Editas Medicine (NASDAQ:EDIT) Announces Earnings Results

Editas Medicine (NASDAQ:EDIT) announced its quarterly earnings data on Tuesday. The company reported ($0.26) earnings per share for the quarter, beating the consensus estimate of ($0.30) by $0.04, FiscalAI reports. The firm had revenue of $2.83 million during the quarter, compared to the consensus estimate of $5.94 million. Editas Medicine had a negative return on equity of 389.73% and a negative net margin of 395.02%.

Editas Medicine Stock Performance

Shares of Editas Medicine stock traded down $0.02 during midday trading on Tuesday, reaching $2.98. 122,450 shares of the company’s stock traded hands, compared to its average volume of 1,680,346. The company has a market cap of $291.76 million, a PE ratio of -1.58 and a beta of 2.14. The stock has a 50 day moving average of $2.61 and a 200-day moving average of $2.49. Editas Medicine has a 12 month low of $1.29 and a 12 month high of $4.54.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. Price T Rowe Associates Inc. MD lifted its position in shares of Editas Medicine by 7.2% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 92,397 shares of the company’s stock worth $190,000 after purchasing an additional 6,177 shares during the period. BNP Paribas Financial Markets increased its position in shares of Editas Medicine by 33.3% during the third quarter. BNP Paribas Financial Markets now owns 27,168 shares of the company’s stock valued at $94,000 after buying an additional 6,787 shares during the period. Victory Capital Management Inc. purchased a new position in shares of Editas Medicine during the third quarter valued at about $36,000. Captrust Financial Advisors bought a new position in Editas Medicine in the second quarter worth about $26,000. Finally, Sei Investments Co. purchased a new stake in Editas Medicine in the third quarter worth about $46,000. 71.90% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on the stock. TD Cowen reaffirmed a “buy” rating on shares of Editas Medicine in a research note on Monday, March 9th. Weiss Ratings reissued a “sell (e+)” rating on shares of Editas Medicine in a research report on Monday, April 20th. Chardan Capital reissued a “buy” rating and issued a $3.50 price target on shares of Editas Medicine in a report on Monday, March 9th. JonesTrading upgraded shares of Editas Medicine from a “hold” rating to a “buy” rating and set a $8.00 price objective on the stock in a research report on Tuesday, March 10th. Finally, Robert W. Baird set a $6.00 price objective on shares of Editas Medicine in a research note on Monday, March 9th. Five research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $5.30.

About Editas Medicine

Editas Medicine is a clinical-stage biotechnology company focused on translating the power of gene editing into a new class of transformative genomic medicines. Founded in 2013 and headquartered in Cambridge, Massachusetts, the company leverages proprietary CRISPR/Cas9 and CRISPR/Cas12a (Cpf1) platforms to develop therapies aimed at correcting disease-causing genetic mutations. Editas Medicine’s research and development efforts span multiple therapeutic areas, including inherited retinal diseases, hemoglobinopathies, and oncology.

The company’s pipeline includes EDIT-101, a lead candidate designed to treat Leber congenital amaurosis type 10 (LCA10), which has entered early-stage clinical trials, and EDIT-301, targeting sickle cell disease and ?-thalassemia using an ex vivo editing approach.