Editas Medicine (NASDAQ:EDIT) Releases Earnings Results, Hits Estimates

Editas Medicine (NASDAQ:EDIT) released its quarterly earnings results on Monday. The company reported ($0.75) earnings per share for the quarter, meeting the consensus estimate of ($0.75), Briefing.com reports. Editas Medicine had a negative return on equity of 72.15% and a negative net margin of 340.96%. The company had revenue of $0.06 million for the quarter, compared to analyst estimates of $3.93 million. During the same quarter in the prior year, the firm posted ($0.55) EPS. Editas Medicine’s quarterly revenue was down 98.9% compared to the same quarter last year.

Editas Medicine Price Performance

NASDAQ EDIT traded down $0.10 during trading on Thursday, hitting $3.18. The company’s stock had a trading volume of 1,047,073 shares, compared to its average volume of 1,930,853. The business’s 50 day simple moving average is $3.42 and its 200-day simple moving average is $4.50. Editas Medicine has a fifty-two week low of $2.70 and a fifty-two week high of $11.69.

Analyst Ratings Changes

EDIT has been the topic of several recent research reports. Barclays decreased their price target on Editas Medicine from $7.00 to $5.00 and set an “equal weight” rating on the stock in a report on Tuesday. Raymond James lowered Editas Medicine from an “outperform” rating to a “market perform” rating in a research note on Monday. Bank of America upgraded Editas Medicine from a “neutral” rating to a “buy” rating and increased their target price for the stock from $13.00 to $15.00 in a research note on Thursday, August 8th. Wells Fargo & Company reduced their target price on Editas Medicine from $9.00 to $7.00 and set an “overweight” rating on the stock in a research note on Tuesday. Finally, Royal Bank of Canada reduced their target price on Editas Medicine from $8.00 to $5.00 and set a “sector perform” rating on the stock in a research note on Tuesday. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat.com, Editas Medicine currently has a consensus rating of “Hold” and an average price target 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.