Editas Medicine (NASDAQ:EDIT) Releases Earnings Results, Misses Estimates By $0.13 EPS

Editas Medicine (NASDAQ:EDIT) released its quarterly earnings data on Wednesday. The company reported ($0.76) earnings per share for the quarter, missing the consensus estimate of ($0.63) by ($0.13), Briefing.com reports. Editas Medicine had a negative net margin of 196.12% and a negative return on equity of 42.95%. The firm had revenue of $1.10 million for the quarter, compared to analyst estimates of $11.14 million. During the same period last year, the business earned ($0.71) EPS. The company’s revenue was down 88.9% compared to the same quarter last year.

Editas Medicine Price Performance

Shares of EDIT traded up $0.39 during mid-day trading on Thursday, hitting $5.43. The stock had a trading volume of 1,379,227 shares, compared to its average volume of 1,828,770. The firm has a market cap of $446.54 million, a P/E ratio of -2.66 and a beta of 2.09. Editas Medicine has a 52 week low of $4.91 and a 52 week high of $11.91. The business has a fifty day moving average price of $7.03 and a 200-day moving average price of $8.24.

Insider Activity at Editas Medicine

In other news, SVP Baisong Mei sold 20,327 shares of the business’s stock in a transaction that occurred on Monday, March 4th. The shares were sold at an average price of $9.42, for a total value of $191,480.34. Following the sale, the senior vice president now owns 141,543 shares of the company’s stock, valued at $1,333,335.06. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, SVP Baisong Mei sold 20,327 shares of the company’s stock in a transaction dated Monday, March 4th. The stock was sold at an average price of $9.42, for a total transaction of $191,480.34. Following the sale, the senior vice president now directly owns 141,543 shares in the company, valued at $1,333,335.06. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Gilmore Neil O’neill sold 77,824 shares of the firm’s stock in a transaction that occurred on Tuesday, March 5th. The shares were sold at an average price of $9.42, for a total transaction of $733,102.08. Following the completion of the transaction, the chief executive officer now owns 327,470 shares of the company’s stock, valued at $3,084,767.40. The disclosure for this sale can be found here. 1.90% of the stock is currently owned by company insiders.

Analyst Ratings Changes

EDIT has been the topic of several recent research reports. JPMorgan Chase & Co. lifted their target price on shares of Editas Medicine from $8.00 to $9.00 and gave the stock a “neutral” rating in a research report on Tuesday, February 27th. StockNews.com raised shares of Editas Medicine from a “sell” rating to a “hold” rating in a research report on Friday, March 1st. Morgan Stanley upgraded shares of Editas Medicine from an “underweight” rating to an “equal weight” rating and set a $7.00 target price on the stock in a report on Thursday. Citigroup upped their target price on Editas Medicine from $11.00 to $16.00 and gave the company a “buy” rating in a research report on Thursday, February 29th. Finally, Barclays reduced their price target on shares of Editas Medicine from $11.00 to $9.00 and set an “equal weight” rating for the company in a report on Thursday. Six research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, Editas Medicine presently has an average rating of “Hold” and a consensus target price of $14.00.

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.