Editas Medicine (NASDAQ:EDIT) Releases Earnings Results, Beats Estimates By $0.04 EPS

Editas Medicine (NASDAQ:EDIT) released its quarterly earnings data on Monday. The company reported ($0.15) EPS for the quarter, beating the consensus estimate of ($0.19) by $0.04, FiscalAI reports. Editas Medicine had a negative return on equity of 196.63% and a negative net margin of 157.32%. The company had revenue of $10.37 million for the quarter, compared to analysts’ expectations of $4.54 million.

Editas Medicine Stock Performance

Shares of EDIT opened at $2.57 on Monday. The firm has a market cap of $394.70 million, a PE ratio of -3.43 and a beta of 2.08. The firm has a fifty day simple moving average of $2.70 and a two-hundred day simple moving average of $2.69. Editas Medicine has a 1-year low of $1.66 and a 1-year high of $3.94.

Analyst Upgrades and Downgrades

EDIT has been the subject of several research analyst reports. Guggenheim upgraded Editas Medicine from a “neutral” rating to a “buy” rating and set a $5.00 price objective for the company in a report on Wednesday, September 23rd. Wells Fargo & Company upgraded shares of Editas Medicine from an “equal weight” rating to an “overweight” rating and upped their target price for the company from $4.00 to $6.00 in a research note on Thursday, October 8th. Wall Street Zen raised shares of Editas Medicine from a “sell” rating to a “hold” rating in a report on Saturday, August 8th. Weiss Ratings raised shares of Editas Medicine from a “sell (e+)” rating to a “sell (d-)” rating in a report on Tuesday, August 11th. Finally, LADENBURG THALM/SH SH started coverage on shares of Editas Medicine in a research note on Tuesday, August 18th. They issued a “buy” rating and a $6.00 price target for the company. Six equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $5.83.

About Editas Medicine

Editas Medicine, Inc is a biotechnology company focused on developing genomic medicines using CRISPR-based gene-editing technologies. The company’s research platforms include CRISPR/Cas9 and CRISPR/Cas12a, which are designed to make precise changes to DNA and potentially treat diseases caused by genetic abnormalities.

Editas Medicine’s lead investigational program is reni-cel, formerly known as EDIT-301. Reni-cel is an ex vivo gene-editing therapy intended to treat sickle cell disease and transfusion-dependent beta thalassemia by modifying a patient’s blood-forming stem cells before they are returned to the body.