Editas Medicine (NASDAQ:EDIT) Announces Quarterly Earnings Results

Editas Medicine (NASDAQ:EDIT) issued its earnings results on Monday. The company reported ($0.75) earnings per share (EPS) for the quarter, hitting 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 firm had revenue of $0.06 million for the quarter, compared to analysts’ expectations of $3.93 million. During the same quarter last year, the business earned ($0.55) earnings per share. The business’s revenue was down 98.9% on a year-over-year basis.

Editas Medicine Stock Performance

Shares of EDIT traded up $0.06 during mid-day trading on Tuesday, hitting $2.94. 460,088 shares of the company traded hands, compared to its average volume of 1,916,354. Editas Medicine has a 1 year low of $2.70 and a 1 year high of $11.69. The stock has a 50-day moving average price of $3.44 and a two-hundred day moving average price of $4.52. The stock has a market cap of $242.49 million, a price-to-earnings ratio of -1.25 and a beta of 2.01.

Wall Street Analysts Forecast Growth

EDIT has been the topic of a number of analyst reports. Evercore ISI decreased their price objective on shares of Editas Medicine from $7.00 to $3.00 and set an “in-line” rating on the stock in a research report on Wednesday, October 23rd. Raymond James downgraded Editas Medicine from an “outperform” rating to a “market perform” rating in a report on Monday. Royal Bank of Canada reiterated a “sector perform” rating and issued a $8.00 price objective on shares of Editas Medicine in a research report on Thursday, September 19th. Chardan Capital decreased their target price on Editas Medicine from $20.00 to $12.00 and set a “buy” rating for the company in a report on Tuesday, October 22nd. Finally, Barclays cut their price target on shares of Editas Medicine from $7.00 to $5.00 and set an “equal weight” rating on the stock in a report on Tuesday. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $9.18.

Editas Medicine Company Profile

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.