Editas Medicine (EDIT) Issues Earnings Results

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.

In other news, insider Katrine Bosley sold 12,000 shares of Editas Medicine stock in a transaction dated Thursday, November 1st. The stock was sold at an average price of $26.88, for a total value of $322,560.00. Following the transaction, the insider now owns 1,237,566 shares in the company, valued at $33,265,774.08. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CTO Vickesh Myer sold 4,000 shares of Editas Medicine stock in a transaction dated Monday, August 20th. The stock was sold at an average price of $29.87, for a total value of $119,480.00. Following the completion of the transaction, the chief technology officer now owns 3,000 shares in the company, valued at approximately $89,610. The disclosure for this sale can be found here. In the last quarter, insiders sold 86,000 shares of company stock worth $2,601,360. Company insiders own 5.20% of the company’s stock.

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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Earnings History for Editas Medicine (NASDAQ:EDIT)

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