Editas Medicine (NASDAQ:EDIT) Announces Earnings Results

Editas Medicine (NASDAQ:EDIT) posted its quarterly earnings results on Monday. The company reported ($0.75) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.75), Briefing.com reports. The business had revenue of $0.06 million during the quarter, compared to analysts’ expectations of $3.93 million. Editas Medicine had a negative net margin of 288.59% and a negative return on equity of 62.61%. The business’s quarterly revenue was down 98.9% on a year-over-year basis. During the same quarter last year, the company posted ($0.55) earnings per share.

Editas Medicine Trading Up 8.3 %

Shares of EDIT opened at $3.12 on Wednesday. The firm has a market cap of $257.33 million, a P/E ratio of -1.22 and a beta of 2.01. The stock’s 50 day moving average is $3.42 and its two-hundred day moving average is $4.51. Editas Medicine has a 12 month low of $2.70 and a 12 month high of $11.69.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on EDIT. Bank of America upgraded Editas Medicine from a “neutral” rating to a “buy” rating and raised their target price for the stock from $13.00 to $15.00 in a research note on Thursday, August 8th. Truist Financial reduced their price objective on Editas Medicine from $12.00 to $8.00 and set a “buy” rating for the company in a research note on Tuesday. Raymond James lowered Editas Medicine from an “outperform” rating to a “market perform” rating in a research report on Monday. Wells Fargo & Company reduced their price target on shares of Editas Medicine from $9.00 to $7.00 and set an “overweight” rating for the company in a research report on Tuesday. Finally, Stifel Nicolaus dropped their price objective on shares of Editas Medicine from $17.00 to $11.00 and set a “buy” rating on the stock in a report on Tuesday. One research analyst has rated the stock with a sell rating, seven have given a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat, Editas Medicine currently has a consensus rating of “Hold” and an average target price of $9.08.

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.