Editas Medicine (NASDAQ:EDIT) Announces Earnings Results

Editas Medicine (NASDAQ:EDIT) posted its quarterly earnings results on Tuesday. The company reported ($0.26) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.30) by $0.04, FiscalAI reports. Editas Medicine had a negative net margin of 395.02% and a negative return on equity of 389.73%. The firm had revenue of $2.83 million for the quarter, compared to the consensus estimate of $5.94 million.

Editas Medicine Stock Performance

NASDAQ:EDIT traded down $0.05 on Tuesday, hitting $2.96. 527,437 shares of the stock were exchanged, compared to its average volume of 1,685,735. The stock has a market capitalization of $289.31 million, a price-to-earnings ratio of -1.56 and a beta of 2.14. Editas Medicine has a 52 week low of $1.29 and a 52 week high of $4.54. The company’s 50-day moving average price is $2.61 and its 200 day moving average price is $2.49.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on EDIT shares. Robert W. Baird set a $6.00 price target on shares of Editas Medicine in a research note on Monday, March 9th. Wall Street Zen upgraded shares of Editas Medicine from a “sell” rating to a “hold” rating in a research note on Saturday. TD Cowen restated a “buy” rating on shares of Editas Medicine in a research note on Monday, March 9th. Chardan Capital restated a “buy” rating and issued a $3.50 target price on shares of Editas Medicine in a research note on Monday, March 9th. Finally, Weiss Ratings restated a “sell (e+)” rating on shares of Editas Medicine in a research note on Monday, April 20th. Five investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $5.30.

Institutional Trading of Editas Medicine

Several institutional investors and hedge funds have recently added to or reduced their stakes in EDIT. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in 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 purchasing an additional 1,430,000 shares during the last quarter. Acadian Asset Management LLC raised its holdings in Editas Medicine by 288.5% during the 1st quarter. Acadian Asset Management LLC now owns 752,162 shares of the company’s stock worth $869,000 after purchasing an additional 558,567 shares during the last quarter. Geode Capital Management LLC raised its holdings in Editas Medicine by 1.1% during the 2nd quarter. Geode Capital Management LLC now owns 1,964,298 shares of the company’s stock worth $4,323,000 after purchasing an additional 20,521 shares during the last quarter. JPMorgan Chase & Co. raised its holdings in Editas Medicine by 15.2% during the 2nd quarter. JPMorgan Chase & Co. now owns 1,065,722 shares of the company’s stock worth $2,345,000 after purchasing an additional 140,916 shares during the last quarter. Finally, Bridgeway Capital Management LLC raised its holdings in Editas Medicine by 500.0% during the 2nd quarter. Bridgeway Capital Management LLC now owns 120,000 shares of the company’s stock worth $264,000 after purchasing an additional 100,000 shares during the last quarter. 71.90% of the stock is owned by institutional investors.

About Editas Medicine

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.