FY2024 EPS Estimate for Editas Medicine Lifted by Analyst

Editas Medicine, Inc. (NASDAQ:EDIT - Free Report) - Stock analysts at Leerink Partnrs upped their FY2024 earnings estimates for shares of Editas Medicine in a research report issued to clients and investors on Monday, November 4th. Leerink Partnrs analyst M. Foroohar now anticipates that the company will earn ($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 released its quarterly earnings results on Monday, November 4th. The company reported ($0.75) earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of ($0.75). The company had revenue of $0.06 million during the quarter, compared to analysts' expectations of $3.93 million. Editas Medicine had a negative net margin of 340.96% and a negative return on equity of 72.15%. The business's quarterly revenue was down 98.9% compared to the same quarter last year. During the same period in the prior year, the company earned ($0.55) earnings per share.

A number of other equities analysts have also issued reports on EDIT. Barclays dropped their target price on shares of Editas Medicine from $7.00 to $5.00 and set an "equal weight" rating on the stock in a research report on Tuesday. Royal Bank of Canada dropped their price objective on shares of Editas Medicine from $8.00 to $5.00 and set a "sector perform" rating on the stock in a report on Tuesday. Truist Financial reduced their target price on shares of Editas Medicine from $12.00 to $8.00 and set a "buy" rating for the company in a research note on Tuesday. Chardan Capital restated a "buy" rating and set a $12.00 price target on shares of Editas Medicine in a research note on Tuesday. Finally, Wells Fargo & Company reduced their price objective on Editas Medicine from $9.00 to $7.00 and set an "overweight" rating for the company in a research report on Tuesday. One investment analyst has rated the stock with a sell rating, six have given a hold rating and seven have given a buy rating to the company. According to MarketBeat, the company has an average rating of "Hold" and an average price target of $9.08.

Editas Medicine Stock Down 3.4 %

NASDAQ EDIT traded down $0.11 during trading on Thursday, hitting $3.17. The company's stock had a trading volume of 2,077,651 shares, compared to its average volume of 1,935,623. Editas Medicine has a 52 week low of $2.70 and a 52 week high of $11.69. The firm has a market cap of $261.46 million, a P/E ratio of -1.24 and a beta of 2.01. The firm has a 50 day moving average price of $3.40 and a 200 day moving average price of $4.49.

Institutional Investors Weigh In On Editas Medicine

Hedge funds have recently made changes to their positions in the company. Integral Health Asset Management LLC grew its stake in Editas Medicine by 50.0% during the second quarter. Integral Health Asset Management LLC now owns 675,000 shares of the company's stock worth $3,152,000 after buying an additional 225,000 shares during the last quarter. Millennium Management LLC grew its position in Editas Medicine by 10.0% during the 2nd quarter. Millennium Management LLC now owns 2,459,629 shares of the company's stock worth $11,486,000 after acquiring an additional 223,012 shares during the last quarter. Raymond James & Associates increased its holdings in Editas Medicine by 49.7% during the 2nd quarter. Raymond James & Associates now owns 526,815 shares of the company's stock valued at $2,460,000 after purchasing an additional 174,993 shares in the last quarter. Hennion & Walsh Asset Management Inc. bought a new position in Editas Medicine in the 2nd quarter valued at $786,000. Finally, Kennedy Capital Management LLC acquired a new position in Editas Medicine in the first quarter worth $988,000. Institutional investors and hedge funds own 71.90% of the company's stock.

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.