Zacks Research Forecasts Editas Medicine FY2024 Earnings

Editas Medicine, Inc. (NASDAQ:EDIT) – Equities research analysts at Zacks Research lowered their FY2024 earnings per share (EPS) estimates for shares of Editas Medicine in a research note issued to investors on Tuesday, January 21st. Zacks Research analyst A. Chakraborty now anticipates that the company will post earnings per share of ($3.04) for the year, down from their prior forecast of ($2.77). The consensus estimate for Editas Medicine’s current full-year earnings is ($2.73) per share. Zacks Research also issued estimates for Editas Medicine’s Q4 2024 earnings at ($0.71) EPS, Q1 2025 earnings at ($0.73) EPS, Q2 2025 earnings at ($0.72) EPS, Q3 2025 earnings at ($0.70) EPS, Q4 2025 earnings at ($0.71) EPS, FY2025 earnings at ($2.87) EPS, Q1 2026 earnings at ($0.65) EPS, Q2 2026 earnings at ($0.63) EPS, Q3 2026 earnings at ($0.61) EPS, Q4 2026 earnings at ($0.58) EPS and FY2026 earnings at ($2.46) EPS.

Editas Medicine (NASDAQ:EDIT) last issued its earnings results on Monday, November 4th. The company reported ($0.75) earnings per share for the quarter, hitting the consensus estimate of ($0.75). Editas Medicine had a negative return on equity of 80.13% and a negative net margin of 340.96%. The business had revenue of $0.06 million for the quarter, compared to analyst estimates of $3.93 million. During the same quarter last year, the company earned ($0.55) EPS. The business’s quarterly revenue was down 98.9% on a year-over-year basis.

Other equities research analysts have also recently issued reports about the stock. Evercore ISI reduced their target price on shares of Editas Medicine from $7.00 to $5.00 and set an “outperform” rating for the company in a report on Monday, December 16th. Chardan Capital reiterated a “neutral” rating on shares of Editas Medicine in a research note on Friday, December 13th. Royal Bank of Canada decreased their price target on Editas Medicine from $5.00 to $4.00 and set a “sector perform” rating for the company in a report on Friday, December 13th. Barclays cut their price objective on shares of Editas Medicine from $5.00 to $3.00 and set an “equal weight” rating for the company in a research report on Friday, December 13th. Finally, Bank of America downgraded shares of Editas Medicine from a “buy” rating to an “underperform” rating and lowered their target price for the company from $13.00 to $1.00 in a report on Monday, November 25th. Three research analysts have rated the stock with a sell rating, nine have assigned a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $7.00.

Editas Medicine Price Performance

EDIT stock opened at $1.41 on Friday. Editas Medicine has a 12 month low of $1.12 and a 12 month high of $11.58. The company has a market cap of $116.40 million, a price-to-earnings ratio of -0.55 and a beta of 1.95. The company has a fifty day moving average price of $1.70 and a 200 day moving average price of $3.15.

Hedge Funds Weigh In On Editas Medicine

Several hedge funds and other institutional investors have recently bought and sold shares of the company. The Manufacturers Life Insurance Company grew its holdings in Editas Medicine by 10.1% in the second quarter. The Manufacturers Life Insurance Company now owns 33,599 shares of the company’s stock valued at $157,000 after purchasing an additional 3,089 shares during the last quarter. Allspring Global Investments Holdings LLC grew its stake in Editas Medicine by 20.0% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 24,485 shares of the company’s stock valued at $83,000 after acquiring an additional 4,089 shares during the last quarter. China Universal Asset Management Co. Ltd. increased its holdings in Editas Medicine by 64.2% during the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 15,863 shares of the company’s stock valued at $54,000 after acquiring an additional 6,202 shares in the last quarter. Signaturefd LLC increased its holdings in Editas Medicine by 494.8% during the 3rd quarter. Signaturefd LLC now owns 9,326 shares of the company’s stock valued at $32,000 after acquiring an additional 7,758 shares in the last quarter. Finally, Ballentine Partners LLC acquired a new position in Editas Medicine during the third quarter worth about $36,000. 71.90% of the stock is owned by institutional investors and hedge funds.

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.