FY2024 EPS Estimates for Editas Medicine Lowered by Analyst

Editas Medicine, Inc. (NASDAQ:EDIT) – Equities researchers at Zacks Research dropped their FY2024 EPS estimates for Editas Medicine in a note issued to investors on Tuesday, January 21st. Zacks Research analyst A. Chakraborty now expects that the company will post earnings per share of ($3.04) for the year, down from their previous forecast of ($2.77). The consensus estimate for Editas Medicine’s current full-year earnings is ($2.73) per share. Zacks Research also issued estimates for Editas Medicine’s Q4 2024 earnings at ($0.71) EPS, Q1 2025 earnings at ($0.73) EPS, Q2 2025 earnings at ($0.72) EPS, Q3 2025 earnings at ($0.70) EPS, Q4 2025 earnings at ($0.71) EPS, FY2025 earnings at ($2.87) EPS, Q1 2026 earnings at ($0.65) EPS, Q2 2026 earnings at ($0.63) EPS, Q3 2026 earnings at ($0.61) EPS, Q4 2026 earnings at ($0.58) EPS and FY2026 earnings at ($2.46) EPS.

Editas Medicine (NASDAQ:EDIT) last issued its quarterly earnings results on Monday, November 4th. The company reported ($0.75) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.75). Editas Medicine had a negative net margin of 340.96% and a negative return on equity of 80.13%. The firm had revenue of $0.06 million for the quarter, compared to analyst estimates of $3.93 million. During the same period last year, the company posted ($0.55) EPS. Editas Medicine’s quarterly revenue was down 98.9% compared to the same quarter last year.

A number of other brokerages have also weighed in on EDIT. Bank of America lowered Editas Medicine from a “buy” rating to an “underperform” rating and decreased their price objective for the company from $13.00 to $1.00 in a report on Monday, November 25th. Evercore ISI lowered their price target on shares of Editas Medicine from $7.00 to $5.00 and set an “outperform” rating on the stock in a research report on Monday, December 16th. Barclays cut their price objective on shares of Editas Medicine from $5.00 to $3.00 and set an “equal weight” rating for the company in a report on Friday, December 13th. Stifel Nicolaus cut Editas Medicine from a “buy” rating to a “hold” rating and lowered their target price for the stock from $11.00 to $3.00 in a report on Friday, December 13th. Finally, JPMorgan Chase & Co. lowered Editas Medicine from a “neutral” rating to an “underweight” rating in a research report on Monday, December 16th. Three equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $7.00.

Editas Medicine Price Performance

NASDAQ EDIT opened at $1.41 on Friday. Editas Medicine has a 1-year low of $1.12 and a 1-year high of $11.58. The company has a market cap of $116.40 million, a PE ratio of -0.55 and a beta of 1.95. The stock’s 50 day simple moving average is $1.70 and its 200-day simple moving average is $3.15.

Institutional Trading of Editas Medicine

Institutional investors have recently added to or reduced their stakes in the stock. Signaturefd LLC boosted its position in shares of Editas Medicine by 494.8% during the third quarter. Signaturefd LLC now owns 9,326 shares of the company’s stock worth $32,000 after buying an additional 7,758 shares during the period. Ballentine Partners LLC purchased a new position in Editas Medicine during the 3rd quarter valued at about $36,000. Arcadia Investment Management Corp MI acquired a new position in Editas Medicine in the 3rd quarter valued at about $39,000. Y Intercept Hong Kong Ltd purchased a new stake in Editas Medicine during the third quarter worth about $47,000. Finally, Erste Asset Management GmbH purchased a new position in shares of Editas Medicine in the third quarter valued at approximately $52,000. Institutional investors and hedge funds 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.