FY2024 EPS Estimates for Editas Medicine Boosted by Analyst

Editas Medicine, Inc. (NASDAQ:EDIT - Free Report) - Research analysts at Leerink Partnrs increased their FY2024 earnings per share estimates for Editas Medicine in a research report issued on Monday, November 4th. Leerink Partnrs analyst M. Foroohar now expects that the company will post earnings of ($2.81) per share for the year, up from their previous estimate of ($2.87). The consensus estimate for Editas Medicine's current full-year earnings is ($2.96) per share. Leerink Partnrs also issued estimates for Editas Medicine's Q4 2024 earnings at ($0.48) EPS, FY2025 earnings at ($2.16) EPS and FY2026 earnings at ($1.75) 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 (EPS) for the quarter, hitting the consensus estimate of ($0.75). Editas Medicine had a negative return on equity of 72.15% and a negative net margin of 340.96%. The business had revenue of $0.06 million for the quarter, compared to analysts' expectations of $3.93 million. During the same period in the prior year, the firm earned ($0.55) EPS. The company's revenue for the quarter was down 98.9% on a year-over-year basis.

Other equities analysts also recently issued research reports about the company. Wells Fargo & Company cut their target price on Editas Medicine from $9.00 to $7.00 and set an "overweight" rating on the stock in a research report on Tuesday. Evercore ISI raised shares of Editas Medicine from an "in-line" rating to an "outperform" rating in a research note on Wednesday. Raymond James cut shares of Editas Medicine from an "outperform" rating to a "market perform" rating in a research note on Monday. Stifel Nicolaus cut their target price on Editas Medicine from $17.00 to $11.00 and set a "buy" rating on the stock in a research note on Tuesday. Finally, Barclays reduced their target price on Editas Medicine from $7.00 to $5.00 and set an "equal weight" rating on the stock in a research note on Tuesday. One analyst has rated the stock with a sell rating, six have assigned a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $9.08.

Editas Medicine Trading Down 3.4 %

EDIT traded down $0.11 on Thursday, hitting $3.17. The company had a trading volume of 947,306 shares, compared to its average volume of 1,930,391. Editas Medicine has a 12-month low of $2.70 and a 12-month high of $11.69. The business's fifty day simple moving average is $3.42 and its 200 day simple moving average is $4.50.

Institutional Trading of Editas Medicine

A number of institutional investors and hedge funds have recently added to or reduced their stakes in EDIT. Signaturefd LLC grew its holdings in Editas Medicine by 494.8% during the third quarter. Signaturefd LLC now owns 9,326 shares of the company's stock worth $32,000 after acquiring an additional 7,758 shares during the period. Ballentine Partners LLC acquired a new stake in Editas Medicine in the third quarter valued at approximately $36,000. Arcadia Investment Management Corp MI purchased a new stake in shares of Editas Medicine in the third quarter valued at approximately $39,000. Koss Olinger Consulting LLC acquired a new position in shares of Editas Medicine during the 2nd quarter worth approximately $47,000. Finally, China Universal Asset Management Co. Ltd. lifted its position in shares of Editas Medicine by 64.2% during the 3rd 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 in the last quarter. 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.