Cantor Fitzgerald Expects Lower Earnings for Editas Medicine

Editas Medicine, Inc. (NASDAQ:EDIT - Free Report) - Research analysts at Cantor Fitzgerald dropped their FY2024 EPS estimates for shares of Editas Medicine in a research report issued on Tuesday, November 5th. Cantor Fitzgerald analyst E. Schmidt now expects that the company will post earnings per share of ($3.05) for the year, down from their prior forecast of ($2.96). The consensus estimate for Editas Medicine's current full-year earnings is ($2.96) per share.

A number of other analysts also recently weighed in on the company. Royal Bank of Canada decreased their price target on Editas Medicine from $8.00 to $5.00 and set a "sector perform" rating on the stock in a research note on Tuesday. Truist Financial lowered their price target on shares of Editas Medicine from $12.00 to $8.00 and set a "buy" rating on the stock in a research note on Tuesday. Chardan Capital reiterated a "buy" rating and issued a $12.00 price objective on shares of Editas Medicine in a research note on Tuesday. Stifel Nicolaus lowered their target price on shares of Editas Medicine from $17.00 to $11.00 and set a "buy" rating on the stock in a research report on Tuesday. Finally, Barclays reduced their price target on shares of Editas Medicine from $7.00 to $5.00 and set an "equal weight" rating for the company in a research report on Tuesday. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and seven have given a buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $9.08.

Editas Medicine Price Performance

NASDAQ EDIT traded down $0.05 on Friday, hitting $3.12. 1,652,785 shares of the company's stock were exchanged, compared to its average volume of 1,934,321. The firm has a market cap of $257.34 million, a price-to-earnings ratio of -1.24 and a beta of 2.01. The firm's 50-day moving average price is $3.40 and its two-hundred day moving average price is $4.49. Editas Medicine has a fifty-two week low of $2.70 and a fifty-two week high of $11.69.

Editas Medicine (NASDAQ:EDIT - Get Free Report) last issued its quarterly earnings results on Monday, November 4th. The company reported ($0.75) earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of ($0.75). The business had revenue of $0.06 million for the quarter, compared to analyst estimates of $3.93 million. Editas Medicine had a negative net margin of 340.96% and a negative return on equity of 72.15%. The business's revenue was down 98.9% compared to the same quarter last year. During the same period in the previous year, the business posted ($0.55) earnings per share.

Hedge Funds Weigh In On Editas Medicine

A number of institutional investors have recently modified their holdings of the company. Vanguard Group Inc. grew its stake in Editas Medicine by 1.1% in the 1st quarter. Vanguard Group Inc. now owns 8,555,597 shares of the company's stock worth $63,483,000 after acquiring an additional 93,740 shares during the period. Millennium Management LLC grew its position in shares of Editas Medicine by 10.0% in the second quarter. Millennium Management LLC now owns 2,459,629 shares of the company's stock valued at $11,486,000 after purchasing an additional 223,012 shares during the period. Integral Health Asset Management LLC increased its stake in Editas Medicine by 50.0% in the second quarter. Integral Health Asset Management LLC now owns 675,000 shares of the company's stock valued at $3,152,000 after purchasing an additional 225,000 shares during the last quarter. Raymond James & Associates lifted its position in Editas Medicine by 49.7% during the second quarter. Raymond James & Associates now owns 526,815 shares of the company's stock worth $2,460,000 after buying an additional 174,993 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. lifted its position in Editas Medicine by 59.0% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 314,774 shares of the company's stock worth $2,246,000 after buying an additional 116,803 shares during the period. Institutional investors and hedge funds own 71.90% of the company's stock.

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.