Editas Medicine (NASDAQ:EDIT) released its quarterly earnings results on Wednesday. The company reported ($0.32) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.72) by $0.40, Briefing.com reports. The business had revenue of $14.52 million for 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 business posted ($0.64) earnings per share.
Shares of EDIT traded down $1.03 during trading hours on Friday, hitting $28.95. The company had a trading volume of 706,200 shares, compared to its average volume of 1,109,795. The company has a market cap of $1.29 billion, a P/E ratio of -9.71 and a beta of 3.14. The company has a current ratio of 14.50, a quick ratio of 14.50 and a debt-to-equity ratio of 0.14. Editas Medicine has a 52-week low of $22.50 and a 52-week high of $45.02.
Several research analysts have recently commented on EDIT shares. BidaskClub downgraded Editas Medicine from a “hold” rating to a “sell” rating in a report on Wednesday, August 8th. Guggenheim started coverage on Editas Medicine in a report on Tuesday, October 9th. They issued a “neutral” rating on the stock. Raymond James started coverage on Editas Medicine in a report on Friday, September 21st. They issued an “outperform” rating and a $40.00 price objective on the stock. Zacks Investment Research downgraded Editas Medicine from a “buy” rating to a “hold” rating in a report on Thursday, August 9th. Finally, JPMorgan Chase & Co. set a $36.00 price objective on Editas Medicine and gave the stock a “hold” rating in a report on Monday, August 6th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and six have issued a buy rating to the stock. Editas Medicine has a consensus rating of “Hold” and an average target price of $46.50.
A number of large investors have recently made changes to their positions in the stock. Rothschild Investment Corp IL increased its holdings in Editas Medicine by 22.2% during the 2nd quarter. Rothschild Investment Corp IL now owns 9,350 shares of the company’s stock valued at $335,000 after purchasing an additional 1,700 shares during the period. Voya Investment Management LLC increased its holdings in Editas Medicine by 13.4% during the 2nd quarter. Voya Investment Management LLC now owns 17,849 shares of the company’s stock valued at $640,000 after purchasing an additional 2,110 shares during the period. California State Teachers Retirement System increased its holdings in Editas Medicine by 4.1% during the 1st quarter. California State Teachers Retirement System now owns 56,489 shares of the company’s stock valued at $1,873,000 after purchasing an additional 2,201 shares during the period. Swiss National Bank increased its holdings in Editas Medicine by 4.4% during the 3rd quarter. Swiss National Bank now owns 61,800 shares of the company’s stock valued at $1,966,000 after purchasing an additional 2,600 shares during the period. Finally, Commonwealth Equity Services LLC increased its holdings in Editas Medicine by 9.9% during the 3rd quarter. Commonwealth Equity Services LLC now owns 29,919 shares of the company’s stock valued at $952,000 after purchasing an additional 2,701 shares during the period. Institutional investors own 67.31% of the company’s stock.
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About Editas Medicine
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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