Zacks: Brokerages Anticipate Editas Medicine, Inc. (NASDAQ:EDIT) to Post -$0.85 Earnings Per Share

Equities research analysts expect that Editas Medicine, Inc. (NASDAQ:EDIT) will report earnings of ($0.85) per share for the current quarter, Zacks Investment Research reports. Four analysts have made estimates for Editas Medicine’s earnings, with the lowest EPS estimate coming in at ($0.94) and the highest estimate coming in at ($0.73). Editas Medicine reported earnings of ($0.43) per share during the same quarter last year, which would indicate a negative year over year growth rate of 97.7%. The business is expected to report its next quarterly earnings results on Thursday, August 5th.

On average, analysts expect that Editas Medicine will report full year earnings of ($3.67) per share for the current fiscal year, with EPS estimates ranging from ($4.23) to ($3.30). For the next year, analysts anticipate that the business will report earnings of ($3.77) per share, with EPS estimates ranging from ($4.62) to ($3.29). Zacks Investment Research’s EPS averages are an average based on a survey of research analysts that cover Editas Medicine.

Editas Medicine (NASDAQ:EDIT) last announced its quarterly earnings data on Wednesday, May 5th. The company reported ($0.86) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.76) by ($0.10). Editas Medicine had a negative return on equity of 28.42% and a negative net margin of 147.51%. The business had revenue of $6.50 million during the quarter, compared to the consensus estimate of $5.78 million. During the same period in the prior year, the firm earned ($0.69) EPS. The business’s revenue for the quarter was up 13.6% compared to the same quarter last year.

Several equities analysts have recently weighed in on EDIT shares. The Goldman Sachs Group started coverage on Editas Medicine in a report on Friday, April 16th. They issued a “sell” rating and a $20.00 price objective for the company. Chardan Capital reiterated a “buy” rating on shares of Editas Medicine in a research note on Wednesday, July 7th. Royal Bank of Canada assumed coverage on shares of Editas Medicine in a research note on Monday, May 3rd. They issued a “sector perform” rating and a $40.00 target price for the company. Finally, Morgan Stanley lowered their target price on shares of Editas Medicine from $40.00 to $37.00 and set an “underweight” rating on the stock in a report on Monday, May 10th. Four investment analysts have rated the stock with a sell rating, four have issued a hold rating and three have given a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus target price of $46.64.

EDIT stock traded up $0.64 during midday trading on Wednesday, hitting $44.09. The company’s stock had a trading volume of 1,113,623 shares, compared to its average volume of 2,109,867. The business has a fifty day moving average price of $39.57. Editas Medicine has a twelve month low of $27.01 and a twelve month high of $99.95. The firm has a market cap of $2.99 billion, a PE ratio of -20.32 and a beta of 1.95.

In other Editas Medicine news, CFO Michelle Robertson sold 2,500 shares of the stock in a transaction dated Monday, June 28th. The shares were sold at an average price of $50.00, for a total value of $125,000.00. Insiders own 0.44% of the company’s stock.

A number of hedge funds and other institutional investors have recently modified their holdings of EDIT. Nia Impact Advisors LLC lifted its holdings in shares of Editas Medicine by 19.2% during the first quarter. Nia Impact Advisors LLC now owns 65,084 shares of the company’s stock worth $2,734,000 after buying an additional 10,469 shares in the last quarter. Gladstone Institutional Advisory LLC raised its stake in Editas Medicine by 86.3% in the 1st quarter. Gladstone Institutional Advisory LLC now owns 6,661 shares of the company’s stock worth $280,000 after purchasing an additional 3,086 shares in the last quarter. Paloma Partners Management Co bought a new stake in Editas Medicine in the 1st quarter valued at about $647,000. Eaton Vance Management acquired a new position in shares of Editas Medicine during the 1st quarter worth approximately $54,000. Finally, State of Wisconsin Investment Board increased its holdings in shares of Editas Medicine by 1.4% during the first quarter. State of Wisconsin Investment Board now owns 89,800 shares of the company’s stock worth $3,772,000 after purchasing an additional 1,200 shares during the period. 77.51% of the stock is currently owned by hedge funds and other institutional investors.

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 genome editing platform based on CRISPR technology to target genetically addressable diseases and therapeutic areas. The company develops EDIT-101, which is in Phase 1/2 clinical trial for Leber Congenital Amaurosis type 10, a genetic form of vision loss that leads to blindness in childhood.

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