Editas Medicine (NASDAQ:EDIT) Announces Earnings Results

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

Editas Medicine Stock Up 2.4 %

EDIT traded up $0.07 during trading on Tuesday, hitting $2.95. The company’s stock had a trading volume of 457,889 shares, compared to its average volume of 1,916,022. The firm has a market cap of $243.32 million, a PE ratio of -1.25 and a beta of 2.01. The business’s 50 day simple moving average is $3.44 and its 200-day simple moving average is $4.52. Editas Medicine has a one year low of $2.70 and a one year high of $11.69.

Wall Street Analyst Weigh In

EDIT has been the subject of a number of research reports. Chardan Capital decreased their price target on shares of Editas Medicine from $20.00 to $12.00 and set a “buy” rating for the company in a research note on Tuesday, October 22nd. Royal Bank of Canada restated a “sector perform” rating and set a $8.00 price target on shares of Editas Medicine in a research report on Thursday, September 19th. Wells Fargo & Company lowered their price objective on Editas Medicine from $9.00 to $7.00 and set an “overweight” rating for the company in a research report on Tuesday. Truist Financial reduced their target price on shares of Editas Medicine from $12.00 to $8.00 and set a “buy” rating on the stock in a research report on Tuesday. Finally, Bank of America raised shares of Editas Medicine from a “neutral” rating to a “buy” rating and lifted their price target for the company from $13.00 to $15.00 in a research report on Thursday, August 8th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $9.18.

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.