FY2024 EPS Estimates for Editas Medicine Raised by Analyst

Editas Medicine, Inc. (NASDAQ:EDIT) – Analysts at Leerink Partnrs raised their FY2024 EPS estimates for Editas Medicine in a note issued to investors on Monday, November 4th. Leerink Partnrs analyst M. Foroohar now anticipates that the company will post earnings of ($2.81) per share for the year, up from their previous estimate of ($2.87). The consensus estimate for Editas Medicine’s current full-year earnings is ($2.96) per share. Leerink Partnrs also issued estimates for Editas Medicine’s Q4 2024 earnings at ($0.48) EPS, FY2025 earnings at ($2.16) EPS and FY2026 earnings at ($1.75) EPS.

A number of other brokerages also recently issued reports on EDIT. Barclays cut their price objective on Editas Medicine from $7.00 to $5.00 and set an “equal weight” rating for the company in a research report on Tuesday. Wells Fargo & Company lowered their target price on Editas Medicine from $9.00 to $7.00 and set an “overweight” rating for the company in a research note on Tuesday. Evercore ISI raised shares of Editas Medicine from an “in-line” rating to an “outperform” rating in a research report on Wednesday. Royal Bank of Canada dropped their price objective on Editas Medicine from $8.00 to $5.00 and set a “sector perform” rating on the stock in a report on Tuesday. Finally, Raymond James lowered shares of Editas Medicine from an “outperform” rating to a “market perform” rating in a research note on Monday. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $9.08.

Editas Medicine Stock Performance

NASDAQ:EDIT opened at $3.28 on Thursday. Editas Medicine has a one year low of $2.70 and a one year high of $11.69. The stock has a 50 day moving average price of $3.42 and a 200 day moving average price of $4.50. The stock has a market cap of $270.52 million, a PE ratio of -1.28 and a beta of 2.01.

Editas Medicine (NASDAQ:EDIT) last issued its quarterly earnings results on Monday, November 4th. The company reported ($0.75) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.75). 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 for the quarter, compared to the consensus estimate of $3.93 million. During the same quarter in the prior year, the business posted ($0.55) earnings per share. Editas Medicine’s revenue for the quarter was down 98.9% on a year-over-year basis.

Institutional Investors Weigh In On Editas Medicine

Hedge funds and other institutional investors have recently made changes to their positions in the business. Millennium Management LLC increased its position in Editas Medicine by 10.0% during the second quarter. Millennium Management LLC now owns 2,459,629 shares of the company’s stock worth $11,486,000 after purchasing an additional 223,012 shares during the last quarter. Integral Health Asset Management LLC raised its position in shares of Editas Medicine by 50.0% in the 2nd quarter. Integral Health Asset Management LLC now owns 675,000 shares of the company’s stock worth $3,152,000 after buying an additional 225,000 shares during the period. Vanguard Group Inc. boosted its holdings in Editas Medicine by 1.1% in the first quarter. Vanguard Group Inc. now owns 8,555,597 shares of the company’s stock valued at $63,483,000 after acquiring an additional 93,740 shares during the last quarter. Price T Rowe Associates Inc. MD grew its position in Editas Medicine by 16.9% during the first quarter. Price T Rowe Associates Inc. MD now owns 49,704 shares of the company’s stock valued at $369,000 after acquiring an additional 7,174 shares during the period. Finally, Kennedy Capital Management LLC acquired a new stake in Editas Medicine during the first quarter worth about $988,000. Hedge funds and other institutional investors own 71.90% of the company’s stock.

About Editas Medicine

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.