Editas Medicine (NASDAQ:EDIT) Releases Quarterly Earnings Results, Hits Expectations

Editas Medicine (NASDAQ:EDIT) issued its earnings results on Monday. The company reported ($0.75) EPS for the quarter, hitting analysts’ consensus estimates of ($0.75), Briefing.com reports. The firm had revenue of $0.06 million during the quarter, compared to the consensus estimate of $3.93 million. Editas Medicine had a negative net margin of 288.59% and a negative return on equity of 62.61%. The company’s revenue was down 98.9% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.55) earnings per share.

Editas Medicine Stock Performance

EDIT traded up $0.16 during trading on Wednesday, hitting $3.28. The stock had a trading volume of 4,225,856 shares, compared to its average volume of 1,934,962. The firm has a market capitalization of $270.52 million, a P/E ratio of -1.28 and a beta of 2.01. Editas Medicine has a twelve month low of $2.70 and a twelve month high of $11.69. The company’s 50-day moving average price is $3.42 and its 200 day moving average price is $4.50.

Analysts Set New Price Targets

EDIT has been the topic of several research analyst reports. Raymond James lowered Editas Medicine from an “outperform” rating to a “market perform” rating in a research report on Monday. Royal Bank of Canada cut their price objective on shares of Editas Medicine from $8.00 to $5.00 and set a “sector perform” rating on the stock in a report on Tuesday. Stifel Nicolaus lowered their target price on shares of Editas Medicine from $17.00 to $11.00 and set a “buy” rating for the company in a report on Tuesday. 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 research note on Tuesday. Finally, Truist Financial decreased their price objective on shares of Editas Medicine from $12.00 to $8.00 and set a “buy” rating for the company in a research note on Tuesday. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat, Editas Medicine presently has a consensus rating of “Hold” and a consensus target price of $9.08.

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.