Zacks Research Raises Earnings Estimates for Editas Medicine

Editas Medicine, Inc. (NASDAQ:EDIT - Free Report) - Equities research analysts at Zacks Research boosted their FY2024 earnings estimates for Editas Medicine in a note issued to investors on Tuesday, November 19th. Zacks Research analyst A. Chakraborty now anticipates that the company will post earnings of ($2.77) per share for the year, up from their prior forecast of ($3.24). The consensus estimate for Editas Medicine's current full-year earnings is ($2.73) per share. Zacks Research also issued estimates for Editas Medicine's Q4 2024 earnings at ($0.44) EPS, Q2 2025 earnings at ($0.73) EPS, Q3 2025 earnings at ($0.72) EPS, Q4 2025 earnings at ($0.68) EPS, FY2025 earnings at ($2.88) EPS, Q1 2026 earnings at ($0.71) EPS, Q2 2026 earnings at ($0.70) EPS, Q3 2026 earnings at ($0.65) EPS and FY2026 earnings at ($2.63) EPS.

Other research analysts have also issued reports about the stock. Bank of America upgraded shares of Editas Medicine from a "neutral" rating to a "buy" rating and lifted their price objective for the company from $13.00 to $15.00 in a research note on Thursday, August 8th. Evercore ISI upgraded shares of Editas Medicine from an "in-line" rating to an "outperform" rating in a research note on Wednesday, November 6th. Wells Fargo & Company lowered their target price on shares of Editas Medicine from $9.00 to $7.00 and set an "overweight" rating on the stock in a report on Tuesday, November 5th. Truist Financial decreased their price target on Editas Medicine from $12.00 to $8.00 and set a "buy" rating on the stock in a research note on Tuesday, November 5th. Finally, Stifel Nicolaus reduced their price target on Editas Medicine from $17.00 to $11.00 and set a "buy" rating on the stock in a research note on Tuesday, November 5th. One analyst has rated the stock with a sell rating, six have given a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat, Editas Medicine currently has a consensus rating of "Hold" and a consensus target price of $9.08.

Editas Medicine Stock Performance

NASDAQ EDIT traded up $0.07 during trading hours on Friday, hitting $2.44. The company had a trading volume of 1,816,396 shares, compared to its average volume of 1,940,940. Editas Medicine has a 1-year low of $2.30 and a 1-year high of $11.69. The company has a market cap of $201.42 million, a PE ratio of -0.93 and a beta of 2.01. The business has a 50 day moving average of $3.23 and a 200-day moving average of $4.30.

Editas Medicine (NASDAQ:EDIT - Get Free Report) last announced 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 company had revenue of $0.06 million during the quarter, compared to the consensus estimate of $3.93 million. Editas Medicine had a negative return on equity of 80.13% and a negative net margin of 340.96%. Editas Medicine's revenue for the quarter was down 98.9% on a year-over-year basis. During the same period in the previous year, the business earned ($0.55) EPS.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in EDIT. International Assets Investment Management LLC grew its position in Editas Medicine by 10.5% in the 2nd quarter. International Assets Investment Management LLC now owns 31,457 shares of the company's stock valued at $147,000 after buying an additional 3,000 shares in the last quarter. The Manufacturers Life Insurance Company increased its stake in shares of Editas Medicine by 10.1% during the second quarter. The Manufacturers Life Insurance Company now owns 33,599 shares of the company's stock valued at $157,000 after acquiring an additional 3,089 shares during the period. Rhumbline Advisers lifted its position in Editas Medicine by 2.9% in the second quarter. Rhumbline Advisers now owns 137,986 shares of the company's stock worth $644,000 after purchasing an additional 3,862 shares during the period. Allspring Global Investments Holdings LLC raised its stake in shares of Editas Medicine by 20.0% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 24,485 shares of the company's stock worth $83,000 after buying an additional 4,089 shares in the last quarter. Finally, China Universal Asset Management Co. Ltd. lifted its holdings in shares of Editas Medicine by 64.2% in the third quarter. China Universal Asset Management Co. Ltd. now owns 15,863 shares of the company's stock valued at $54,000 after buying an additional 6,202 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.