Editas Medicine (NASDAQ:EDIT) Announces Earnings Results

Editas Medicine (NASDAQ:EDIT) issued its earnings results on Wednesday. The company reported ($0.55) 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 Price Performance

Shares of NASDAQ EDIT traded up $0.29 during midday trading on Wednesday, reaching $2.05. 9,105,739 shares of the company traded hands, compared to its average volume of 4,641,256. The company has a market cap of $169.22 million, a price-to-earnings ratio of -0.80 and a beta of 1.94. The stock has a 50-day moving average price of $1.44 and a 200 day moving average price of $2.45. Editas Medicine has a 52 week low of $1.12 and a 52 week high of $9.60.

Analyst Ratings Changes

Several research firms have weighed in on EDIT. Evercore ISI lowered their target price on shares of Editas Medicine from $7.00 to $5.00 and set an “outperform” rating for the company in a research note on Monday, December 16th. Stifel Nicolaus lowered shares of Editas Medicine from a “buy” rating to a “hold” rating and decreased their price target for the company from $11.00 to $3.00 in a report on Friday, December 13th. Truist Financial lowered shares of Editas Medicine from a “buy” rating to a “hold” rating in a research note on Friday, December 13th. Chardan Capital restated a “neutral” rating on shares of Editas Medicine in a research note on Friday, December 13th. Finally, Robert W. Baird lowered their target price on Editas Medicine from $10.00 to $8.00 and set an “outperform” rating for the company in a report on Friday, December 13th. Three analysts have rated the stock with a sell rating, nine have assigned a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $6.83.

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.