Editas Medicine (NASDAQ:EDIT) Posts Quarterly Earnings Results, Misses Expectations By $0.16 EPS

Editas Medicine (NASDAQ:EDIT - Get Free Report) issued its earnings results on Wednesday. The company reported ($0.55) earnings per share for the quarter, missing analysts' consensus estimates of ($0.39) by ($0.16), Zacks reports. The company had revenue of $30.60 million during the quarter, compared to analyst estimates of $37.17 million. Editas Medicine had a negative net margin of 340.96% and a negative return on equity of 80.13%. During the same quarter in the prior year, the business earned ($0.23) EPS.

Editas Medicine Stock Down 3.4 %

EDIT traded down $0.06 during midday trading on Friday, hitting $1.72. The company had a trading volume of 1,912,543 shares, compared to its average volume of 4,567,506. The stock's 50 day moving average price is $1.48 and its 200 day moving average price is $2.40. Editas Medicine has a 52 week low of $1.12 and a 52 week high of $9.60. The company has a market capitalization of $142.72 million, a price-to-earnings ratio of -0.67 and a beta of 1.88.

Analysts Set New Price Targets

A number of brokerages recently weighed in on EDIT. Robert W. Baird reduced their price objective on Editas Medicine from $10.00 to $8.00 and set an "outperform" rating on the stock in a research report on Friday, December 13th. Chardan Capital restated a "neutral" rating on shares of Editas Medicine in a report on Friday, December 13th. Bank of America lowered shares of Editas Medicine from a "buy" rating to an "underperform" rating and dropped their price objective for the company from $13.00 to $1.00 in a report on Monday, November 25th. JPMorgan Chase & Co. lowered shares of Editas Medicine from a "neutral" rating to an "underweight" rating in a report on Monday, December 16th. Finally, Evercore ISI dropped their price target on shares of Editas Medicine from $7.00 to $5.00 and set an "outperform" rating for the company in a research note on Monday, December 16th. Three research analysts have rated the stock with a sell rating, nine have assigned a hold rating and three have issued a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $6.83.

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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.