Editas Medicine (NASDAQ:EDIT) Releases Quarterly Earnings Results, Misses Expectations By $0.13 EPS

Editas Medicine (NASDAQ:EDIT) issued its quarterly earnings results on Wednesday. The company reported ($0.76) EPS for the quarter, missing the consensus estimate of ($0.63) by ($0.13), Briefing.com reports. The company had revenue of $1.10 million for the quarter, compared to analyst estimates of $11.14 million. Editas Medicine had a negative return on equity of 42.95% and a negative net margin of 196.12%. The business’s revenue for the quarter was down 88.9% on a year-over-year basis. During the same period last year, the company posted ($0.71) EPS.

Editas Medicine Price Performance

Shares of EDIT traded up $0.39 during trading hours on Thursday, hitting $5.43. 1,379,227 shares of the company were exchanged, compared to its average volume of 1,828,770. Editas Medicine has a one year low of $4.91 and a one year high of $11.91. The company has a market capitalization of $446.54 million, a PE ratio of -2.66 and a beta of 2.09. The firm has a fifty day simple moving average of $7.03 and a 200-day simple moving average of $8.24.

Insider Buying and Selling at Editas Medicine

In related news, CEO Gilmore Neil O’neill sold 77,824 shares of the firm’s stock in a transaction that occurred on Tuesday, March 5th. The shares were sold at an average price of $9.42, for a total value of $733,102.08. Following the completion of the transaction, the chief executive officer now owns 327,470 shares of the company’s stock, valued at approximately $3,084,767.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, SVP Baisong Mei sold 20,327 shares of the company’s stock in a transaction on Monday, March 4th. The shares were sold at an average price of $9.42, for a total value of $191,480.34. Following the transaction, the senior vice president now directly owns 141,543 shares of the company’s stock, valued at $1,333,335.06. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Gilmore Neil O’neill sold 77,824 shares of the business’s stock in a transaction dated Tuesday, March 5th. The shares were sold at an average price of $9.42, for a total value of $733,102.08. Following the completion of the transaction, the chief executive officer now owns 327,470 shares in the company, valued at approximately $3,084,767.40. The disclosure for this sale can be found here. Insiders own 1.90% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have recently issued reports on EDIT. StockNews.com raised Editas Medicine from a “sell” rating to a “hold” rating in a research report on Friday, March 1st. Morgan Stanley raised shares of Editas Medicine from an “underweight” rating to an “equal weight” rating and set a $7.00 price target on the stock in a research report on Thursday. Barclays lowered their price target on Editas Medicine from $11.00 to $9.00 and set an “equal weight” rating for the company in a report on Thursday. JPMorgan Chase & Co. lifted their target price on Editas Medicine from $8.00 to $9.00 and gave the company a “neutral” rating in a research note on Tuesday, February 27th. Finally, Citigroup increased their price target on Editas Medicine from $11.00 to $16.00 and gave the stock a “buy” rating in a research report on Thursday, February 29th. Six equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat.com, Editas Medicine presently has a consensus rating of “Hold” and an average price target of $14.00.

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.