Editas Medicine (NASDAQ:EDIT) Announces Quarterly Earnings Results

Editas Medicine (NASDAQ:EDIT) announced its quarterly earnings results on Monday. The company reported ($0.75) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.75), Briefing.com reports. Editas Medicine had a negative return on equity of 62.61% and a negative net margin of 288.59%. The company had revenue of $0.06 million during the quarter, compared to analysts’ expectations of $3.93 million. During the same quarter in the previous year, the firm earned ($0.55) earnings per share. The business’s quarterly revenue was down 98.9% compared to the same quarter last year.

Editas Medicine Price Performance

Shares of EDIT opened at $2.88 on Tuesday. The stock has a 50 day simple moving average of $3.44 and a 200-day simple moving average of $4.52. Editas Medicine has a 1 year low of $2.70 and a 1 year high of $11.69.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the company. Chardan Capital decreased their target price on Editas Medicine from $20.00 to $12.00 and set a “buy” rating for the company in a research report on Tuesday, October 22nd. Royal Bank of Canada restated a “sector perform” rating and set a $8.00 price target on shares of Editas Medicine in a report on Thursday, September 19th. Barclays dropped their price objective on Editas Medicine from $9.00 to $7.00 and set an “equal weight” rating on the stock in a research note on Thursday, August 8th. Truist Financial lowered their target price on Editas Medicine from $20.00 to $12.00 and set a “buy” rating on the stock in a report on Thursday, August 8th. Finally, Bank of America upgraded shares of Editas Medicine from a “neutral” rating to a “buy” rating and upped their target price for the company from $13.00 to $15.00 in a research note on Thursday, August 8th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, Editas Medicine has an average rating of “Hold” and an average target price of $9.91.

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.