Editas Medicine Inc (NASDAQ:EDIT) was up 5.7% during mid-day trading on Wednesday after the company announced better than expected quarterly earnings. The stock traded as high as $28.72 and last traded at $28.62. Approximately 738,466 shares changed hands during mid-day trading, a decline of 34% from the average daily volume of 1,111,015 shares. The stock had previously closed at $27.08.
The company reported ($0.32) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.72) by $0.40. The firm had revenue of $14.52 million during the quarter, compared to the consensus estimate of $9.83 million. Editas Medicine had a negative return on equity of 61.27% and a negative net margin of 623.35%. The company’s revenue for the quarter was up 131.2% on a year-over-year basis. During the same quarter last year, the company posted ($0.64) EPS.
A number of analysts have recently issued reports on EDIT shares. BidaskClub downgraded Editas Medicine from a “buy” rating to a “hold” rating in a research report on Thursday, July 26th. JPMorgan Chase & Co. set a $36.00 price target on Editas Medicine and gave the company a “hold” rating in a research report on Monday, August 6th. Zacks Investment Research downgraded Editas Medicine from a “buy” rating to a “hold” rating in a research report on Thursday, August 9th. Raymond James started coverage on Editas Medicine in a research report on Friday, September 21st. They set an “outperform” rating and a $40.00 price target for the company. Finally, Guggenheim started coverage on Editas Medicine in a research report on Tuesday, October 9th. They set a “neutral” rating for the company. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and six have given a buy rating to the company’s stock. Editas Medicine currently has an average rating of “Hold” and a consensus target price of $46.50.
A number of large investors have recently added to or reduced their stakes in the stock. BlackRock Inc. lifted its position in Editas Medicine by 20.7% in the 2nd quarter. BlackRock Inc. now owns 3,455,066 shares of the company’s stock worth $123,796,000 after buying an additional 591,442 shares during the last quarter. ARK Investment Management LLC lifted its position in Editas Medicine by 28.1% in the 3rd quarter. ARK Investment Management LLC now owns 2,793,854 shares of the company’s stock worth $88,900,000 after buying an additional 612,282 shares during the last quarter. Morgan Stanley lifted its position in Editas Medicine by 9.9% in the 2nd quarter. Morgan Stanley now owns 2,069,280 shares of the company’s stock worth $74,142,000 after buying an additional 186,018 shares during the last quarter. Northern Trust Corp lifted its position in Editas Medicine by 24.5% in the 2nd quarter. Northern Trust Corp now owns 522,762 shares of the company’s stock worth $18,732,000 after buying an additional 102,901 shares during the last quarter. Finally, Global Thematic Partners LLC lifted its position in Editas Medicine by 7.0% in the 2nd quarter. Global Thematic Partners LLC now owns 506,917 shares of the company’s stock worth $18,164,000 after buying an additional 32,968 shares during the last quarter. Institutional investors own 67.31% of the company’s stock.
The company has a debt-to-equity ratio of 0.14, a current ratio of 14.50 and a quick ratio of 14.50.
Editas Medicine Company Profile (NASDAQ:EDIT)
Editas Medicine, Inc operates as a genome editing company. It focuses on treating patients with genetically defined diseases by correcting their disease causing genes. The company develops a proprietary genome editing platform based on CRISPR technology to target genetically defined diseases with an initial focus on debilitating illnesses where there are no approved treatments.
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