Editas Medicine (NASDAQ:EDIT) Posts Quarterly Earnings Results, Misses Estimates By $0.13 EPS

Editas Medicine (NASDAQ:EDIT) posted its earnings results on Wednesday. The company reported ($0.76) EPS for the quarter, missing the consensus estimate of ($0.63) by ($0.13), Briefing.com reports. The firm had revenue of $1.10 million during the quarter, compared to analyst estimates of $11.14 million. Editas Medicine had a negative net margin of 196.12% and a negative return on equity of 42.95%. Editas Medicine’s revenue for the quarter was down 88.9% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.71) EPS.

Editas Medicine Price Performance

NASDAQ EDIT traded up $0.45 on Thursday, reaching $5.49. The company had a trading volume of 1,453,981 shares, compared to its average volume of 1,829,038. The firm has a market cap of $451.47 million, a price-to-earnings ratio of -2.66 and a beta of 2.09. Editas Medicine has a fifty-two week low of $4.91 and a fifty-two week high of $11.91. The business has a 50 day moving average of $7.03 and a two-hundred day moving average of $8.24.

Insider Activity at Editas Medicine

In related news, CEO Gilmore Neil O’neill sold 77,824 shares of the stock in a transaction on Tuesday, March 5th. The stock was sold at an average price of $9.42, for a total value of $733,102.08. Following the completion of the sale, the chief executive officer now directly owns 327,470 shares in the company, valued at $3,084,767.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other Editas Medicine news, CEO Gilmore Neil O’neill sold 77,824 shares of the stock in a transaction dated Tuesday, March 5th. The stock was sold at an average price of $9.42, for a total transaction of $733,102.08. Following the completion of the sale, the chief executive officer now directly owns 327,470 shares in the company, valued at approximately $3,084,767.40. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, SVP Baisong Mei sold 20,327 shares of the stock in a transaction dated Monday, March 4th. The stock was sold at an average price of $9.42, for a total value of $191,480.34. Following the sale, the senior vice president now owns 141,543 shares of the company’s stock, valued at $1,333,335.06. The disclosure for this sale can be found here. 1.90% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on the company. Barclays reduced their price target on Editas Medicine from $11.00 to $9.00 and set an “equal weight” rating on the stock in a research report on Thursday. Citigroup increased their price target on Editas Medicine from $11.00 to $16.00 and gave the stock a “buy” rating in a research report on Thursday, February 29th. StockNews.com raised Editas Medicine from a “sell” rating to a “hold” rating in a research report on Friday, March 1st. JPMorgan Chase & Co. increased their price target on Editas Medicine from $8.00 to $9.00 and gave the stock a “neutral” rating in a research report on Tuesday, February 27th. Finally, Morgan Stanley upgraded Editas Medicine from an “underweight” rating to an “equal weight” rating and set a $7.00 target price for the company in a research note on Thursday. Six research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $14.00.

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.