Editas Medicine (NASDAQ:EDIT) Issues Earnings Results, Beats Expectations By $0.21 EPS

Editas Medicine (NASDAQ:EDIT) posted its quarterly earnings data on Monday. The company reported ($0.06) EPS for the quarter, topping analysts’ consensus estimates of ($0.27) by $0.21, FiscalAI reports. The firm had revenue of $24.74 million for the quarter, compared to analyst estimates of $8.77 million. Editas Medicine had a negative return on equity of 277.29% and a negative net margin of 430.84%.

Editas Medicine Trading Up 5.5%

EDIT opened at $2.00 on Monday. The company has a market cap of $195.24 million, a P/E ratio of -0.84 and a beta of 2.16. The company’s 50 day moving average is $2.00 and its 200-day moving average is $2.57. Editas Medicine has a 1-year low of $0.91 and a 1-year high of $4.54.

Analysts Set New Price Targets

A number of research analysts recently commented on EDIT shares. Weiss Ratings restated a “sell (e+)” rating on shares of Editas Medicine in a research report on Wednesday, January 21st. Chardan Capital raised shares of Editas Medicine from a “hold” rating to a “strong-buy” rating in a research report on Thursday, November 13th. Two equities research analysts have rated the stock with a Strong Buy rating, two have given a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, Editas Medicine presently has a consensus rating of “Moderate Buy” and a consensus target price of $5.00.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in shares of Editas Medicine by 122.2% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 2,600,000 shares of the company’s stock worth $3,016,000 after buying an additional 1,430,000 shares during the period. Acadian Asset Management LLC raised its stake in Editas Medicine by 288.5% during the first quarter. Acadian Asset Management LLC now owns 752,162 shares of the company’s stock worth $869,000 after buying an additional 558,567 shares during the last quarter. Geode Capital Management LLC lifted its holdings in Editas Medicine by 1.1% in the second quarter. Geode Capital Management LLC now owns 1,964,298 shares of the company’s stock valued at $4,323,000 after buying an additional 20,521 shares during the period. JPMorgan Chase & Co. lifted its holdings in Editas Medicine by 15.2% in the second quarter. JPMorgan Chase & Co. now owns 1,065,722 shares of the company’s stock valued at $2,345,000 after buying an additional 140,916 shares during the period. Finally, Bridgeway Capital Management LLC boosted its position in Editas Medicine by 500.0% during the second quarter. Bridgeway Capital Management LLC now owns 120,000 shares of the company’s stock valued at $264,000 after acquiring an additional 100,000 shares during the last quarter. 71.90% of the stock is owned by institutional investors.

Editas Medicine Company Profile

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 β-thalassemia using an ex vivo editing approach.