Editas Medicine (NASDAQ:EDIT) Issues Quarterly Earnings Results, Hits Expectations

Editas Medicine (NASDAQ:EDIT - Get Free Report) posted its earnings results on Monday. The company reported ($0.75) earnings per share for the quarter, hitting the consensus estimate of ($0.75), Briefing.com reports. Editas Medicine had a negative net margin of 288.59% and a negative return on equity of 62.61%. The company had revenue of $0.06 million for the quarter, compared to analyst estimates of $3.93 million. During the same period last year, the business posted ($0.55) earnings per share. The business's revenue for the quarter was down 98.9% compared to the same quarter last year.

Editas Medicine Stock Up 8.3 %

Shares of EDIT traded up $0.24 during trading hours on Tuesday, hitting $3.12. The company had a trading volume of 2,150,493 shares, compared to its average volume of 1,924,244. The business has a fifty day moving average of $3.44 and a 200-day moving average of $4.52. The firm has a market cap of $257.33 million, a price-to-earnings ratio of -1.22 and a beta of 2.01. Editas Medicine has a 12 month low of $2.70 and a 12 month high of $11.69.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on EDIT shares. Wells Fargo & Company reduced their target price on Editas Medicine from $9.00 to $7.00 and set an "overweight" rating on the stock in a report on Tuesday. 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 report on Tuesday. Truist Financial cut their price target on Editas Medicine from $12.00 to $8.00 and set a "buy" rating on the stock in a report on Tuesday. Royal Bank of Canada reduced their price target on Editas Medicine from $8.00 to $5.00 and set a "sector perform" rating for the company in a research report on Tuesday. Finally, Bank of America upgraded Editas Medicine from a "neutral" rating to a "buy" rating and raised their price objective for the company from $13.00 to $15.00 in a report on Thursday, August 8th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $9.08.

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.