Editas Medicine (NASDAQ:EDIT) Posts Quarterly Earnings Results, Beats Expectations By $0.15 EPS

Editas Medicine (NASDAQ:EDIT) posted its quarterly earnings data on Wednesday. The company reported ($0.15) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.30) by $0.15, FiscalAI reports. The firm had revenue of $11.89 million during the quarter, compared to analysts’ expectations of $2.85 million. Editas Medicine had a negative net margin of 281.59% and a negative return on equity of 677.39%.

Editas Medicine Stock Up 7.8%

EDIT stock traded up $0.21 during trading on Thursday, hitting $2.96. 1,566,428 shares of the company’s stock traded hands, compared to its average volume of 2,025,885. Editas Medicine has a 52 week low of $1.66 and a 52 week high of $4.54. The stock has a fifty day moving average price of $2.92 and a two-hundred day moving average price of $2.63. The stock has a market capitalization of $290.30 million, a price-to-earnings ratio of -2.41 and a beta of 2.14.

Analysts Set New Price Targets

EDIT has been the subject of several analyst reports. Chardan Capital increased their price target on shares of Editas Medicine from $3.50 to $4.00 and gave the stock a “buy” rating in a report on Tuesday, May 5th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Editas Medicine in a research report on Friday, July 17th. Wall Street Zen cut shares of Editas Medicine from a “hold” rating to a “sell” rating in a research note on Sunday, May 10th. Finally, TD Cowen reissued a “buy” rating on shares of Editas Medicine in a research note on Wednesday, May 27th. Five research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $5.40.

Insider Buying and Selling at Editas Medicine

In related news, CEO Gilmore Neil O’neill sold 15,380 shares of the business’s stock in a transaction that occurred on Wednesday, June 3rd. The stock was sold at an average price of $2.70, for a total transaction of $41,526.00. Following the completion of the transaction, the chief executive officer owned 248,313 shares in the company, valued at $670,445.10. The trade was a 5.83% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders sold 21,503 shares of company stock worth $57,910. 3.10% of the stock is currently owned by corporate insiders.

Institutional Trading of Editas Medicine

A number of hedge funds and other institutional investors have recently made changes to their positions in EDIT. Captrust Financial Advisors acquired a new position in Editas Medicine during the second quarter valued at $26,000. StoneX Group Inc. bought a new stake in Editas Medicine in the 4th quarter valued at $33,000. Victory Capital Management Inc. bought a new position in shares of Editas Medicine during the 3rd quarter worth approximately $36,000. Sei Investments Co. bought a new position in Editas Medicine in the 3rd quarter valued at $46,000. Finally, CIBC Bancorp USA Inc. bought a new stake in shares of Editas Medicine during the third quarter valued at approximately $57,000. 71.90% of the stock is currently 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.