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

Editas Medicine (NASDAQ:EDIT) announced its earnings results on Monday. The company reported ($0.15) EPS for the quarter, topping analysts’ consensus estimates 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 Price Performance

Shares of EDIT opened at $2.57 on Monday. The firm has a market cap of $394.70 million, a P/E ratio of -3.43 and a beta of 2.08. Editas Medicine has a 1 year low of $1.66 and a 1 year high of $3.94. The company has a 50 day simple moving average of $2.70 and a two-hundred day simple moving average of $2.69.

Analyst Ratings Changes

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

Editas Medicine Company Profile

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.