FY2024 EPS Estimate for Editas Medicine Raised by Analyst

Editas Medicine, Inc. (NASDAQ:EDIT - Free Report) - Equities researchers at Chardan Capital raised their FY2024 earnings per share (EPS) estimates for Editas Medicine in a report issued on Tuesday, November 5th. Chardan Capital analyst Y. Livshits now forecasts that the company will post earnings of ($2.38) per share for the year, up from their prior forecast of ($2.58). Chardan Capital currently has a "Buy" rating and a $12.00 target price on the stock. The consensus estimate for Editas Medicine's current full-year earnings is ($2.96) per share. Chardan Capital also issued estimates for Editas Medicine's FY2025 earnings at ($1.65) EPS.

Editas Medicine (NASDAQ:EDIT - Get Free Report) last released its 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 during 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 company's revenue for the quarter was down 98.9% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.55) earnings per share.

A number of other equities analysts have also weighed in on EDIT. Royal Bank of Canada lowered their price objective on Editas Medicine from $8.00 to $5.00 and set a "sector perform" rating on the stock in a research note on Tuesday. Stifel Nicolaus lowered their price target 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. Raymond James cut shares of Editas Medicine from an "outperform" rating to a "market perform" rating in a research report on Monday. Bank of America upgraded Editas Medicine from a "neutral" rating to a "buy" rating and upped their price objective for the company from $13.00 to $15.00 in a report on Thursday, August 8th. Finally, Evercore ISI raised Editas Medicine from an "in-line" rating to an "outperform" rating in a research note on Wednesday. One investment analyst has rated the stock with a sell rating, six have given a hold rating and seven have assigned a buy rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Hold" and an average target price of $9.08.

Editas Medicine Price Performance

NASDAQ EDIT traded down $0.05 during trading hours on Friday, hitting $3.12. 1,652,785 shares of the company's stock traded hands, compared to its average volume of 1,934,321. The company has a market capitalization of $257.34 million, a PE ratio of -1.24 and a beta of 2.01. Editas Medicine has a 52-week low of $2.70 and a 52-week high of $11.69. The firm's 50-day moving average is $3.40 and its 200-day moving average is $4.49.

Hedge Funds Weigh In On Editas Medicine

Hedge funds have recently added to or reduced their stakes in the stock. Mirae Asset Global Investments Co. Ltd. boosted its holdings in shares of Editas Medicine by 59.0% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 314,774 shares of the company's stock valued at $2,246,000 after buying an additional 116,803 shares in the last quarter. Headlands Technologies LLC lifted its holdings in shares of Editas Medicine by 481.7% in the 1st quarter. Headlands Technologies LLC now owns 9,493 shares of the company's stock valued at $70,000 after purchasing an additional 7,861 shares during the last quarter. Russell Investments Group Ltd. boosted its position in shares of Editas Medicine by 147.4% in the 1st quarter. Russell Investments Group Ltd. now owns 12,838 shares of the company's stock valued at $95,000 after purchasing an additional 7,648 shares during the period. Vanguard Group Inc. increased its position in Editas Medicine by 1.1% during the first quarter. Vanguard Group Inc. now owns 8,555,597 shares of the company's stock worth $63,483,000 after buying an additional 93,740 shares during the period. Finally, Shell Asset Management Co. increased its position in Editas Medicine by 33.5% during the first quarter. Shell Asset Management Co. now owns 87,967 shares of the company's stock worth $653,000 after buying an additional 22,083 shares during the period. 71.90% of the stock is currently owned by hedge funds and other institutional investors.

Editas Medicine Company Profile

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.