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

Editas Medicine (NASDAQ:EDIT) announced its earnings results on Tuesday. The company reported ($0.26) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.30) by $0.04, FiscalAI reports. The firm had revenue of $2.83 million during the quarter, compared to analyst estimates 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 EDIT traded down $0.02 on Tuesday, reaching $2.98. The stock had a trading volume of 122,450 shares, compared to its average volume of 1,680,346. The firm has a market capitalization of $291.76 million, a price-to-earnings ratio of -1.58 and a beta of 2.14. The company has a 50-day simple moving average of $2.61 and a 200-day simple moving average of $2.49. Editas Medicine has a 12-month low of $1.29 and a 12-month high of $4.54.

Analysts Set New Price Targets

A number of research analysts have recently commented on EDIT shares. Wall Street Zen upgraded Editas Medicine from a “sell” rating to a “hold” rating in a research note on Saturday. TD Cowen restated a “buy” rating on shares of Editas Medicine in a research note on Monday, March 9th. Robert W. Baird set a $6.00 target price on Editas Medicine in a research note on Monday, March 9th. Weiss Ratings restated a “sell (e+)” rating on shares of Editas Medicine in a research note on Monday, April 20th. Finally, Chardan Capital restated a “buy” rating and issued a $3.50 target price 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 given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Editas Medicine has an average rating of “Moderate Buy” and an average price target of $5.30.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in EDIT. Renaissance Technologies LLC raised its stake in Editas Medicine by 138.0% during the fourth quarter. Renaissance Technologies LLC now owns 3,039,778 shares of the company’s stock valued at $6,232,000 after buying an additional 1,762,378 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in 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 valued at $3,016,000 after buying an additional 1,430,000 shares during the last quarter. Jacobs Levy Equity Management Inc. raised its stake in Editas Medicine by 761.7% during the third quarter. Jacobs Levy Equity Management Inc. now owns 800,023 shares of the company’s stock valued at $2,776,000 after buying an additional 707,181 shares during the last quarter. Two Sigma Investments LP raised its stake in Editas Medicine by 63.3% during the third quarter. Two Sigma Investments LP now owns 1,584,155 shares of the company’s stock valued at $5,497,000 after buying an additional 614,229 shares during the last quarter. Finally, 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 valued at $869,000 after buying an additional 558,567 shares during the last quarter. Hedge funds and other institutional investors own 71.90% of the company’s stock.

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.