Editas Medicine (NASDAQ:EDIT) Posts Earnings Results, Misses Estimates By $0.16 EPS

Editas Medicine (NASDAQ:EDIT) released its quarterly earnings results on Wednesday. The company reported ($0.55) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.39) by ($0.16), Zacks reports. Editas Medicine had a negative return on equity of 80.13% and a negative net margin of 340.96%.

Editas Medicine Trading Up 16.5 %

EDIT stock traded up $0.29 during midday trading on Wednesday, hitting $2.05. 9,105,739 shares of the company’s stock were exchanged, compared to its average volume of 4,641,256. The stock has a market capitalization of $169.22 million, a price-to-earnings ratio of -0.80 and a beta of 1.94. The firm has a 50 day moving average price of $1.44 and a 200-day moving average price of $2.45. Editas Medicine has a 12-month low of $1.12 and a 12-month high of $9.60.

Wall Street Analysts Forecast Growth

EDIT has been the topic of several research reports. Stifel Nicolaus lowered shares of Editas Medicine from a “buy” rating to a “hold” rating and lowered their price target for the company from $11.00 to $3.00 in a research report on Friday, December 13th. Royal Bank of Canada lowered their target price on Editas Medicine from $5.00 to $4.00 and set a “sector perform” rating on the stock in a report on Friday, December 13th. Wells Fargo & Company cut Editas Medicine from an “overweight” rating to an “equal weight” rating and cut their price target for the stock from $7.00 to $4.00 in a report on Wednesday, December 11th. JPMorgan Chase & Co. lowered Editas Medicine from a “neutral” rating to an “underweight” rating in a research note on Monday, December 16th. Finally, Robert W. Baird reduced their target price on shares of Editas Medicine from $10.00 to $8.00 and set an “outperform” rating on the stock in a report on Friday, December 13th. Three analysts have rated the stock with a sell rating, nine have issued a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $6.83.

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.