FY2024 EPS Estimate for Editas Medicine Decreased by Analyst

Editas Medicine, Inc. (NASDAQ:EDIT - Free Report) - Zacks Research lowered their FY2024 earnings estimates for Editas Medicine in a report issued on Tuesday, January 21st. Zacks Research analyst A. Chakraborty now forecasts that the company will post earnings of ($3.04) per share for the year, down from their previous estimate of ($2.77). 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 ($0.71) EPS, Q1 2025 earnings at ($0.73) EPS, Q2 2025 earnings at ($0.72) EPS, Q3 2025 earnings at ($0.70) EPS, Q4 2025 earnings at ($0.71) EPS, FY2025 earnings at ($2.87) EPS, Q1 2026 earnings at ($0.65) EPS, Q2 2026 earnings at ($0.63) EPS, Q3 2026 earnings at ($0.61) EPS, Q4 2026 earnings at ($0.58) EPS and FY2026 earnings at ($2.46) EPS.

Editas Medicine (NASDAQ:EDIT - Get Free Report) last issued its quarterly earnings data on Monday, November 4th. The company reported ($0.75) earnings per share for the quarter, meeting analysts' consensus estimates of ($0.75). The firm had revenue of $0.06 million during the quarter, compared to analyst estimates of $3.93 million. Editas Medicine had a negative return on equity of 80.13% and a negative net margin of 340.96%. The business's quarterly revenue was down 98.9% compared to the same quarter last year. During the same quarter last year, the business posted ($0.55) earnings per share.

Several other equities analysts have also commented on EDIT. Royal Bank of Canada lowered their price objective on shares of Editas Medicine from $5.00 to $4.00 and set a "sector perform" rating for the company in a research report on Friday, December 13th. Evercore ISI reduced their price objective on Editas Medicine from $7.00 to $5.00 and set an "outperform" rating on the stock in a research note on Monday, December 16th. Wells Fargo & Company lowered Editas Medicine from an "overweight" rating to an "equal weight" rating and lowered their price objective for the company from $7.00 to $4.00 in a research note on Wednesday, December 11th. Raymond James lowered Editas Medicine from an "outperform" rating to a "market perform" rating in a report on Monday, November 4th. Finally, Barclays dropped their price objective on shares of Editas Medicine from $5.00 to $3.00 and set an "equal weight" rating for the company in a research note on Friday, December 13th. Three research analysts have rated the stock with a sell rating, nine have given a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Hold" and an average target price of $7.00.

Editas Medicine Stock Performance

Shares of EDIT traded down $0.03 during mid-day trading on Friday, hitting $1.38. 2,542,132 shares of the stock were exchanged, compared to its average volume of 2,749,719. The company has a market cap of $113.92 million, a PE ratio of -0.54 and a beta of 1.95. Editas Medicine has a 52-week low of $1.12 and a 52-week high of $11.58. The firm has a 50-day moving average of $1.64 and a two-hundred day moving average of $3.12.

Hedge Funds Weigh In On Editas Medicine

Several hedge funds and other institutional investors have recently modified their holdings of EDIT. Millennium Management LLC lifted its position in 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 buying an additional 223,012 shares during the last quarter. Jacobs Levy Equity Management Inc. raised its holdings in Editas Medicine by 133.2% during the third quarter. Jacobs Levy Equity Management Inc. now owns 529,834 shares of the company's stock worth $1,807,000 after purchasing an additional 302,652 shares in the last quarter. Barclays PLC raised its holdings in Editas Medicine by 46.9% during the third quarter. Barclays PLC now owns 178,507 shares of the company's stock worth $607,000 after purchasing an additional 56,986 shares during the last quarter. BNP Paribas Financial Markets lifted its holdings in shares of Editas Medicine by 37.3% in the third quarter. BNP Paribas Financial Markets now owns 54,787 shares of the company's stock valued at $187,000 after purchasing an additional 14,888 shares in the last quarter. Finally, FMR LLC grew its holdings in shares of Editas Medicine by 110.7% during the third quarter. FMR LLC now owns 203,087 shares of the company's stock worth $693,000 after buying an additional 106,684 shares in the last quarter. 71.90% of the stock is owned by hedge funds and other institutional investors.

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.