a research note on Thursday, July 13th. They set a “hold” rating and a $17.00 price target on the stock. Oppenheimer Holdings, Inc. reiterated a “market perform” rating on shares of Editas Medicine in a research note on Tuesday, July 18th. Finally, J P Morgan Chase & Co set a $27.00 price target on shares of Editas Medicine and gave the company a “hold” rating in a research note on Wednesday. Five research analysts have rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company. Editas Medicine currently has an average rating of “Buy” and a consensus price target of $25.03.
About Editas Medicine
Editas Medicine, Inc is a genome editing company. It is engaged in treating patients with genetically defined diseases by correcting their disease-causing genes. It operates through developing and commercializing genome editing technology segment. It is developing a genome editing platform based on clustered, regularly interspaced short palindromic repeats (CRISPR) technology.
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