Editas Medicine (NASDAQ:EDIT) Issues Quarterly Earnings Results, Misses Estimates By $0.13 EPS

Editas Medicine (NASDAQ:EDIT) issued its earnings results on Wednesday. The company reported ($0.76) EPS for the quarter, missing analysts’ consensus estimates of ($0.63) by ($0.13), Briefing.com reports. Editas Medicine had a negative return on equity of 42.95% and a negative net margin of 196.12%. The company had revenue of $1.10 million for the quarter, compared to analysts’ expectations of $11.14 million. During the same period last year, the business posted ($0.71) earnings per share. The business’s revenue was down 88.9% compared to the same quarter last year.

Editas Medicine Stock Up 8.3 %

Shares of NASDAQ:EDIT traded up $0.42 during midday trading on Thursday, reaching $5.46. The company’s stock had a trading volume of 1,502,016 shares, compared to its average volume of 1,829,678. The firm has a market capitalization of $449.00 million, a PE ratio of -2.66 and a beta of 2.09. The stock has a fifty day moving average of $7.03 and a 200 day moving average of $8.24. Editas Medicine has a twelve month low of $4.91 and a twelve month high of $11.91.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on EDIT shares. Barclays decreased their target price on Editas Medicine from $11.00 to $9.00 and set an “equal weight” rating for the company in a research report on Thursday. Morgan Stanley raised shares of Editas Medicine from an “underweight” rating to an “equal weight” rating and set a $7.00 price objective for the company in a research note on Thursday. JPMorgan Chase & Co. raised their target price on shares of Editas Medicine from $8.00 to $9.00 and gave the company a “neutral” rating in a research report on Tuesday, February 27th. Citigroup boosted their price target on shares of Editas Medicine from $11.00 to $16.00 and gave the company a “buy” rating in a report on Thursday, February 29th. Finally, StockNews.com upgraded shares of Editas Medicine from a “sell” rating to a “hold” rating in a research note on Friday, March 1st. Six analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $14.00.

Insider Buying and Selling at Editas Medicine

In other Editas Medicine news, SVP Baisong Mei sold 20,327 shares of the company’s stock in a transaction on Monday, March 4th. The shares were sold at an average price of $9.42, for a total transaction of $191,480.34. Following the completion of the transaction, the senior vice president now directly owns 141,543 shares in the company, valued at $1,333,335.06. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Editas Medicine news, SVP Baisong Mei sold 20,327 shares of the stock in a transaction that occurred on Monday, March 4th. The stock was sold at an average price of $9.42, for a total transaction of $191,480.34. Following the completion of the transaction, the senior vice president now owns 141,543 shares of the company’s stock, valued at $1,333,335.06. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Gilmore Neil O’neill sold 77,824 shares of the firm’s stock in a transaction on Tuesday, March 5th. The shares were sold at an average price of $9.42, for a total value of $733,102.08. Following the completion of the transaction, the chief executive officer now owns 327,470 shares in the company, valued at approximately $3,084,767.40. The disclosure for this sale can be found here. Company insiders own 1.90% of the company’s stock.

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.