Editas Medicine (NASDAQ:EDIT) Posts Quarterly Earnings Results, Meets Expectations

Editas Medicine (NASDAQ:EDIT) released its quarterly earnings results on Monday. The company reported ($0.75) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.75), Briefing.com reports. The firm had revenue of $0.06 million for the quarter, compared to analyst estimates of $3.93 million. Editas Medicine had a negative return on equity of 72.15% and a negative net margin of 340.96%. The business’s revenue was down 98.9% on a year-over-year basis. During the same quarter last year, the company posted ($0.55) earnings per share.

Editas Medicine Stock Performance

EDIT stock traded down $0.12 during midday trading on Thursday, hitting $3.16. 455,237 shares of the stock were exchanged, compared to its average volume of 1,926,857. The stock’s 50-day moving average price is $3.42 and its 200-day moving average price is $4.50. Editas Medicine has a fifty-two week low of $2.70 and a fifty-two week high of $11.69.

Wall Street Analyst Weigh In

A number of analysts have weighed in on EDIT shares. Raymond James cut Editas Medicine from an “outperform” rating to a “market perform” rating in a research report on Monday. Chardan Capital reiterated a “buy” rating and issued a $12.00 price objective on shares of Editas Medicine in a research report on Tuesday. Wells Fargo & Company dropped their price objective on shares of Editas Medicine from $9.00 to $7.00 and set an “overweight” rating on the stock in a research note on Tuesday. Bank of America upgraded shares of Editas Medicine from a “neutral” rating to a “buy” rating and raised their target price for the stock from $13.00 to $15.00 in a research note on Thursday, August 8th. Finally, Barclays cut their price target on shares of Editas Medicine from $7.00 to $5.00 and set an “equal weight” rating for the company in a report on Tuesday. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and seven have assigned a buy rating to the company. According to MarketBeat.com, Editas Medicine has a consensus rating of “Hold” and a consensus target price of $9.08.

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.