Editas Medicine (NASDAQ:EDIT) Announces Quarterly Earnings Results

Editas Medicine (NASDAQ:EDIT) released its quarterly earnings data on Wednesday. The company reported ($0.76) EPS 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 company had revenue of $1.10 million for the quarter, compared to the consensus estimate of $11.14 million. During the same period last year, the company earned ($0.71) EPS. The firm’s revenue for the quarter was down 88.9% on a year-over-year basis.

Editas Medicine Price Performance

Shares of NASDAQ:EDIT traded up $0.42 on Thursday, hitting $5.46. 1,502,016 shares of the company’s stock were exchanged, compared to its average volume of 1,829,678. The business’s 50 day simple moving average is $7.03 and its two-hundred day simple moving average is $8.24. The stock has a market capitalization of $449.00 million, a price-to-earnings ratio of -2.66 and a beta of 2.09. Editas Medicine has a 12 month low of $4.91 and a 12 month high of $11.91.

Insider Buying and Selling

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

Wall Street Analyst Weigh In

A number of analysts have issued reports on the company. StockNews.com raised Editas Medicine from a “sell” rating to a “hold” rating in a research note on Friday, March 1st. Citigroup boosted their price target on shares of Editas Medicine from $11.00 to $16.00 and gave the stock a “buy” rating in a research report on Thursday, February 29th. Barclays lowered their price objective on shares of Editas Medicine from $11.00 to $9.00 and set an “equal weight” rating for the company in a research report on Thursday. Morgan Stanley raised shares of Editas Medicine from an “underweight” rating to an “equal weight” rating and set a $7.00 price objective for the company in a research note on Thursday. Finally, JPMorgan Chase & Co. upped their target price on shares of Editas Medicine from $8.00 to $9.00 and gave the company a “neutral” rating in a research report on Tuesday, February 27th. Six analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $14.00.

About Editas Medicine

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.