Editas Medicine (NASDAQ:EDIT) Releases Earnings Results, Beats Expectations By $0.21 EPS

Editas Medicine (NASDAQ:EDIT) posted its quarterly earnings results on Monday. The company reported ($0.06) earnings per share for the quarter, topping the consensus estimate of ($0.27) by $0.21, FiscalAI reports. The firm had revenue of $24.74 million for the quarter, compared to the consensus estimate of $8.77 million. Editas Medicine had a negative net margin of 395.02% and a negative return on equity of 376.20%.

Editas Medicine Trading Up 13.8%

Editas Medicine stock opened at $2.64 on Wednesday. Editas Medicine has a 12-month low of $0.91 and a 12-month high of $4.54. The stock has a market cap of $257.72 million, a P/E ratio of -1.40 and a beta of 2.16. The company has a 50-day moving average price of $2.02 and a 200 day moving average price of $2.57.

Analysts Set New Price Targets

EDIT has been the subject of several research reports. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Editas Medicine in a research note on Wednesday, January 21st. JonesTrading upgraded Editas Medicine from a “hold” rating to a “buy” rating and set a $8.00 target price on the stock in a report on Tuesday. TD Cowen restated a “buy” rating on shares of Editas Medicine in a research report on Monday. Robert W. Baird set a $6.00 price target on Editas Medicine in a report on Monday. Finally, Chardan Capital reiterated a “buy” rating and set a $3.50 price objective on shares of Editas Medicine in a research report on Monday. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Editas Medicine has an average rating of “Moderate Buy” and a consensus price target of $5.30.

Institutional Trading of Editas Medicine

Several hedge funds have recently made changes to their positions in EDIT. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in shares of Editas Medicine by 122.2% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 2,600,000 shares of the company’s stock worth $3,016,000 after buying an additional 1,430,000 shares during the last quarter. Acadian Asset Management LLC lifted its holdings in Editas Medicine by 288.5% in the first quarter. Acadian Asset Management LLC now owns 752,162 shares of the company’s stock valued at $869,000 after acquiring an additional 558,567 shares during the last quarter. Geode Capital Management LLC lifted its holdings in Editas Medicine by 1.1% in the second quarter. Geode Capital Management LLC now owns 1,964,298 shares of the company’s stock valued at $4,323,000 after acquiring an additional 20,521 shares during the last quarter. JPMorgan Chase & Co. grew its position in Editas Medicine by 15.2% in the second quarter. JPMorgan Chase & Co. now owns 1,065,722 shares of the company’s stock worth $2,345,000 after acquiring an additional 140,916 shares during the period. Finally, Bridgeway Capital Management LLC grew its position in Editas Medicine by 500.0% in the second quarter. Bridgeway Capital Management LLC now owns 120,000 shares of the company’s stock worth $264,000 after acquiring an additional 100,000 shares during the period. Hedge funds and other institutional investors own 71.90% of the company’s stock.

Editas Medicine Company Profile

Editas Medicine is a clinical-stage biotechnology company focused on translating the power of gene editing into a new class of transformative genomic medicines. Founded in 2013 and headquartered in Cambridge, Massachusetts, the company leverages proprietary CRISPR/Cas9 and CRISPR/Cas12a (Cpf1) platforms to develop therapies aimed at correcting disease-causing genetic mutations. Editas Medicine’s research and development efforts span multiple therapeutic areas, including inherited retinal diseases, hemoglobinopathies, and oncology.

The company’s pipeline includes EDIT-101, a lead candidate designed to treat Leber congenital amaurosis type 10 (LCA10), which has entered early-stage clinical trials, and EDIT-301, targeting sickle cell disease and ?-thalassemia using an ex vivo editing approach.