Editas Medicine (NASDAQ:EDIT) Announces Quarterly Earnings Results

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

Editas Medicine Price Performance

Shares of EDIT stock opened at $5.56 on Friday. The company has a market cap of $457.23 million, a price-to-earnings ratio of -2.71 and a beta of 2.09. Editas Medicine has a 1 year low of $4.91 and a 1 year high of $11.91. The firm has a fifty day moving average price of $6.94 and a 200-day moving average price of $8.22.

Insider Buying and Selling

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

Analysts Set New Price Targets

Several analysts have commented on EDIT shares. Morgan Stanley upgraded Editas Medicine from an “underweight” rating to an “equal weight” rating and set a $7.00 target price on the stock in a research note on Thursday. Barclays reduced their price objective 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. upped their target price on shares of Editas Medicine from $8.00 to $9.00 and gave the company a “neutral” rating in a research note on Tuesday, February 27th. StockNews.com lowered shares of Editas Medicine from a “hold” rating to a “sell” rating in a research note on Thursday. Finally, Citigroup lowered their price objective on shares of Editas Medicine from $16.00 to $15.00 and set a “buy” rating on the stock in a research report on Thursday. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, Editas Medicine has a consensus rating of “Hold” and an average target price of $13.90.

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.