Editas Medicine (NASDAQ:EDIT) Issues Quarterly Earnings Results, Misses Estimates By $0.16 EPS

Editas Medicine (NASDAQ:EDIT) issued its quarterly earnings data on Wednesday. The company reported ($0.55) earnings per share for the quarter, missing the consensus estimate of ($0.39) by ($0.16), Zacks reports. The company had revenue of $30.60 million for the quarter, compared to the consensus estimate of $37.17 million. Editas Medicine had a negative return on equity of 80.13% and a negative net margin of 340.96%. During the same period in the previous year, the firm earned ($0.23) earnings per share.

Editas Medicine Trading Up 16.5 %

Shares of Editas Medicine stock opened at $2.05 on Thursday. The firm’s 50 day simple moving average is $1.46 and its two-hundred day simple moving average is $2.45. The firm has a market capitalization of $169.22 million, a price-to-earnings ratio of -0.80 and a beta of 1.94. Editas Medicine has a 12-month low of $1.12 and a 12-month high of $9.60.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the company. Truist Financial downgraded Editas Medicine from a “buy” rating to a “hold” rating in a research report on Friday, December 13th. Stifel Nicolaus cut shares of Editas Medicine from a “buy” rating to a “hold” rating and cut their price objective for the company from $11.00 to $3.00 in a research report on Friday, December 13th. Royal Bank of Canada lowered their target price on shares of Editas Medicine from $5.00 to $4.00 and set a “sector perform” rating for the company in a report on Friday, December 13th. Chardan Capital reissued a “neutral” rating on shares of Editas Medicine in a research report on Friday, December 13th. Finally, Evercore ISI decreased their price objective on shares of Editas Medicine from $7.00 to $5.00 and set an “outperform” rating for the company in a research note on Monday, December 16th. Three investment analysts have rated the stock with a sell rating, nine have given a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $6.83.

Editas Medicine Company Profile

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.