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

Editas Medicine (NASDAQ:EDIT) posted its quarterly earnings data 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 return on equity of 62.61% and a negative net margin of 288.59%. The company had revenue of $0.06 million for the quarter, compared to analysts’ expectations of $3.93 million. During the same period in the previous year, the firm posted ($0.55) EPS. Editas Medicine’s revenue was down 98.9% compared to the same quarter last year.

Editas Medicine Stock Performance

EDIT opened at $3.12 on Wednesday. The stock has a market capitalization of $257.33 million, a PE ratio of -1.22 and a beta of 2.01. Editas Medicine has a one year low of $2.70 and a one year high of $11.69. The business’s 50 day moving average price is $3.42 and its 200 day moving average price is $4.51.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the company. Raymond James downgraded Editas Medicine from an “outperform” rating to a “market perform” rating in a research report on Monday. Bank of America raised shares of Editas Medicine from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $13.00 to $15.00 in a research note on Thursday, August 8th. 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 report on Tuesday. Barclays decreased 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, Chardan Capital reaffirmed a “buy” rating and set a $12.00 price objective on shares of Editas Medicine in a research note on Tuesday. One analyst has rated the stock with a sell rating, seven have issued a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $9.08.

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.