Editas Medicine (NASDAQ:EDIT) Posts Earnings Results

Editas Medicine (NASDAQ:EDIT) announced its earnings results on Monday. The company reported ($0.15) EPS for the quarter, beating analysts’ consensus estimates of ($0.19) by $0.04, FiscalAI reports. The business had revenue of $10.37 million during the quarter, compared to analysts’ expectations of $4.46 million. Editas Medicine had a negative return on equity of 196.63% and a negative net margin of 157.32%.

Editas Medicine Stock Performance

EDIT stock opened at $2.75 on Tuesday. Editas Medicine has a 1 year low of $1.66 and a 1 year high of $3.94. The business has a 50 day simple moving average of $2.69 and a 200-day simple moving average of $2.69.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the company. Wall Street Zen raised Editas Medicine from a “sell” rating to a “hold” rating in a research note on Saturday, August 8th. Guggenheim raised Editas Medicine from a “neutral” rating to a “buy” rating and set a $5.00 price objective for the company in a research note on Wednesday, September 23rd. Weiss Ratings restated a “sell (d-)” rating on shares of Editas Medicine in a report on Wednesday, November 4th. Wells Fargo & Company upgraded Editas Medicine from an “equal weight” rating to an “overweight” rating and raised their price objective for the company from $4.00 to $6.00 in a report on Thursday, October 8th. Finally, LADENBURG THALM/SH SH assumed coverage on shares of Editas Medicine in a research note on Tuesday, August 18th. They set a “buy” rating and a $6.00 target price on the stock. Six research analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat, Editas Medicine has a consensus rating of “Moderate Buy” and an average target price of $5.83.

Editas Medicine Company Profile

Editas Medicine, Inc is a biotechnology company focused on developing genomic medicines using CRISPR-based gene-editing technologies. The company’s research platforms include CRISPR/Cas9 and CRISPR/Cas12a, which are designed to make precise changes to DNA and potentially treat diseases caused by genetic abnormalities.

Editas Medicine’s lead investigational program is reni-cel, formerly known as EDIT-301. Reni-cel is an ex vivo gene-editing therapy intended to treat sickle cell disease and transfusion-dependent beta thalassemia by modifying a patient’s blood-forming stem cells before they are returned to the body.