Zacks: Analysts Expect Editas Medicine, Inc. (NASDAQ:EDIT) Will Post Quarterly Sales of $4.94 Million

Wall Street analysts expect that Editas Medicine, Inc. (NASDAQ:EDIT) will announce sales of $4.94 million for the current fiscal quarter, according to Zacks Investment Research. Five analysts have issued estimates for Editas Medicine’s earnings. The lowest sales estimate is $2.00 million and the highest is $7.50 million. Editas Medicine posted sales of $11.42 million in the same quarter last year, which suggests a negative year-over-year growth rate of 56.7%. The business is scheduled to issue its next earnings report on Thursday, February 24th.

On average, analysts expect that Editas Medicine will report full-year sales of $17.39 million for the current fiscal year, with estimates ranging from $13.10 million to $20.90 million. For the next financial year, analysts anticipate that the company will post sales of $32.08 million, with estimates ranging from $15.00 million to $77.50 million. Zacks Investment Research’s sales calculations are a mean average based on a survey of analysts that cover Editas Medicine.

Editas Medicine (NASDAQ:EDIT) last released its quarterly earnings results on Monday, November 8th. The company reported ($0.57) earnings per share for the quarter, topping the consensus estimate of ($0.81) by $0.24. Editas Medicine had a negative net margin of 871.91% and a negative return on equity of 38.28%. The business had revenue of $6.20 million for the quarter, compared to analysts’ expectations of $4.92 million. During the same period in the previous year, the company earned $0.12 earnings per share. The firm’s revenue for the quarter was down 90.1% compared to the same quarter last year.

EDIT has been the topic of several research reports. Robert W. Baird reaffirmed a “buy” rating on shares of Editas Medicine in a research report on Wednesday, October 20th. SVB Leerink initiated coverage on shares of Editas Medicine in a research report on Tuesday, October 19th. They issued a “market perform” rating and a $41.00 price objective on the stock. Chardan Capital reaffirmed a “buy” rating and issued a $75.00 price objective on shares of Editas Medicine in a research report on Thursday, September 30th. Morgan Stanley lowered their price objective on shares of Editas Medicine from $37.00 to $24.00 and set an “underweight” rating on the stock in a research report on Thursday, January 6th. Finally, Stifel Nicolaus lowered their price objective on shares of Editas Medicine from $65.00 to $46.00 and set a “hold” rating on the stock in a research report on Thursday, September 30th. Three analysts have rated the stock with a sell rating, four have issued a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $54.29.

In related news, CFO Michelle Robertson sold 1,744 shares of the company’s stock in a transaction that occurred on Tuesday, January 11th. The shares were sold at an average price of $25.70, for a total transaction of $44,820.80. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Lisa Anne Michaels sold 1,568 shares of the company’s stock in a transaction that occurred on Friday, November 12th. The stock was sold at an average price of $38.33, for a total transaction of $60,101.44. The disclosure for this sale can be found here. Insiders have sold a total of 17,404 shares of company stock worth $641,581 in the last ninety days. 0.94% of the stock is currently owned by insiders.

A number of institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. increased its holdings in Editas Medicine by 2.1% during the 2nd quarter. Vanguard Group Inc. now owns 6,483,932 shares of the company’s stock worth $367,250,000 after acquiring an additional 136,178 shares during the period. State Street Corp grew its stake in Editas Medicine by 9.1% in the 2nd quarter. State Street Corp now owns 2,534,162 shares of the company’s stock worth $143,535,000 after buying an additional 210,444 shares in the last quarter. Geode Capital Management LLC grew its stake in Editas Medicine by 4.5% in the 2nd quarter. Geode Capital Management LLC now owns 1,205,271 shares of the company’s stock worth $68,266,000 after buying an additional 51,906 shares in the last quarter. Victory Capital Management Inc. grew its stake in Editas Medicine by 2,523.4% in the 3rd quarter. Victory Capital Management Inc. now owns 1,118,909 shares of the company’s stock worth $45,964,000 after buying an additional 1,076,258 shares in the last quarter. Finally, JPMorgan Chase & Co. grew its stake in Editas Medicine by 17.0% in the 2nd quarter. JPMorgan Chase & Co. now owns 1,102,447 shares of the company’s stock worth $62,443,000 after buying an additional 160,178 shares in the last quarter. 75.93% of the stock is currently owned by institutional investors and hedge funds.

Editas Medicine stock opened at $22.10 on Friday. The stock has a market cap of $1.51 billion, a PE ratio of -6.82 and a beta of 1.93. Editas Medicine has a fifty-two week low of $20.90 and a fifty-two week high of $83.95. The firm’s 50-day simple moving average is $30.51 and its 200 day simple moving average is $43.37.

About Editas Medicine

Editas Medicine, Inc engages in the development and commercialization of genome editing technology. Its technology includes clustered, regularly interspaced short palindromic repeats (CRISPR), and CRISPR associated protein 9 (Cas9). The company was founded by Feng Zhang, Jennifer A. Doudna, George McDonald Church, J.

See Also: How are Outstanding Shares Different from Authorized Shares?

Get a free copy of the Zacks research report on Editas Medicine (EDIT)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Earnings History and Estimates for Editas Medicine (NASDAQ:EDIT)

Receive News & Ratings for Editas Medicine Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Editas Medicine and related companies with MarketBeat.com's FREE daily email newsletter.