FY2024 EPS Estimates for Editas Medicine Lowered by Analyst

Editas Medicine, Inc. (NASDAQ:EDIT) – Stock analysts at Cantor Fitzgerald dropped their FY2024 earnings estimates for shares of Editas Medicine in a note issued to investors on Tuesday, November 5th. Cantor Fitzgerald analyst E. Schmidt now anticipates that the company will post earnings per share of ($3.05) for the year, down from their previous forecast of ($2.96). The consensus estimate for Editas Medicine’s current full-year earnings is ($2.96) per share.

Editas Medicine (NASDAQ:EDIT) last posted its earnings results on Monday, November 4th. The company reported ($0.75) earnings per share for the quarter, meeting the consensus estimate of ($0.75). The business had revenue of $0.06 million during the quarter, compared to the consensus estimate of $3.93 million. Editas Medicine had a negative return on equity of 72.15% and a negative net margin of 340.96%. The business’s quarterly revenue was down 98.9% on a year-over-year basis. During the same period in the previous year, the business earned ($0.55) EPS.

A number of other analysts have also recently weighed in on the stock. Stifel Nicolaus decreased their price target on shares of Editas Medicine from $17.00 to $11.00 and set a “buy” rating for the company in a research note on Tuesday. Royal Bank of Canada lowered their price target on Editas Medicine from $8.00 to $5.00 and set a “sector perform” rating on the stock in a report on Tuesday. Raymond James downgraded Editas Medicine from an “outperform” rating to a “market perform” rating in a research note on Monday. Evercore ISI raised Editas Medicine from an “in-line” rating to an “outperform” rating in a report on Wednesday. Finally, Wells Fargo & Company reduced their target price on shares of Editas Medicine from $9.00 to $7.00 and set an “overweight” rating for the company in a research note on Tuesday. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and seven have assigned a buy rating to the company. According to MarketBeat, Editas Medicine currently has an average rating of “Hold” and an average target price of $9.08.

Editas Medicine Trading Down 3.4 %

Shares of NASDAQ EDIT opened at $3.17 on Friday. The stock has a market cap of $261.46 million, a P/E ratio of -1.24 and a beta of 2.01. The stock has a 50 day moving average of $3.40 and a two-hundred day moving average of $4.49. Editas Medicine has a twelve month low of $2.70 and a twelve month high of $11.69.

Institutional Trading of Editas Medicine

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Drive Wealth Management LLC acquired a new stake in shares of Editas Medicine during the third quarter worth $65,000. GSA Capital Partners LLP increased its stake in shares of Editas Medicine by 89.0% during the 3rd quarter. GSA Capital Partners LLP now owns 182,725 shares of the company’s stock valued at $623,000 after acquiring an additional 86,020 shares during the last quarter. Arcadia Investment Management Corp MI purchased a new position in shares of Editas Medicine during the 3rd quarter worth about $39,000. China Universal Asset Management Co. Ltd. boosted its position in shares of Editas Medicine by 64.2% in the third quarter. China Universal Asset Management Co. Ltd. now owns 15,863 shares of the company’s stock worth $54,000 after acquiring an additional 6,202 shares during the last quarter. Finally, Ballentine Partners LLC acquired a new position in Editas Medicine during the third quarter worth approximately $36,000. 71.90% of the stock is owned by hedge funds and other institutional investors.

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.