Editas Medicine (EDIT) Trading Up 5.7% After Strong Earnings

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.

In related news, CTO Vickesh Myer sold 3,000 shares of the business’s stock in a transaction that occurred on Friday, August 17th. The stock was sold at an average price of $29.65, for a total value of $88,950.00. Following the completion of the sale, the chief technology officer now owns 3,000 shares in the company, valued at approximately $88,950. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Katrine Bosley sold 12,000 shares of the business’s stock in a transaction that occurred on Thursday, November 1st. The stock was sold at an average price of $26.88, for a total value of $322,560.00. Following the completion of the sale, the insider now owns 1,237,566 shares of the company’s stock, valued at approximately $33,265,774.08. The disclosure for this sale can be found here. Insiders sold a total of 86,000 shares of company stock valued at $2,601,360 in the last 90 days. 5.20% of the stock is currently owned by corporate insiders.

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.

TRADEMARK VIOLATION NOTICE: This piece of content was first posted by WKRB News and is the sole property of of WKRB News. If you are reading this piece of content on another domain, it was illegally stolen and reposted in violation of international copyright and trademark laws. The original version of this piece of content can be read at https://www.wkrb13.com/2018/11/08/editas-medicine-edit-trading-up-5-7-after-strong-earnings.html.

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.

Recommended Story: How can investors find ex-dividend dates?

Receive News & Ratings for Editas Medicine Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Editas Medicine and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply